Isolagen, Inc. Receives Notification Letter from American Stock Exchange
AMEX notified the Company that it was not in compliance with Sections 1003(a)(i)-(iii) of the AMEX Company Guide. Specifically, the AMEX staff notedthat the Company's stockholder's equity was less than $2,000,000 and lossesfrom continuing operations and net losses were incurred in two out of itsthree most recent fiscal years; that the Company's stockholder's equity wasless than $4,000,000 and losses from continuing operations and/or net losseswere incurred in three out of its four most recent fiscal years; and that theCompany's stockholder's equity was less than $6,000,000 and losses fromcontinuing operations and/or net losses were incurred in its five most recentfiscal years. However, AMEX will not normally consider suspending dealings inthe securities of a company which is below any of the above standards if thecompany (a) has a market capitalization of at least $50,000,000, and (b) hasat least 1,100,000 shares publicly held, with a market value of publicly heldshares of at least $15,000,000 and 400 round lot shareholders. Isolagen doesnot currently meet these market capitalization amounts.
In order to maintain its listing, the Company intends to submit a plan toAMEX by April 14, 2008 that will outline the Company's strategy to bringitself back into compliance by September 14, 2009. If the Company's plan toregain compliance is accepted by AMEX, the Company may be able to continue itslisting during this period, during which time it will be subject to periodicreview to determine progress consistent with the plan. If the Company doesnot submit a plan or if the plan is not accepted by AMEX, the Company will besubject to delisting procedures as set forth in Section 1010 and Part 12 ofthe Amex Company Guide. Under AMEX rules, the Company has the right to appealany determination by AMEX to initiate delisting proceedings.
On March 7, 2008, the Company filed its Form 10-K filing with theSecurities and Exchange Commission that contained a going-concernqualification from its auditors. The Company had previously disclosed itsgoing-concern status in its quarterly reports on Form 10-Q for the quartersended June 30, 2007 and September 30, 2007.
This announcement, which is being made in compliance with the AMEX CompanyGuide Rule 610(b) requiring a public announcement of the receipt of an auditopinion that contains a going-concern qualification, does not reflect anychange or amendment to the financial statements as filed. As discussed inNote 2 to the consolidated financial statements, the Company has sufferedrecurring losses from operations and has a net capital deficit that raisesubstantial doubt about its ability to continue as a going-concern.
About Isolagen, Inc.
Isolagen(TM), Inc. (Amex: ILE) is an aesthetic and therapeutic companycommitted to developing and commercializing scientific advances and innovativetechnologies. The company's technology platform includes the IsolagenProcess(TM), a cell processing system for skin and tissue rejuvenation whichis currently in clinical development for a broad range of aesthetic andtherapeutic applications including wrinkles, acne scars, burns and periodontaldisease. Isolagen also commercializes a scientifically-advanced line ofskincare systems through its majority-owned subsidiary, Agera(R) Laboratories,Inc. For additional information, please visit www.isolagen.com.
Isolagen Forward Looking Statements
All statements in this news release that are not based on historical factare "forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995 and the
You May Also Like