OAKLAND, Calif., May 15 (Nasdaq: WHRT, TSX: WHT)World Heart Corporation (the "Company") today announced that, on May 12, 2008,it had received a NASDAQ Staff Determination Letter stating that the Company'srequests for continued listing on The NASDAQ Capital Market has been denied.The NASDAQ noted that the Company did not provide a definitive plan evidencingits ability to achieve near term compliance with the continued listingrequirements or sustain such compliance over an extended period of time, asrequired by Marketplace Rule 4310(c)(4) (the "Minimum Bid Price Rule") andMarketplace Rule 4310(c)(3), which requires the Company to have a minimum of$2.5 million in stockholders' equity or $35 million market value of listedsecurities or $500,000 of net income from continuing operations for the mostrecently completed fiscal year or two of the three most recently completedfiscal years. Accordingly, unless the Company requests an appeal of thisdetermination, trading of the Company's common stock will be suspended at theopening of business on May 21, 2008, and a Form 25-NSE will be filed with theSecurities and Exchange Commission (the "SEC") which will remove the Company'ssecurities from listing and registration on The NASDAQ Stock Market.
The Company may appeal Staff's determination to a NASDAQ ListingQualifications Panel (the "Panel"), pursuant to the procedures set forth inthe NASDAQ Marketplace Rule 4800 Series. A hearing request will stay thesuspension of the Company's securities and the filing of the Form 25-NSEpending the Panel's decision. The request for a hearing, which may either bean oral hearing or a hearing based solely on written submissions, must bereceived by the Hearings Department no later than 4:00 P.M. Eastern Time onMay 19, 2008. If the Company appeals, the Company must also address itsfailure to comply with the $1 million minimum market value requirement for itspublicly held shares ("MVPHS"), as required by Marketplace Rule 4310(c)(7) forcontinued listing on the NASDAQ Capital Market. As of May 9, 2008, the MVPHSof the Company totaled $857,242.
If the Company does not appeal Staff's determination to the Panel, theCompany's securities will not be immediately eligible to trade on the OTCBulletin Board or in the "Pink Sheets." The securities may become eligible ifa market maker makes application to register in and quote the security inaccordance with SEC Rule 15c2-11, and such application (a "Form 211") iscleared. Only a market maker, not the Company, may file a Form 211.
About World Heart Corporation
WorldHeart is a developer of mechanical circulatory support systems. TheCompany is headquartered in Oakland, California, USA with additionalfacilities in Salt Lake City, Utah and Herkenbosch, Netherlands. WorldHeart'sregistered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release are made pursuant to thesafe harbor provisions of the Private Securities Litigation Reform Act of 1995and include any statements regarding the Company's ability to regaincompliance with the NASDAQ Capital Market listing requirements, as well asother statements that can be identified by the use of forward-lookinglanguage, such as "believes," "feels," "expects," "may," "will," "should,""seeks," "plans," "anticipates," or "intends" or the negative of those terms,or by discussions of strategy or intentions. Investors are cautioned that allforward-looking statements involve risk and uncertainties, including withoutlimitation: the Company's immediate need for additional capital, risks inproduct development and market acceptance of and demand for the Company'sproducts; delisting from the NASDAQ Stock Market if compliance with thelisting standards, including the Minimum Bid Price Rule and other minimumstandards, is not regained; and other risks detailed in the Corporation'sfilings with the U.S. Securities and Exchange Commissi