microHelix Announces Nasdaq Grants Extension Request
November 03 2003 - 6:20PM
PR Newswire (US)
microHelix Announces Nasdaq Grants Extension Request Effective
November 6, 2003, Stock and Warrant Symbols Change PORTLAND, Ore.,
Nov. 3 /PRNewswire-FirstCall/ -- microHelix, Inc. , a leading
designer, manufacturer and distributor of customized electronic
micro-interconnect systems for the medical industry (ultrasound,
minimally invasive and fully-implantable), commercial and military
markets, today announced that its common stock, Class A warrants
and Class B warrants will continue to be listed on The Nasdaq
SmallCap Market via exceptions from the minimum bid price and
minimum shareholders' equity requirements. microHelix failed to
meet the $1.00 per share minimum bid price requirement as of
September 5, 2003, and failed to meet the $2.5 million minimum
shareholders' equity requirement as of September 30, 2003. On
November 3, 2003 Nasdaq granted microHelix temporary exceptions
from these requirements subject to meeting certain conditions. The
exception with respect to the minimum bid price requirement will
expire on December 18, 2003 and the exception with respect to the
minimum shareholders' equity requirement will expire on January 30,
2004. microHelix will be required to increase the minimum bid price
on its common stock to at least $1.00 per share, which it intends
to do through a 1-for-3 reverse stock split. microHelix will be
required to demonstrate that it has shareholders' equity as of
January 30, 2004 of at least $2,640,000. In the event microHelix is
deemed to have met the terms of these exceptions, and of all other
applicable listing requirements, its common stock, Class A warrants
and Class B warrants will continue to be listed on The Nasdaq
SmallCap Market. In its October 23, 2003 press release, microHelix
outlined its plan to regain compliance with the minimum bid price
and shareholders' equity requirements, which include a reverse
stock split, a temporary repricing of the exercise price of its
Class B warrants and private placements of its common stock to
certain of its directors, among others. The Company's planned
actions are all subject to receiving shareholder approval at a
special shareholders meeting to be held on or about December 10,
2003. Effective with the opening of trading on Thursday, November
6, 2003, and for the duration of the exceptions, the Nasdaq symbols
will be MHLXC for microHelix's common stock, MHLWC for its Class A
warrants and MHLZC for its Class B warrants. Although microHelix
believes that it can meet these conditions, there can be no
assurance that it will be able to do so. If at some future date
microHelix's securities should cease to be listed on The Nasdaq
SmallCap Market, the Company expects that they may be eligible to
for quotation on the OTC Bulletin Board. Delisting from The Nasdaq
SmallCap Market may have an adverse effect on the liquidity of the
Company's common stock and warrants. microHelix, Inc. is a leading
designer, manufacturer and marketer of customized electronic
micro-interconnect systems for the medical (ultrasound, minimally
invasive and fully-implantable), commercial and military markets.
microHelix's interconnect systems are designed into devices
manufactured by OEM customers and are used in applications like
medical ultrasound probes, electrophysiology cardiac mapping
catheters, left ventricular assist devices and pain management
devices. microHelix has 13 approved U.S. patents and 12 pending
patents covering proprietary micro-miniature methods of
manufacturing electronic interconnect systems and related
technology. Statements in this press release, including statements
regarding plans to resolve issues with Nasdaq listing requirements,
other than statements of historical fact are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management's current
views and estimates of future economic and market circumstances,
industry conditions, company performance and financial results.
Words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates" and variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements are subject to risks and uncertainties
that could cause the Company's actual future results to differ
materially from the results discussed herein. Factors that could
cause or contribute to such differences include, but are not
limited to, competition from existing or new products, production
delays, lack of market acceptance of the Company's products,
general economic conditions, the Company's inability to comply with
the minimum bid price and shareholders' equity requirements of the
Nasdaq listing rules, and such other risks and factors as are
described from time to time in the Company's Securities and
Exchange Commission filings. The forward-looking statements made
today speak only as of today and the Company does not undertake any
obligation to update any such statements to reflect events or
circumstances occurring after today. DATASOURCE: microHelix, Inc.
CONTACT: Terry Rixford, Chief Financial Officer of microHelix,
Inc., +1-503-968-1600; or RCG Capital Markets Group, Inc.,
+1-480-675-0400, for microHelix, Inc.
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