Fischer Imaging Receives Nasdaq Staff Determination, Company Requests Hearing Before Listing Qualification Panel.
DENVER--(BUSINESS WIRE)--Aug. 23, 2002
Request for Hearing Continues Listing Pending Panel Decision
Fischer Imaging Corporation (Nasdaq:FIMG), announced that the Company received a Nasdaq Staff Determination on August 21, 2002 indicating that the Company's failure to comply with the Form 10-Q filing requirement for the quarter ended June 30, 2002 violates Marketplace Rule 4310 (c) (14) and that the Company's securities are subject to delisting from the Nasdaq SmallCap Market.
The Company will respond by requesting a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination, and this request for a hearing will stay the delisting pending the outcome of the hearing. There can be no assurance the Panel will grant the Company's request for continued listing.
Gerald D. Knudson, chief executive officer of Fischer Imaging stated, "The receipt of this notice is part of normal Nasdaq operating procedures when a delay in filing critical documentation occurs and was expected by Fischer Imaging. The Company is working diligently together with its independent auditors and legal counsel to ensure the proper filing of its Form 10-Q. Upon filing of the Company's 10-Q, Fischer Imaging will apply to the Nasdaq Listing Qualifications Panel to cancel the hearing."
On August 13, 2002, Fischer Imaging announced a delay in the filing of its report on Form 10-Q for the quarter ended June 30, 2002. This delay is attributable to the inability of Ernst & Young LLP to obtain and review the predecessor auditor work papers in compliance with professional standards and thus complete its SAS-71 review, and to the reassessment by management of all elements of the Company's business, including a review of inventory levels and potential applicable restructuring charges. Fischer anticipates a write-down of inventory as a result of management's review.
About Fischer Imaging
Fischer Imaging Corporation designs, manufactures, and markets specialty digital mammography and general-purpose x-ray imaging systems for the diagnosis and treatment of disease. The Company's principal product lines are directed toward medical specialties in which minimally invasive techniques are replacing open surgical procedures. For more information visit www.fischerimaging.com.
This press release includes forward-looking statements that are subject to known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include, but are not limited to, whether the Company will be able file a 10-Q prior to the NASDAQ hearing date, the possible outcome of the NASDAQ hearing and the outcome of the Company's review of inventory levels and applicable restructuring charges. These statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Important factors that could cause actual results or events to vary materially include the Company's ability to gain access to its predecessor auditor's work papers in a timely manner, delay in Ernst & Young LLP's review of the predecessor auditor's work papers and internal delays in the filing of the 10-Q. Please refer to the documents Fischer Imaging files periodically with the Securities and Exchange Commission, specifically Fischer Imaging's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which identify important factors that could cause our actual results to differ materially from those contained in the projections or forward-looking statements.
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|Comment:||Fischer Imaging Receives Nasdaq Staff Determination, Company Requests Hearing Before Listing Qualification Panel.|
|Date:||Aug 23, 2002|
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