BriteSmile Receives Nasdaq Notice
November 15 2005 - 4:15PM
PR Newswire (US)
WALNUT CREEK, Calif., Nov. 15 /PRNewswire-FirstCall/ -- BriteSmile,
Inc. (NasdaqSC: BSML), a leading international provider of
state-of-the-art teeth-whitening systems, today announced that, on
November 10, 2005, the Company received a Nasdaq Staff Deficiency
Letter from Nasdaq indicating that based on the Company's Form 10-Q
for the period ended September 24, 2005, the Company does not
comply with Nasdaq Marketplace Rule 4310(c)(2)(B), which requires
listed companies to have a minimum of $2,500,000 in stockholders'
equity, or $35,000,000 market value of listed securities, or net
income of $500,000 from continuing operations for the most recently
completed fiscal year or two of the three most recently completed
fiscal years. Nasdaq Staff determined that the Company's
stockholder equity, market value of listed securities, and reported
net losses were below the minimum requirements. The Company was
advised that Nasdaq is reviewing the Company's eligibility for
continued listing on The Nasdaq Capital Market. The Company was
given until November 25, 2005 to provide a specific plan, including
the time frame for completion of the plan, to achieve and sustain
compliance with all Nasdaq Capital Market listing requirements. If
the Nasdaq Staff ultimately determines that the Company's plan does
not adequately address the issues noted, it will provide the
Company with a written notification that its securities will be
delisted. At that point the Company could appeal Nasdaq Staff's
decision to a Nasdaq Listing Qualification Panel. Such appeal would
stay the delisting. The Company is in the process of formulating a
plan to attempt to achieve compliance with the listing
requirements, which may include as a principal element, increasing
stockholders' equity to above the minimum required level. The
Company intends to proceed promptly to attempt to implement such a
plan and to work cooperatively with Nasdaq Staff towards that end.
However, there can be no assurance that any such plan will resolve
the deficiency and that the Company's present listing will be able
to be maintained. BriteSmile has developed and markets the most
advanced teeth whitening technology available, as well as manages
state-of-the-art BriteSmile Professional Teeth Whitening Centers.
BriteSmile Centers are currently operating in Beverly Hills,
Irvine, Palo Alto, Walnut Creek, San Francisco and La Jolla, CA;
Houston, TX; Denver, CO; Boston, MA; McLean, VA; Atlanta, GA; New
York, NY; Chicago and Schaumburg, IL; and, Phoenix, AZ. In addition
to BriteSmile Centers, the Company has established more than 5,000
Associated Centers. Of the BriteSmile Associated Centers, more than
2000 are located outside of the United States, in more than 75
countries. For more information about BriteSmile's procedure, call
1-800-BRITESMILE or visit the Company's Website at
http://www.britesmile.com/ . DATASOURCE: BriteSmile, Inc. CONTACT:
investors, Kenneth A. Czaja, CFO, +1-925-941-6260, or media, Chris
Edwards, +1-925-279-2926, both for BriteSmile Web site:
http://www.britesmile.com/
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