IRVINE, Calif., Aug. 21 Endocare, Inc.(OTC Bulletin Board: ECRE), an innovative medical device company focused onthe development of minimally invasive technologies for tissue and tumorablation, announced today that its previously-announced one-for-three reversestock split became effective after the close of the market yesterday, August20, 2007. Effective at the open of the market today, the Company's shareswill begin trading on a split-adjusted basis on the OTC Bulletin Board underthe trading symbol "ECRE."
The Company undertook the reverse stock split to enable it to satisfy theminimum bid price requirement for listing the Company's common stock on TheNASDAQ Capital Market. It is expected that Endocare's common stock willresume trading under the symbol "ENDO" if and when the Company's NASDAQlisting becomes effective.
"Our excellent clinical and financial results for the past several yearsare proving the merit of our cryoablation technology and the strength of ourbusiness plan," Craig T. Davenport, Endocare's Chief Executive Officer stated."We believe that as we continue to drive the growth of our business, tradingon The NASDAQ Capital Market should help us attract a large group of potentialnew investors and improve trading volumes and stockholder value."
The number of post-split common shares outstanding is approximately11.6 million. The exercise price and number of common shares related tooutstanding warrants and options have been adjusted automatically to reflectthe reverse stock split.
Stockholders of record on August 20, 2007 will be sent instructions forexchanging their existing stock certificates for new stock certificates andfor receiving cash in lieu of any fractional shares resulting from the split.Stockholders with shares held in street name with a brokerage firm will havetheir accounts adjusted by their respective brokers. Stockholders should notdestroy any stock certificates and should not submit any certificates to theCompany's transfer agent until requested to do so. Questions regarding thisexchange process can be addressed by contacting Computershare Trust Company,N.A. at (800) 962-4284.
Endocare, Inc. -- http://www.endocare.com -- is an innovative medicaldevice company providing minimally invasive technologies for tissue and tumorablation. Endocare has initially concentrated on developing technologies forthe treatment of prostate cancer and believes that its proprietarytechnologies have broad applications across a number of markets, including theablation of tumors in the kidney, lung and liver and palliative intervention(treatment of pain associated with metastases).
Statements contained in this release that are not historical facts areforward-looking statements that involve risks and uncertainties. Theseforward-looking statements include statements relating to the Company'splanned listing on The NASDAQ Capital Market. Among the important factorsthat could cause actual results to differ materially from those in theforward-looking statements include, but are not limited to, those discussed in"Risk Factors" in the Company's Forms 10-K, Forms 10-Q and other filings withthe U.S. Securities and Exchange Commission. Such risk factors include, butare not limited to, uncertainty regarding the effects of the reverse stocksplit and uncertainty regarding the Company's ability to obtain listing of itscommon stock on The NASDAQ Capital Market. The actual results that the Companyachieves may differ materially from any forward-looking statements due to suchrisks and uncertainties. The Company undertakes no obligation to revise, orupdate publicly, any forward-looking statements for any reason.Investor Contact: Matt Clawson Allen & Caron, Inc. (949) 474-4300 [email protected]
Media Contact: Len Hall Allen & Caron, Inc. (949) 474-4300 [email protected]