PLC Systems Receives Delisting Notice From American Stock Exchange
19 September 2008 - 2:00PM
PR Newswire (US)
FRANKLIN, Mass., Sept. 19 /PRNewswire-FirstCall/ -- PLC Systems
Inc. (AMEX:PLC) today announced that it had received a notice of
failure to meet listing qualifications dated September 17, 2008
from the Listing Qualifications Department staff at the American
Stock Exchange. The notice stated that the Company was not in
compliance with Section 1003(a)(ii) of the AMEX Company Guide
because the Company's shareholders' equity was less than $4,000,000
as of June 30, 2008, and it incurred losses from continuing
operations and net losses in three out of its four most recent
fiscal years. PLC has been granted until October 17, 2008 to submit
a plan to the Exchange that demonstrates the Company's ability to
regain compliance with listing standards by March 17, 2010. If the
Company does not submit a plan or if the plan is not accepted by
AMEX, the Company will be subject to delisting procedures. About
PLC Systems Inc. PLC Systems Inc. is a medical technology company
specializing in innovative technologies for the cardiac and
vascular markets. PLC's newest product, RenalGuard(TM), is approved
for sale in the EU as a general fluid balancing device. The
RenalGuard System(TM) consists of a unique, proprietary, closed
loop, software-controlled console and accompanying single-use sets
that can be used by physicians and nurses to balance patient fluid
levels during a variety of medical procedures. The RenalGuard
System, with its matched fluid replacement capability, is intended
to minimize the risk of over- or under-hydration during medical
procedures where creating and maintaining high urine outputs is
deemed beneficial to patients. Headquartered in Franklin,
Massachusetts, PLC pioneered the CO2 Heart Laser System, which
cardiac surgeons use to perform CO2 transmyocardial
revascularization (TMR) to alleviate symptoms of severe angina. CO2
TMR offers a treatment option for angina patients who suffer from
severe coronary artery disease. The CO2 Heart Laser is the world's
first TMR angina relief device cleared for commercial distribution
by both the U.S. Food and Drug Administration and Japanese Ministry
of Health, Labor and Welfare, and to obtain a CE Mark for European
distribution. Additional company information can be found at
http://www.plcmed.com/. PLC Systems, PLC Medical Systems, PLC and
CO2 Heart Laser, RenalGuard and RenalGuard System are trademarks of
PLC Systems Inc. Contact: Mary T. Conway Conway Communications
617-244-9682 DATASOURCE: PLC Systems Inc. CONTACT: Mary T. Conway
of Conway Communications for PLC Systems Inc., +1-617-244-9682, Web
site: http://www.plcmed.com/
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