Genesis Bioventures Receives Extension from American Stock
Exchange
NEW YORK, May 18 /PRNewswire-FirstCall/ --
Genesis Bioventures, Inc.
(AMEX:GBI) (GBI) today reported that it has received a letter (the "Letter")
from the American Stock Exchange (the "Amex" or "Exchange") in response to the
Company's plan of compliance (the "Plan") submitted on May 4, 2005. The Plan
was submitted in response to written notice from the Amex that GBI is currently
non-compliant with the Amex requirements as set forth in Section 1101 of the
Amex Company Guide for failure to file with the Securities and Exchange
Commission its Annual Report on Form 10-KSB for the year ended December 31,
2004 by the prescribed filing deadline.
The Letter dated May 11, 2005 states that the Plan has been reviewed by the
Exchange and has been accepted. The Exchange has granted an extension of time
to the Company to regain compliance with the continued listing standards. The
Exchange is prepared to continue the listing of GBI subject to the Company
providing updates to the Exchange and showing progress consistent with the
Plan. GBI intends to work closely with the Exchange on a proactive basis to
bring the Company into compliance with all continued listing standards as
required. Failure to make progress consistent with the Plan or to regain
compliance by June 15, 2005 could result in the Exchange initiating delisting
proceedings.
About Genesis Bioventures, Inc.
Genesis Bioventures, Inc. (GBI) is a biomedical development corporation
focusing on the development and marketing of novel diagnostics. GBI's wholly
owned subsidiary, Biomedical Diagnostics, LLC, specializes in the development
of cancer diagnostics. The first product commercially available is the MSA as a
screen for breast cancer risk. Further information on testing can be found on
GBI's website. In addition, the Company has an equity interest in Prion
Developmental Laboratories, Inc., (PDL) which specializes in the development of
diagnostic tests to detect prion disease. PDL received United States Department
of Agriculture (USDA) approval for its Chronic Wasting Disease (CWD) strip
test. CWD is similar to Mad Cow Disease but affects deer and elk. More
information on PDL can be accessed through GBI's website.
Statements in this press release that are not strictly historical facts are
"forward looking" statements (identified by the words "believe", "estimate",
"project", "expect" or similar expressions) within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors,
changes in the regulatory environment, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange Commission.
The statements in this press release are made as of today, based upon
information currently known to management, and the Company does not undertake
any obligation to publicly update or revise any forward-looking statements.
CONTACT:
GBI Investor Relations, (604) 542-0820, ,
http://www.gnsbio.com/
Aurelius Consulting Group, (800) 644-6297, ,
http://www.runonideas.com/
DATASOURCE: Genesis Bioventures, Inc.
CONTACT: GBI Investor Relations, (604) 542-0820, ,
http://www.gnsbio.com/; Aurelius Consulting Group, (800) 644-6297, ,
http://www.runonideas.com/