Full Press Release Details
RECEIVES NON-COMPLIANCE NOTIFICATION FROM AMEX
- September 18, 2008 - Nephros, Inc. (AMEX:NEP) today announced that the Company
has received notice from the staff of the American Stock Exchange (AMEX)
indicating that the Company is not in compliance with certain conditions of
continued listing standards of Section 1003 of the AMEX Company Guide.
Specifically, AMEX noted the Company's failure to comply with Section
1003(a)(iii) of the AMEX Company Guide relating to stockholders' equity of less
than $6,000,000 and losses from continuing operations and net losses in its
most recent fiscal years. The notice was based on a review by the AMEX of
publicly available information. As the Company reported it its Quarterly Report
on Form 10-Q filed on August 14, 2008, it had total stockholders' equity of
approximately $4.8 million at June 30, 2008.
Company has been afforded the opportunity to submit a plan of compliance to
AMEX by October 13, 2008 advising AMEX of the actions the Company has taken,
will take, that would bring it into compliance with the continued listing
standard identified above by April 30, 2009. If AMEX accepts the plan, then
Company may be able to continue its listing during the plan period up to April
30, 2009, during which time the Company will be subject to periodic review
determine whether it is making progress consistent with the plan. If AMEX does
not accept the Company's plan, or even if accepted, if the Company is not in
compliance with the continued listing standards at the end of the plan period
the Company does not make progress consistent with the plan during such period,
then AMEX may initiate delisting proceedings.
Company is considering what actions it may take to regain compliance with the
AMEX listing standards and intends to submit a compliance plan to the AMEX
Inc., headquartered in New York, is a medical device company developing and
marketing products designed to improve the quality of life for the End-Stage
Renal Disease (ESRD) patient, while addressing the critical financial and
clinical needs of the care provider. ESRD is a disease state characterized
the irreversible loss of kidney function. Nephros products are sold and
distributed throughout Europe and are currently being used in over fifty clinics
also markets a line of water filtration products incorporating its patented
stage cold sterilization filtration technology, the Dual Stage Ultrafilter
(DSU), which produces biologically safe water. The DSU has the capability to
filter out bacteria and, due to its exceptional filtration levels, filter out
many viruses, parasites, and other biotoxins as well. The DSU is in pilot-use
programs at several U.S. medical centers and has been selected for further
development by the U.S. Marine Corps.For
information on Nephros please visit the Company's website, at
in this news release that are not historical facts constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "PSLRA"). Such statements may be preceded by words such as "may,"
"plans," "expects," "believes," "hopes," "potential" or similar words. For such
statements, Nephros claims the protection of the PSLRA.
statements are not guarantees of future performance, are based on assumptions
and are subject to various known and unknown risks and uncertainties, many
which are beyond Nephros's control. Actual results may differ materially from
the expectations contained in the forward-looking statements. Factors that
cause such differences include the risks that Nephros may not be able: (i)
obtain funding if and when needed or on favorable terms; (ii) to continue as
going concern; (iii) to maintain compliance with the AMEX's continued listing
standards; (iv) to demonstrate in pre-clinical or clinical trials the
anticipated efficacy, safety or cost savings of products that appeared promising
to Nephros in research or clinical trials; (v) to obtain appropriate or
necessary governmental approvals to achieve its business plan or effectively
market its products; (vi) to have its technologies and products accepted in
current or future target markets; or (vii) to secure or enforce adequate legal
protection, including patent protection, for its products. More detailed
information about Nephros and the risk factors that may affect the realization
of forward-looking statements is set forth in Nephros' filings with the SEC,
including Nephros' Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2007, and Nephros' Quarterly Report on Form 10-Q for the period
ended June 30, 2008. Investors and security holders are urged to read these
documents free of charge on the SEC's website at www.sec.gov. Nephros does not
undertake to publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.