Media Sciences International's Stock to Be Delisted from NASDAQ
OAKLAND, N.J., -- Media Sciences International, Inc. (Nasdaq: MSII) announced that its common stock will be delisted from the NASDAQ Stock Market and trading of the Company's common stock will be suspended from the NASDAQ Capital Market effective July 22, 2010. The Company's stock is being delisted because the stock's bid price is trading under the $1.00 per share minimum bid price requirement set forth in NASDAQ Marketplace Rule 5550(a)(2). On May 10, 2010, the Company, after meeting with the NASDAQ's Listing Rules Committee, was granted a temporary extension of time to comply with the $1.00 per share minimum bid price requirement. To have met the NASDAQ trading requirement the Company could have accomplished a reverse stock split increasing the price in excess of the $1.00 minimum, but determined that it is in the best interests of the Company not to effect a reverse split.
The Company expects that its common stock will be quoted on the OTC Bulletin Board and/or the Pink Sheets, but cannot give assurance that its common stock will be immediately available to be quoted on one or both quotation services upon suspension of trading on the NASDAQ Capital Market.
Michael W. Levin, Media Sciences International's President and CEO stated, "We are disappointed that we are being delisted from the NASDAQ Stock Market. Our focus continues to be on growing our business and while this might appear to be a set-back, I am very optimistic that the initiatives we have in place and the upcoming closing of our China acquisition will greatly enhance our business. We will continue to be accessible and keep shareholders and potential investors informed of our progress. We are currently in the process of closing the fiscal year and preparing our annual 10-K and fiscal 2010 financial press release. We anticipate announcing our 2010 fiscal results and hosting our conference call in the second half of September."
Media Sciences International, Inc. is the leading independent manufacturer of new build solid ink and color toner cartridges for office color printers. As the premium quality color toner and solid ink alternative to the printer manufacturer's brand, Media Sciences' 100% newly manufactured color toner and solid ink products for use in Dell, Konica Minolta, OKI, Ricoh, Samsung, and Xerox and many other color printers deliver significant savings when compared to the printer manufacturers' brand.
Brand names are used for descriptive purposes only and are the property of their respective owners.
Forward Looking Statements From Media Sciences International, Inc.
This press release contains certain forward-looking statements about our goals and prospects and with respect to our common stock being quoted on the OTC Bulletin Board and/or the Pink Sheets within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current beliefs and expectations and are subject to risks and uncertainties. Actual results may differ materially from those included in these statements due to a variety of factors, including, but not limited to, those factors identified in our Annual Report on Form 10-K for the year ended June 30, 2009, on file with the Securities and Exchange Commission, and the need for a market maker to apply to have the common stock so quoted. Any forward-looking statements contained in this release speak only as of the time made and we assume no duty to update them, whether as a result of new information, unexpected events, future changes, or otherwise.
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