Dyadic (AMEX:DIL)
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Dyadic International, Inc. (AMEX:DIL) announced today that it has
received notice from The American Stock Exchange (the "Amex") that its
Amex listing is being continued pursuant to an extension.
On May 21, 2007, the Company announced that on May 17, 2007, it had
received notice from the Amex indicating that the Company is currently
in violation of the Amex’s continued listing
standards specified in Sections 134 and 1101 of the Amex Company Guide
because the Company had yet to file with the Securities and Exchange
Commission (“SEC”)
its Form 10-QSB for the quarter ended March 31, 2007. The Amex’s
notice further indicated that the Company had to submit a plan to the
Amex by June 18, 2007, advising the Amex on action it has taken, or will
take, that will enable the Company to regain compliance with these
continued listing standards by no later than November 16, 2007.
On June 18, 2007, the Company submitted a plan of compliance to the
Amex. The Amex has completed its review of the plan and has determined
that, in accordance with Section 1009 of the Amex Company Guide, the
plan makes a reasonable demonstration of the Company's ability to regain
compliance with the continued listing standards by the end of the plan
period, which has been determined to be no later than November 16, 2007.
The Amex has agreed to continue the Company’s
listing conditioned upon, among other things, the Company demonstrating
progress consistent with the plan prior to the targeted completion date
of November 16, 2007. However, the Amex, consistent with its obligations
and responsibilities as a self-regulatory organization, may initiate
immediate delisting proceedings against the Company as appropriate in
the public interest during the plan period despite its conditional
continued listing.
The Company will not be deemed to have regained compliance with the Amex
continued listing standards, and trading in the Company's common stock
will not resume on the Amex, until the Company is current with the
filing of its SEC quarterly reports and other SEC periodic reports.
At the end of the plan period, November 16, 2007, the Company must be in
compliance with all of the Amex continued listing standards, including
being current with the above SEC filings. Failure to regain compliance
by November 16, 2007, will likely result in the Amex initiating
delisting proceedings against the Company pursuant to Section 1009 of
the Company Guide.
About Dyadic
Dyadic International, Inc. is a biotechnology company that uses its
patented and proprietary technologies to conduct research and
development activities for the discovery, development, and manufacture
of products and enabling solutions to the bioenergy, industrial enzyme
and pharmaceutical industries.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are
"forward-looking statements." These forward-looking statements involve
risks and uncertainties that could cause our actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. For a discussion of these risks and uncertainties, please
see our filings from time to time with the Securities and Exchange
Commission, which are available free of charge on the SEC's web site at http://www.sec.gov,
including our Annual Report on Form 10-KSB for the year ended December
31, 2006, and our subsequent filings with the SEC. Except as required by
law, we expressly disclaim any intent or obligation to update any
forward-looking statements.