Apogee Plans Transition to OTC Bulletin Board Upon Receipt of Delisting Decision From the American Stock Exchange
22 December 2007 - 8:15AM
Marketwired
NORWOOD, MA (the "Company") received notification from the
American Stock Exchange (the "Amex") on December 18, 2007, that its
Listing Qualifications Panel upheld the decision to cease the
continued listing of the Company's common stock and to initiate
delisting proceedings. The Company is working on an orderly
transition from the Amex to the OTC Bulletin Board� and/or the Pink
Sheets� LLC. There will be no interruption in the trading of its
common stock during the transition, which is expected to be
completed prior to year-end.
The Amex will suspend trading in the Company's common stock in
accordance with Section 1204(d) of the Amex Company Guide (the
"Company Guide") and will file an application with the Securities
and Exchange Commission to strike the Company's common stock from
listing and registration on the Amex in accordance with the timing
and procedures set forth in Sections 1205(g), 1206(d) and/or
Section 1206(e) of the Company Guide.
Herbert Stein, Apogee's Chairman and CEO, said, "We have been
very pleased with our experience on the American Stock Exchange.
However, we believe that raising sufficient equity funds at this
time, to meet the Amex shareholder equity listing requirements,
exceeds our near term capital needs and would result in unnecessary
shareholder dilution. Our planned transition to the OTCBB will
provide liquidity and marketability for our stock while allowing us
to execute a funding strategy that we believe will best serve our
business and shareholders' interests."
About Apogee Technology, Inc.
Apogee Technology, Inc. is a biotechnology company developing
proprietary systems for the delivery of pharmaceutical agents into
the skin for the treatment and prevention of local and systemic
conditions. The Company's PyraDerm(TM) delivery system incorporates
structured solid-state formulations designed to penetrate the outer
layer of the skin and then release the agent in a controlled
manner. The Company is also developing and commercializing sensors
and sensor systems with a specialized focus on health monitoring
systems. For more information please visit our web site at:
http://www.apogeebio.com.
PyraDerm(TM), Sensilica� and IntellaPAL(TM) are trademarks of
Apogee Technology, Inc. All other product names noted herein may be
trademarks of their respective holders.
Certain statements made herein that use the words "anticipate,"
"may," "hope," "estimate," "project," "will," "intend," "plan,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve those oriented to the Company's
continued trading status, capital raising transactions and its
interaction with future quotation or listing services in addition
to those related to the design, development and production efforts
of our PyraDerm(TM), Sensilica� and IntellaPAL(TM) technologies,
known and unknown risks and uncertainties, which could cause the
actual results, performance or achievements of the Company to be
materially different from those that may be expressed or implied.
Please refer to the company's risk factors as set forth in the
Company's filings with the Securities and Exchange Commission,
including its report on Form 10-KSB, as amended, for the year ended
December 31, 2006 and its quarterly reports on Form 10-QSB, for the
quarters ended March 31, 2007, June 30, 2007 and September 30,
2007.
Apogee Investor Contact: Paul J. Murphy Chief Financial Officer
and Vice President of Finance Telephone: (781) 551-9450
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