D. Medical Receives a NASDAQ Delisting Notice
July 19 2012 - 8:20AM
D. Medical Industries Ltd. (Nasdaq:DMED) (TASE:DMED) ("
D.
Medical" or the "
Company"), announced
today that on July 17, 2012, the Company received a delisting
notice from the staff of The NASDAQ Stock Market, LLC
("
NASDAQ").
As previously reported by the Company, on May 7, 2012, the
Company received a letter from NASDAQ, pursuant to which the
Company was not in compliance with NASDAQ Listing Rule 5550(b),
which requires the Company to have a minimum of $2,500,000 in
stockholders' equity or $35,000,000 market value of listed
securities or $500,000 of net income from continuing operations for
the most recently completed fiscal year or two of the three most
recently completed fiscal years. On June 20, 2012 and July 5, 2012,
the Company provided NASDAQ with a specific plan to achieve and
sustain compliance with the NASDAQ Capital Market listing
requirements, including an estimated time frame for completion of
the plan.
On July 17, 2012, the Company received a letter from NASDAQ,
pursuant to which the NASDAQ staff had determined to deny the
Company's request for continued listing on The NASDAQ Capital
Market, since, in the NASDAQ staff's opinion, the Company did not
provide a definitive plan evidencing its ability to achieve and
sustain compliance with the NASDAQ continued listing requirements.
As a result, trading of the Company's shares will be suspended on
the NASDAQ at the opening of business on July 26, 2012, and a Form
25-NSE will be filed with the Securities and Exchange Commission,
which will remove the Company's securities from listing and
registration on the NASDAQ. When delisted, the Company's securities
may be immediately eligible to trade on the OTC Bulletin Board or
in the Pink Sheets.
About D. Medical
D. Medical is a medical device company that holds through its
subsidiaries a portfolio of products and intellectual property in
the area of insulin and drug delivery. D. Medical has developed
durable and semi-disposable insulin pumps, which continuously
infuse insulin into a patient's body, using its proprietary
spring-based delivery technology. D. Medical believes that its
spring-based delivery mechanism is cost-effective compared to the
motor and gear train mechanisms that drive competitive insulin
pumps and also allows it to incorporate certain advantageous
functions and design features in its insulin pumps. For more
information, please visit http://www.dmedicalindustries.com
(corporate) and http://www.springnow.com (healthcare professionals,
patients and care givers).
Forward-Looking Statements
This press release contains forward-looking statements (as
defined by the Israeli Securities Law, 1968, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) relating, among
others, to whether or not the Company's shares will be immediately
eligible to trade on the OTC Bulletin Board or in the Pink Sheets.
The forward-looking statements involve risks and uncertainties, and
are based on D. Medical's current expectations and beliefs. No
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them will transpire or occur, what impact it will have on D.
Medical's results of operations or financial condition. D. Medical
does not undertake to update any forward-looking statements
CONTACT: Company Contact:
Amir Loberman
Chief Financial Officer
D. Medical Industries LTD
T: +972-73-2507135
info@springnow.com
North American Investor Contact:
Stephen Kilmer
Kilmer Lucas Inc.
T: 212-618-6347
stephen@kilmerlucas.com