BEIJING, May 23, 2016 /PRNewswire/ -- Dehaier Medical
Systems Ltd. (Nasdaq: DHRM) ("Dehaier Medical" or the "Company"),
which develops, markets and sells medical devices and wearable
sleep respiratory products in China and international markets, today
announced that on May 18, 2016,
the Listing Qualifications
department of the Nasdaq Stock Market ("Nasdaq") sent the Company a
notification letter (the "Nasdaq Letter") indicating that, as a
result of the Company's failure to file its annual report on Form
20-F for the year ended December 31,
2015, the Company is not in compliance with Nasdaq Listing
Rule 5250(c)(1) (the "Rule"), which requires timely filing of
periodic reports with the Securities and Exchange Commission.
The letter further states that the Company has 60 calendar days
(until July 18, 2016) to submit a
plan to Nasdaq setting forth how the Company plans to regain
compliance with the Rule. If the Company is unable to file the Form
20-F by July 18, 2016, then the
Company intends to submit a compliance plan on or prior to that
date.
If the Company needs to submit a compliance plan and Nasdaq
accepts the plan, Nasdaq can grant an exception of up to 180
calendar days from the filing's due date, or until November 14, 2016 to regain compliance. If Nasdaq
does not accept our plan, the Company will have the opportunity to
appeal that decision to a Nasdaq Hearings Panel.
Nasdaq Listing Rule 5810(b) requires that the Company promptly
disclose receipt of the Nasdaq Letter and must include the
continued listing criteria that the Company failed to meet. The
Company is issuing this press release to satisfy Nasdaq's
disclosure requirement.
About Dehaier Medical Systems Ltd.
Dehaier Medical develops, markets and sells medical products,
including medical devices and wearable sleep respiratory products
in China and international
markets. The company develops and assembles its self-branded
medical devices and sleep respiratory products from third-party
components. Dehaier is committed to becoming the solution provider
of medical smart wearable devices and professional services.
Dehaier is transforming from a traditional medical equipment
supplier to a high-tech enterprise in the field of mobile medical
and smart wearable devices. The main business of Dehaier is
providing overall solutions including accurate screening, efficient
treatment and treatment evaluation for obstructive sleep apnea
syndrome ("OSAS") patients. With the cutting-edge photoplethysmography analysis technology and
state-of-the-art sleep diagnosis device, Dehaier made the first
application of cloud technology in sleep medicine by managing to
upload patients' records, patient information management, and
analysis to the cloud. Dehaier Medical provides sleep diagnostic
products and services for inpatients and outpatients in Chinese
medical institutions including chronic diseases therapy departments
in public hospitals, patients in private physical examination
centers and VIP customers of life insurance companies. Dehaier
Medical's technology is based on six patents and eleven software
copyrights. More information may be found at
http://www.dehaier.com.cn.
Forward-looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, fulfillment of bids and contracts,
changes in technology, economic conditions, the impact of
competition and pricing, government regulation, and other risks
contained in reports filed by the company with the Securities and
Exchange Commission. All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the company,
are expressly qualified by the cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
For more information, please contact:
Dehaier Medical Systems Limited
Janice Wang
+86 10-5166-0080 ext. 211
investors@dehaier.com.cn
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SOURCE Dehaier Medical Systems Ltd.