Isonics Corporation Receives Notification From Nasdaq.GOLDEN, Colo. -- Isonics Corporation (Nasdaq: ISON), a provider of innovative solutions for the homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States and semiconductor markets, announced today that it has received a letter from 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. advising the Company that it fails to meet the requirements for continued listing found in Nasdaq Marketplace Rule 4310(c)(2)(B), which requires a company to meet any one of the following requirements:
a) stockholders' equity of $2.5 million, or
b) market value of listed securities of $35 million, or
c) net income from continuing operations of $500,000 in the most
recently completed fiscal year or in two of the last three most
recently completed fiscal years.
The Company has been provided until July 26, 2006, to regain compliance with the market value requirement of listed securities Listed Security Securities that have been accepted for trading purposes by a recognized and regulated exchange. Notes: Listed securities have the advantage of higher liquidity within a regulated environment. . The Company believes that when it files its Form 10-KSB for its fiscal year ended April 30, 2006 that it will meet the stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. requirement and therefore be deemed in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B). The Company intends to file this Form 10-KSB on or before the July 26, 2006 deadline. The Company could also regain compliance if the closing bid price of its common stock exceeds $0.76 for a minimum of 10 consecutive business days based on 46,358,044 shares currently outstanding, which would exceed the $35 million threshold for market value of listed securities. If the Company receives a 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. notification from the Nasdaq Stock Market, it intends to request a hearing to appeal the determination before a Nasdaq Listing Qualifications Panel. About Isonics Corporation Isonics Corporation has three business divisions: (1) Homeland Security and Defense (2) Semiconductor, and (3) Life Sciences. Isonics is a world leader in isotopically engineered materials and through its semiconductor division produces isotopically pure silicon-28 chemicals, silicon-on-insulator wafers, wafer reclaim services and test wafers, including 300mm, for the semiconductor industry. Isonics' Life Sciences division markets and sells isotopes An isotope a type of neutral atom but the number of neutrons is different from the number of protons in the nucleus. May be radioactive. Elements 1-15 Hydrogen
n. An isotope of an element that shows no tendency to undergo radioactive breakdown. can be thought of as ultra pure materials. This high degree of purification purification, in religion, the ceremonial removal of what the religion deems unclean. The usual agents of purification are water (as in baptism), bodily alteration (as in circumcision), and fire. provides enhanced properties as compared to natural materials. Additional information may be obtained at the Company's Web site at www.isonics.com. Cautionary Statement Except for historical information contained herein, this document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of 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. These statements involve estimates, assumptions, known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB for the year ended April 30, 2005 and reports subsequently filed with the Securities and Exchange Commission, which include the Company's historical cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in these filings with the Securities and Exchange Commission. |
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