NationsHealth Receives Nasdaq Notification
31 Mai 2006 - 12:00AM
PR Newswire (US)
SUNRISE, Fla., May 30 /PRNewswire-FirstCall/ -- NationsHealth, Inc.
(NASDAQ:NHRXNASDAQ:NHRXWNASDAQ:NHRXU) announced today that on May
23, 2006 it was advised by the Nasdaq Listing Qualifications
Department that the Nasdaq staff is reviewing the Company's
eligibility for continued listing on The Nasdaq National Market
because the Company does not comply with the minimum $10,000,000
stockholders' equity requirement for continued listing under
Maintenance Standard 1 set forth in Marketplace Rule 4450(a)(3).
The Nasdaq staff additionally noted that the Company did not at
such time meet the continued listing requirements under Maintenance
Standard 2 because the market value of its publicly held shares
(i.e., the Company's total shares outstanding less any shares held
by officers, directors or beneficial owners of 10 percent or more)
was not at least $15,000,000. To facilitate the Nasdaq staff's
review, the Company has been asked to provide on or before June 7,
2006 a specific plan to achieve and sustain compliance with all
Nasdaq National Market listing requirements. Under Maintenance
Standard 1, this may include demonstrating a plan of achieving
compliance with the minimum $10,000,000 stockholders' equity
requirement. Alternatively, under Maintenance Standard 2, this may
involve demonstrating achieving compliance with the $15,000,000
minimum value of its publicly held shares requirement. As of the
close of trading on each of May 25 and May 26, 2006, the market
value of the Company's publicly held shares was above $15,000,000.
The Company is currently evaluating its alternatives to resolve the
listing deficiency, and is preparing the plan requested by Nasdaq.
If the plan is not accepted by Nasdaq or if the alternative
selected by the Company does not resolve the listing deficiency,
the Company will apply for listing on The Nasdaq Capital Market.
The Company currently is in compliance with the listing standards
of The Nasdaq Capital Market. About NationsHealth, Inc.
NationsHealth improves the delivery of healthcare to Medicare and
managed care beneficiaries by providing medical products and
prescription related services. NationsHealth has a strategic
alliance with CIGNA to offer their Medicare Part D prescription
drug plans nationally. Prior to launching its Medicare Part D
business, NationsHealth offered free discount prescription cards,
accepted at over 50,000 pharmacies nationwide, to approximately 2.9
million cardholders. In addition, NationsHealth provides home
delivery of diabetes and ostomy medical products to 102,000
patients. NationsHealth is also the provider of diabetes supplies
to 12,000 Medicare beneficiaries at over 1,100 Kmart pharmacies.
For more information please visit http://www.nationshealth.com/.
This press release contains forward-looking statements about
NationsHealth, including statements regarding the Company's plan to
achieve compliance with the Nasdaq continued listing requirements
and future financial results, none of which should be construed in
any manner as a guarantee that such compliance or results will in
fact occur. In addition, other written or oral statements that
constitute forward-looking statements may be made by us or on our
behalf. Forward-looking statements are statements that are not
historical facts, and in some cases may be identified by the words
"anticipate," "project," "expect," "plan," "intend," "may,"
"should," "will," and similar words or phrases. Such
forward-looking statements, based upon the current beliefs and
expectations of NationsHealth's management, are subject to risks
and uncertainties, which could cause actual results to differ from
the forward-looking statements. The following factors, among
others, could cause actual results to differ from those set forth
in the forward-looking statements: our ability to maintain our
existing customer base; our customers' desire to take advantage of
our Part D and specialty pharmacy services; uncertainty in our
costs incurred in administering the Part D program; changes in
Medicare, Medicaid, Tricare, Champus and any other state or
national-based reimbursement program; changing interpretations of
generally accepted accounting principles; outcomes of government
reviews of NationsHealth's business practices; inquiries and
investigations and related litigation; continued compliance with
government regulations; legislation or regulatory requirements or
changes adversely affecting the businesses in which NationsHealth
is engaged; fluctuations in customer demand; management of rapid
growth; our ability to compete effectively; timing and market
acceptance of new products sold by NationsHealth; general economic
conditions; and geopolitical events, regulatory changes and other
risks and uncertainties described in NationsHealth's Annual Report
on Form 10-K for the year ended December 31, 2005 and
NationsHealth's other reports filed with the Securities and
Exchange Commission. The information set forth herein should be
read in light of such risks. NationsHealth cautions investors not
to place undue reliance on the forward-looking statements contained
herein. These statements speak only as of the date of this press
release and, except as required by applicable law, NationsHealth
assumes no obligation to update the information contained herein.
At NationsHealth: Timothy Fairbanks, CFO 954-903-5018 At Rx
Communications Group: Melody A. Carey (investors) 917-322-2571
DATASOURCE: NationsHealth, Inc. CONTACT: Timothy Fairbanks, CFO,
NationsHealth, +1-954-903-5018; Melody A. Carey (investors), Rx
Communications Group, +1-917-322-2571 Web site:
http://www.nationshealth.com/
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