Microhelix (NASDAQ:MHLZC)
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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.