AMDL Notified by AMEX of the Need to Satisfy Continued Listing Standards; AMEX is Prepared to Continue Listing AMDL's Common St
July 24 2006 - 5:38PM
PR Newswire (US)
TUSTIN, Calif., July 24 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, today reported that on July
17, 2006 it received a letter from the American Stock Exchange
stating that AMDL has made a reasonable demonstration of its
ability to regain compliance with the AMEX continued listing
standards, and based on that demonstration, the AMEX is prepared to
continue the listing of AMDL's common stock subject to certain
conditions. On April 26, 2006, the AMEX sent a letter to AMDL
stating that based on a review of AMDL's Form 10-KSB for the year
ended December 31, 2005, AMDL did not meet certain of the AMEX's
continued listing standards as set forth in Part 10 of the AMEX
Company Guide. Specifically, AMDL did not meet the requirement of
shareholders' equity of $4,000,000 and AMDL had losses from
continuing operations in three out of its four most recent fiscal
years. In the letter, the AMEX gave AMDL until May 26, 2006 to
submit a plan of action that AMDL has taken and will take to bring
AMDL into compliance with the AMEX Company Continued Listing
Standards. On May 24, 2006, AMDL submitted a plan to the AMEX for
regaining compliance based on AMDL's proposed acquisition of Jade
Pharmaceuticals, Inc. AMDL plans to close the Jade acquisition in
the third quarter of 2006. The AMEX has indicated its willingness
to continue the listing of AMDL's common stock through the end of
the third quarter of 2006, at which time AMDL expects to be in full
compliance with the AMEX continued listing standards. About AMDL
AMDL, Inc. (AMEX:ADL), headquartered in Tustin, California, is a
theranostics company, involved in the detection and treatment of
the same disease, cancer. AMDL is the inventor, developer and
worldwide marketer through exclusive distribution agreements of the
DR-70(R) non-invasive cancer blood test, which has demonstrated its
ability to detect the presence in humans of up to 13 cancers 84
percent of the time overall. In a study published in the Journal of
Immunoassay (1998, vol. 19, pp 63-72) DR-70(R) was shown to detect
at least 13 different types of cancer (lung, breast, stomach,
liver, colon, rectal, ovarian, esophageal, cervical, trophoblastic,
thyroid, malignant lymphoma, pancreatic) although the sample size
for 9 of the cancers was not statistically significant. Clinical
trials of DR-70(R) have been conducted in Canada, China, Germany,
Taiwan and Turkey. DR-70(R) can detect many kinds of cancer using a
single tube of blood, eliminating the need for costly, multiple
tests. AMDL also owns a combination immunogene therapy technology
that is a possible treatment for those already diagnosed with
cancer and could eventually be used as a vaccine to protect
patients known to be at risk because of a family history for
certain types of cancer. The combination therapy both builds the
body's immune system and destroys cancer cells. More information
about AMDL and its additional products can be obtained at
http://www.amdl.com/. This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to certain risks
and uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements. The Company cautions readers not to place undue
reliance on any forward-looking statements. The Company does not
undertake, and specifically disclaims any obligation, to update or
revise such statements to reflect new circumstances or
unanticipated events as they occur. Contact: AMDL, Inc. Gary L.
Dreher President & CEO (714) 505-4460 DATASOURCE: AMDL, Inc.
CONTACT: Gary L. Dreher, President & CEO of AMDL, Inc.,
+1-714-505-4460 Web site: http://www.amdl.com/
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