OccuLogix Announces Date of Annual and Special Meeting of Stockholders
30 August 2008 - 7:30AM
Marketwired
OccuLogix, Inc. (NASDAQ: OCCX)(TSX: OC) announced today that its
Annual and Special Meeting of Stockholders will take place on
September 30, 2008 at 8:30 a.m. (Eastern time) at the offices of
Torys LLP, 79 Wellington Street West, 33rd Floor, Toronto, Ontario.
The Company intends to mail the meeting materials to its
stockholders on or prior to September 5, 2008.
Earlier today, OccuLogix filed its definitive proxy statement
for the meeting, and it will be available electronically on EDGAR
(www.sec.gov) and SEDAR (www.sedar.com). Among other approvals, the
proxy statement solicits the Company's stockholders' approval of
the private placement of U.S.$2,173,000 of shares of the Company's
common stock, the pre-payment by the Company of its U.S.$6,703,500
aggregate principal amount bridge loan by the issuance of shares of
the Company's common stock to the bridge loan lenders and the
acquisition by the Company of the minority ownership interest in
San Diego-based OcuSense, Inc. that the Company does not already
own. Currently, OccuLogix owns 50.1% of the capital stock of
OcuSense on a fully diluted basis and 57.62% on an issued and
outstanding basis.
OccuLogix also announced today that it has informed NASDAQ that
the Company will be unable to meet the deadlines set forth in the
approval of the NASDAQ Listing Qualifications Panel (the "Panel")
pursuant to which the Company's listing was transferred from The
NASDAQ Global Market to The NASDAQ Capital Market. The Panel's
approval was subject to the condition that, on or before August 29,
2008, the Company disclose, in a Current Report on Form 8-K, pro
forma financial statements evidencing stockholders' equity of at
least U.S.$2,500,000 or demonstrate compliance with one of NASDAQ's
alternative listing criteria and the further condition that, on or
before September 16, 2008, the Company inform the Panel that the
Company's common stock has evidenced a closing bid price of
U.S.$1.00 or more for a minimum of ten consecutive trading
days.
The Company expects to regain compliance with the applicable
continued listing requirements of The NASDAQ Capital Market
following the implementation of the matters that the Company's
stockholders are being asked to approve at the upcoming meeting.
Accordingly, OccuLogix has requested additional time from NASDAQ to
regain compliance. There can be no assurance that NASDAQ will grant
the Company's request.
The securities to be offered in the private placement, the
pre-payment of the bridge loan and the OcuSense acquisition
transaction have not been registered under the Securities Act of
1933, as amended (the "Act") or any state securities laws or
qualified under any Canadian provincial or territorial securities
laws, and may not be offered or sold in the United States absent
registration, or an applicable exemption from registration, under
the Act and applicable state securities laws or in Canada absent a
valid prospectus, or an applicable exemption from the prospectus
requirements, under applicable provincial and territorial
securities laws.
About OccuLogix, Inc.
OccuLogix (www.occulogix.com) is a healthcare company focused on
ophthalmic devices for the diagnosis and treatment of age-related
eye diseases.
Forward-Looking Statements
This press release may contain forward-looking statements. These
statements relate to future events and are subject to risks,
uncertainties and assumptions about the Company. These statements
are only predictions based on our current expectations and
projections about future events. You should not place undue
reliance on these statements. Actual events or results may differ
materially. Many factors may cause our actual results to differ
materially from any forward-looking statement, including the
factors detailed in our filings with the Securities and Exchange
Commission and Canadian securities regulatory authorities,
including but not limited to our Forms 10-K and 10-Q. We do not
undertake to update any forward-looking statements.
Contacts: OccuLogix, Inc. William G. Dumencu (905) 602-0887,
ext. 3910 Email: bill.dumencu@occulogix.com Website:
www.occulogix.com
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