CBI Receives NASDAQ Staff Determination Letter; Independent Directors Must Head All Corporate Governance Committees.RICHMOND, Va. -- On May 15, 2006, Commonwealth Biotechnologies, Inc. (CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. ) (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 : CBTE), a solutions provider to the global biotechnology industry, government agencies, pharmaceutical companies, and academic institutions, received a staff confirmation letter indicating that it was not in compliance with Nasdaq's Nominating Committee requirements as set forth in Marketplace Rule 4350(c)(4) because the committee was chaired by Mr. Thomas R. Reynolds, a non-independent director. Mr. Reynolds immediately resigned his position on the committee and was replaced as chair by Mr. Joseph Slay slay tr.v. slew , slain , slay·ing, slays 1. To kill violently. 2. past tense and past participle often slayed Slang , an independent director. The Company was subsequently notified by NASDAQ that it regained compliance with the Rule and that the matter is now closed. About CBI Commonwealth Biotechnologies, Inc. is a solutions provider to the global biotechnology industry, academic institutions, government agencies, and pharmaceutical companies. It offers broad ranging expertise and a complete array of the most current analytical and synthetic chemistries and biophysical analysis technologies, many of which are not available from other commercial sources. CBI has crafted a stimulating, open environment where scientists collaborate among themselves and with our clients, take on interesting challenges and develop creative solutions. Through its FIL division, CBI offers comprehensive genetic identity testing, including paternity, forensic, and CODIS CODIS Combined DNA Index System (US FBI) CODIS Convicted Offender DNA Index System CODIS Component and Distributed Systems analyses. CBI is accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by the American Association of Blood Banks, CLIA CLIA Clinical Laboratory Improvement Amendments of 1988 Congressional legislation that promulgated quality assurance practices in clinical labs, and required them to measure performance at each step of the testing process from the beginning to the end-point of a , and the National Forensic Science The application of scientific knowledge and methodology to legal problems and criminal investigations. Sometimes called simply forensics, forensic science encompasses many different fields of science, including anthropology, biology, chemistry, engineering, genetics, Technology Council, and operates fully accredited BSL-3 laboratory. For more information, visit CBI on the web at www.cbi-biotech.com and visit FIL at www.fairfaxidlab.com. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in the Company's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. No statement herein should be considered an offer of any securities. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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