BioTechnica International Inc. announces that its common stock will be delisted from NASDAQ-NMS.PEORIA, Ill.--(BUSINESS WIRE)--March 18, 1997--BioTechnica International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BIOT) (the "company") has been informed by The NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. Inc. that the common stock of the company no longer qualifies for listing on the NASDAQ National Market System. The company has filed a notice of appeal of this finding to the NASDAQ Listing Qualifications Hearings Department, which will stay the effective date of the delisting for approximately two to three weeks. NASDAQ attributed its decision to the fact that the company, as of Dec. 31, 1996, did not maintain NASDAQ's Tangible Net Worth Tangible Net Worth Total assets less intangible assets and total liabilities. Notes: In terms of a consumer, tangible net worth is the sum of all your tangible assets (cash, home, cars, etc). requirement of $4,000,000. The company attributed this fact primarily to the seasonal nature of its business. At this time, the company is considering its alternatives, which may include the trading of its common stock by means other than the NASDAQ-NMS, such as the possibility of qualifying for trading on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. service. Although the delisting action could negatively impact the liquidity of and market for the company's stock, it would not have any adverse impact on the continued operations or financial condition of the company or its ability to continue to supply products to its customers. According to Bruno Carette, president and COO, "The action of NASDAQ will have no impact on the day to day operations of the company, nor will it affect our ability to provide new and innovative products to our dealers and customers." BioTechnica International Inc. is an agricultural products company dedicated principally to the production and marketing of proprietary hybrid corn, soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been , alfalfa alfalfa (ălfăl`fə) or lucern (l  sûn`), perennial leguminous plant (Medicago sativa , and other field seed products throughout the Midwest Corn Belt region of the United States. CONTACT: BioTechnica International Inc., Peoria Bruno Carette, 309/681-0300 Edward M. Germain, 309/681-0300 |
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