AMS Health Sciences Announces AMEX's Acceptance of its Plan to Regain Compliance with the AMEX's Continued Listing Standards
April 05 2006 - 2:00PM
Business Wire
AMS Health Sciences, Inc. (AMEX:AMM) today announced that on March
31, 2006, the Company received a letter from the American Stock
Exchange ("AMEX") notifying the Company that the AMEX has
determined that the Company has made a reasonable demonstration of
its ability to regain compliance with AMEX's continued listing
standards by the end of the Plan period, which the AMEX set at July
12, 2007. The Company received a letter from the AMEX on January
12, 2006 giving the Company notice that it did not currently meet
the AMEX's continued listing standards as set forth in Part 10 of
the AMEX Company Guide (the "Company Guide"). Specifically, the
Company is not in compliance with Section 1003(a)(ii) of the
Company Guide, which provides that AMEX will consider suspending or
delisting securities of a company that has shareholders' equity of
less than $4,000,000 and has losses from continuing operations
and/or net losses in three out of its four most recent fiscal
years. The Company's shareholders' equity as reported on its Form
10-KSB for the year ended December 31, 2005 was $2,519,389 and the
Company recorded net losses for the 2005, 2004 and 2003 fiscal
years. The Company was required to submit a plan to AMEX to regain
compliance with AMEX's continued listing standards (the "Plan"),
which it did on February 13, 2006. During the Plan period, the AMEX
will continue the listing of the Company. The Company is required
to provide the AMEX with updates in conjunction with the Plan as
appropriate, but in any event, no later than at each quarter, with
the Company's filing of its Forms 10-QSB with the Securities and
Exchange Commission. Additionally, the AMEX staff will review the
Company's operations periodically for compliance with the Plan. If
the Company is not making progress consistent with the Plan, the
AMEX staff will review the circumstances and may immediately
commence delisting proceedings, if necessary. At the end of the
Plan period, July 12, 2007, the Company must be in compliance with
all of the AMEX continued listing standards or the AMEX staff will
most likely initiate delisting proceedings against the Company.
About AMS AMS Health Sciences sells more than 60 natural
nutritional supplements, weight management products and natural
skincare products through independent distributors across the U.S.
and Canada. More information about the Company is available at
http://www.amsonline.com.
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