LecTec Corporation Announces Move to Nasdaq SmallCap Market.Business Editors & Medical/Health Writers MINNETONKA, Minn.--(BUSINESS WIRE)--June 7, 2002 LecTec Corporation (Nasdaq:LECT lect n. A social or regional variety of speech having a sociolinguistic or functional identity within a speech community. [From (dia)lect.] ) today announced that the Company has received approval to transfer its listing from the Nasdaq National Market to the SmallCap Market, effective at the opening of business June 10, 2002. "Due to the nation's current economic climate, many companies our size can no longer satisfy the requirements to maintain their Nasdaq `national' listing. Based on our current financial status, we received notice from Nasdaq that we are not meeting the minimum $5,000,000 market value of publicly held shares and the $4,000,000 net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". requirements for Nasdaq National Market listing. For the benefit of companies like ours, Nasdaq has created the SmallCap Market," stated Rod Young Rod Young is the presenter of the Brisbane bulletin of Seven News. Before moving to the Seven Network, Rod was the face of news in Brisbane on the ABC where he began working in the late 1970s. , Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President. "This switch to the SmallCap Market will maintain our Nasdaq listing status and should have minimal effect on how our shares will be traded or valued. Our move to the SmallCap Market also gives us an excellent opportunity to continue our commitment to creating true shareholder value. We have an excellent product position with our branded TheraPatch(R) and NeoSkin(R) lines, an improving contract manufacturing business, as well as a strong patent portfolio. We will continue to drive toward increasing LecTec's cash flow and share price, with the intention of transferring back to the Nasdaq National Market at the earliest opportunity," concluded Young. "This will maintain an important liquid market for LecTec's shareholders because the stock will continue to trade in a respected market recognized around the world. Operating in an efficient, highly competitive electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. environment, the Nasdaq SmallCap Market offers essentially the same visibility and stock trading governance as the Nasdaq National Market. The transfer will be seamless as the symbol remains the same, the SmallCap Market uses the same trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. as the National Market, and quotes and news are available from the same sources," said Douglas Nesbit, CFO See Chief Financial Officer. and Corporate Secretary. LecTec is a health care and consumer products company that develops, manufactures and markets products based on its advanced skin interface technologies. Primary products include a full line of over-the-counter therapeutic patches for muscle aches and pain, insect bites, minor skin rashes, cold sores, coughs due to colds and minor sore throats, psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the , and its new products NeoSkin Rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. and TheraPatch Sinus sinus, cavity or hollow space in the body, usually filled with air or blood. In humans the paranasal sinuses, mucus-lined cavities in the bones of the face, are connected by passageways to the nose and probably help to warm and moisten inhaled air. & Allergy. This press release contains forward-looking statements that may include statements regarding intent, belief or current expectations of the company and its management. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause the company's actual results to differ materially from the results discussed in these statements. Factors that might cause such differences include, but are not limited to, buying patterns of major customers, competitive forces including new products or pricing pressures, costs associated with and acceptance of the company's TheraPatch brand strategy, impact of interruptions to production, dependence on key personnel, need for regulatory approvals, the ability to satisfy funding requirements for operating needs, expansion or capital expenditures and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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