Bionutrics, Inc. Advises of NASDAQ Delisting Notice and Requests Hearing to Appeal NASDAQ Staff Determination.Business Editors/Health & Medical Writers PHOENIX--(BUSINESS WIRE)--May 11, 2001 Bionutrics, 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 : BNRX) announced today that it received notification on May 8, 2001 of a NASDAQ staff determination that its common stock is subject to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from the NASDAQ SmallCap Market for failure to comply with Marketplace Rule 4310(c)(4), requiring maintenance of a minimum bid price of $1 per share. The Company has requested a hearing before a NASDAQ Listing Qualifications Panel to appeal the staff determination and, pending completion of the appeal process, its stock will continue to be listed on the NASDAQ SmallCap Market. Bionutrics Board of Directors has approved a one-for-five reverse stock split in an effort to comply with this listing standard and will be seeking written consent from its stockholders for the reverse split. There can be no assurance that Bionutrics will be successful in its appeal for continued listing or that, if the reverse stock split is approved by stockholders, the Company will maintain compliance with the minimum bid price requirement or other NASDAQ listing standards. Should Bionutrics not prevail at the hearing or fail to satisfy NASDAQ listing standards, its securities will be delisted from the NASDAQ SmallCap Market. Bionutrics is a biopharmaceutical company founded to discover and develop novel biologically active compounds derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from natural sources. Natural, biologically active compounds have potential applications as functional nutrition nutrition, study of the materials that nourish an organism and of the manner in which the separate components are used for maintenance, repair, growth, and reproduction. Nutrition is achieved in various ways by different forms of life. ingredients as well as ethical drugs. Bionutrics is presently developing proprietary functional nutrition ingredients and pharmaceutical products and intends to market these products through strategic alliances. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. "' statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements regarding the Company's future prospects, which are subject to risks and uncertainties, including, but not limited to, new product development, the impact of competitive products and pricing, product demand and market acceptance, future research, reliance on key strategic alliances, the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment and governmental approval processes, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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