HealthCare Technologies Ltd. (NASDAQ: HCTL) Announces Receipt of NASDAQ Delisting Notice
January 10 2008 - 1:00PM
PR Newswire (US)
NEW YORK, January 10 /PRNewswire-FirstCall/ -- HealthCare
Technologies Ltd., (the "Company") today announced that it received
a letter dated January 7, 2008 from the Staff of the Listing
Qualifications Department (the "Staff Determination") of The NASDAQ
Stock Market LLC, which indicated that because the Staff believes
that the Company's Plan of Arrangement with NexGen Biofuels, Inc.,
which closed on December 31, 2007, constituted a reverse merger,
the surviving entity is required to submit an initial listing
application and satisfy Nasdaq's initial listing standards. On
September 7, 2007, NexGen Biofuels, Ltd. submitted its listing
application. However, the application was not approved because,
among other things, the Company did not meet the minimum $4 bid
price requirement for initial listing. Accordingly, the Company's
securities will be delisted from The NASDAQ Stock Market. In that
regard, unless the Company requests an appeal of this
determination, NASDAQ will suspend trading of the Company's
securities on the Capital Market at the opening of business on
January 16, 2008. In response, the Company intends to timely
request a hearing before a NASDAQ Listing Qualifications Panel to
address the Staff Determination and seek continued listing in
accordance with applicable NASDAQ rules. The Company's hearing
request will stay any delisting action pending the issuance of a
decision by the Panel following the hearing. In the event that the
Company's appeal is unsuccessful, the Company believes that its
ordinary shares will be eligible for trading on the OTC Bulletin
Board, subject to the filing of a Form 211 by a market maker. For
more information on NexGen Biofuels, visit
http://www.nexgenbiofuels.net/ SAFE HARBOR: This press release
contains certain forward looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. With the exception of historical
information contained herein, the matters discussed in this press
release involve risk and uncertainties. Actual results could differ
materially from those expressed in any forward looking statement
made by or on behalf of HealthCare Technologies Ltd. Readers are
referred to the documents filed by the company with the Securities
and Exchange Commission, specifically the Form 8-K filed on January
7, 2008 that identifies important risks which could cause actual
results to differ from those contained in the forward looking
statements. FOR: HealthCare Technologies Ltd. CONTACT: Eran Rotem
CFO +972-3-9277232-3 DATASOURCE: HealthCare Technologies Ltd
CONTACT: FOR: Healthcare Technologies Ltd. CONTACT: Eran Rotem CFO,
+972-3-9277232-3
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