ChemTrak to List on Over-the-Counter Bulletin Board.SUNNYVALE, Calif.--(BUSINESS WIRE)--June 22, 1998--ChemTrak Inc. (Nasdaq:CMTR CMTR Certified Material Test Report CMTR Combined Marginal Tax Rate ) Monday announced that it will transfer the listing of its stock to the Nasdaq over-the-counter bulletin board. Shares of ChemTrak common stock will continue to be listed under the symbol CMTR. "We have chosen to transfer the listing of our stock to the over-the-counter bulletin board rather than to effect a substantial reverse stock split that would be required to maintain listing on the Nasdaq Small Cap market. The Nasdaq rules that became effective May 28, 1998, require maintaining a closing bid price of at least $1 for 10 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. ," said Edward F. Covell, president and chief executive. "Our board of directors has decided that such a reverse stock split would, at this time, negatively affect our share price and be detrimental det·ri·men·tal adj. Causing damage or harm; injurious. det  ri·men to our shareholders. We believe that the company and its
shareholders will be better served at this stage in our corporate
development by listing on theover-the-counter bulletin board," he
added.ChemTrak has a range of products for home use, which are available at all major chain drug and mass merchant outlets. ChemTrak's most recent addition to its over-the-counter line is the Parent's Alert Home Drug Test Service, a counselor-supported home drug test service committed to helping parents prevent and eliminate drug abuse by their children. The CholesTrak Home Cholesterol Test Cholesterol Test Definition The cholesterol test is a quantitative analysis of the cholesterol levels in a sample of the patient's blood. Total serum cholesterol (TC) is the measurement routinely taken. , and the ColoCARE Home Test to Detect the Early Warning Signs of Colorectal co·lo·rec·tal adj. Relating to the colon and the rectum, or to the entire large bowel. colorectal pertaining to or of the nature of the colon and the rectum. Disease, are both designed to help consumers take a more proactive role in their personal health care. Located in Sunnyvale, ChemTrak is a medical diagnostics company offering reliable and easy-to-use medical testing systems for in-home use and use in doctors' offices. ChemTrak medical tests are designed to screen and diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. health conditions with accuracy comparable to laboratory tests. The statements in this release regarding products and revenues are forward-looking and subject to risk and uncertainty, and future results could differ materially from past performance. For a detailed discussion of factors that may affect the company's operating results, interested parties should review the company's SEC reports, including the ChemTrak Inc. Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1998, as well as the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1997, filed with the SEC.
CONTACT: ChemTrak Inc., Sunnyvale
Donald V. Fluken, 408/773-8156
or
Self & Associates
Trudy M. Self, 818/880-5437
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