Full Press Release Details
| Contact: | Mark Murphy, Chief Executive Officer | |
| (949) 769-3200 |
Inc. Receives NASDAQ Notice of Non-compliance
California, January 13,
2010 -- Pro-Dex, Inc. (NASDAQ: PDEX) ("the Company") announced today
that on January 11, 2010, it was notified by the NASDAQ Staff that it does not
comply with the minimum $1.00 bid price requirement set forth in Listing Rule
5550(a)(2) (the "Rule"). As a result, the Company's common stock is
subject to delisting from The NASDAQ Stock Market unless the Company requests a
hearing before a NASDAQ Listing Qualifications Panel (the
"Panel"). The Company intends to timely request a hearing before a
Panel, which will automatically stay the delisting of the Company's common stock
pending the issuance of the Panel's decision after a hearing. Under
NASDAQ's Listing Rules, the Panel may, in its discretion, determine to continue
the Company's listing pursuant to an exception to the Rule for a maximum of 180
calendar days from the date of the Staff's notification which would be through
July 9, 2010. However, there can be no assurances that the Panel will
do so or that the Company's plans to exercise diligent efforts to maintain the
listing of its common stock on NASDAQ will be successful.
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Pro-Dex, Inc., with operations in
Irvine, California, Beaverton, Oregon and Carson City, Nevada, specializes in
bringing speed to market in the development and manufacture of technology-based
solutions that incorporate miniature rotary drive systems, embedded motion
control and fractional horsepower DC motors, serving the medical, dental,
semi-conductor, scientific research and aerospace markets. Pro-Dex's products
are found in hospitals, dental offices, medical engineering labs, commercial and
military aircraft, scientific research facilities and high tech manufacturing
operations around the world.
Statements herein concerning the
Company's plans, growth and strategies may include 'forward-looking statements'
within the context of the federal securities laws. Statements regarding the
Company's future events, developments and future performance, as well as
management's expectations, beliefs, plans, estimates or projections relating to
the future, are forward-looking statements within the meaning of these laws. The
Company's actual results may differ materially from those suggested as a result
of various factors. Interested parties should refer to the disclosure concerning
the operational and business concerns of the Company set forth in the Company's
filings with the Securities and Exchange Commission.