Norwood Abbey Completes Level One ADR Listing.Business Editors & Health/Medical Writers BIOWIRE2K MELBOURNE, Australia--(BUSINESS WIRE)--Feb. 3, 2004 Norwood Abbey Limited (ASX ASX See: Australian Stock Exchange : NAL NAL National Agricultural Library (Agricultural Research Service; US Department of Agriculture) NAL New American Library NAL National Accelerator Laboratory NAL National Aerospace Laboratory (Japan) ) today announced the successful first step of its plans to list on 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 , with a Level One American Depositary Receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. program being declared effective by the US Securities and Exchange Commission (SEC). The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. was previously appointed as the depositary bank for the Level One American Depositary Receipt program. Mr. Peter Hansen, Norwood Abbey's Chairman and 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. , says the program will open up the important US capital markets for the company. Norwood Abbey had previously announced its intention of pursuing a NASDAQ listing in the USA using American Depositary Receipts (ADRs). The New York based investment bank, Global Markets Capital Group, is managing the listing process. The symbol for Norwood Abbey's ADR ADR - Astra Digital Radio is NABYY and its CUSIP Number is 669577108. Trading activity may be viewed on the Bloomberg Website: www.bloomberg.com. Each Norwood Abbey ADR represents 10 ordinary shares of Norwood Abbey, as traded in the Australian market. For the benefit of shareholders the following information is provided: About ADRs ADRs are commonly used to facilitate US investors investing in foreign companies not listed in the USA. An ADR is created when a broker purchases the company's shares on the home stock market and delivers those to the depositary's local custodian bank, which then instructs the depositary bank, The Bank of New York, to issue Depositary Receipts. Depositary Receipts may trade freely, just like any other security, in the OTC market. Norwood Abbey Sponsored Level One Depositary Receipts Norwood Abbey has entered a sponsored Level One1 ADR program, which is a convenient way to access the US market. The company's Level One Depositary Receipts are traded in the US OTC market. The company does not have to comply with US Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) or full Securities and Exchange Commission (SEC) disclosure. Essentially a sponsored Level One Depositary Receipts program allows companies to enjoy the benefits of a publicly traded security in the US without changing its current reporting process. US brokers may deal either directly in Norwood Abbey shares or in ADRs. Some USA investors, particularly certain domestic mutual funds, are constrained from investing directly in foreign securities and ADRs provide the opportunity for them to invest in ASX listed Norwood Abbey. To find out more about the company, visit www.norwoodabbey.com. Norwood Abbey Ltd. is a drug delivery and immunology company with three proprietary delivery platforms in various stages of commercialization and development. Its delivery technologies include laser-assisted delivery, micro-needle arrays, needle-less injection system and pressure wave technology for the transfer of both drugs and genetic material. In addition, the Company holds patent applications for the use of GnRH analogue drugs in the re-growth of the Thymus gland and production of new T-cells. GnRH drugs are already approved for the treatment of prostate and breast cancer and have been available on the market for many years. |
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