OAKLAND, Calif., May 12 (Nasdaq: WHRT, TSX: WHT)World Heart Corporation ("WorldHeart" or the "Corporation") announced that theToronto Stock Exchange ("TSX") issued a Bulletin today advising it isreviewing the eligibility for continued listing on the TSX of the commonshares of WorldHeart under sections 709 and 710(a) of the TSX Company Manual.This review relates to the Company's financial condition and operatingresults, more specifically whether the Company can continue as a goingconcern. Further to the TSX's Remedial Review Process, WorldHeart has beengranted 30 days in which to demonstrate compliance with these requirements.The Company is also permitted to make submissions regarding this matter at ahearing scheduled to be held on June 5, 2008. If the Company cannotdemonstrate that it meets all TSX requirements on or before June 11, 2008, theCompany's common shares will be delisted 30 days from such date.
The notice also states that if at anytime, TSX becomes aware of additionalnegative developments such that the continued trading or listing of aCompany's securities is contrary to public interest, an expedited review willbe initiated.
On the same day, WorldHeart received a notice from the TSX that theCompany improperly disseminated material information by failing to issue anews release immediately. The news release was circulated on May 9, 2008, whenit should have been circulated on May 8, 2008 at the same time the Companyfiled its public disclosure with the US and Canadian securities commissions.The Company's management has made policy changes to ensure timely disclosureof material events, as required under section 4(b) of the TSX Company Manual.
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 Commission, including withoutlimitation its Annual Report on Form 10-KSB for the year ended December 31,2007.
SOURCE World Heart Corporation