Healthaxis Inc. (NASDAQ: HAXS), an innovative provider of
technology-enhanced, integrated business process solutions and services,
including claims and benefit administration applications, web-enabled
software solutions and outsourced claims related services for health
benefit administrators and health insurance claims processors, announced
today that on March 20, 2008, it received notice from the NASDAQ Stock
Market (“NASDAQ”)
that for the previous 30 consecutive trading days, the Company’s
common stock closed below the minimum $1.00 bid price per share required
by Marketplace Rule 4310(c)(4).
In accordance with Marketplace Rule 4310(c)(8)(D), the Company will be
provided 180 calendar days, or until September 16, 2008, to regain
compliance with the Rule. The letter further indicates that the Company
may regain compliance if at any time before September 16, 2008, the bid
price of the Company’s common stock closes at
$1.00 per share or above for a minimum of 10 consecutive trading days.
If the Company is successful in meeting this requirement, the Staff will
provide written notification that it has achieved compliance with the
Rule. If compliance with the Rule cannot be demonstrated by September
16, 2008, the Staff will determine whether the Company meets The Nasdaq
Capital Market initial listing criteria as set forth in Marketplace Rule
4310(c), except for the bid price requirement. If it meets the initial
listing criteria, the Staff will notify the Company that it has been
granted an additional 180 calendar day compliance period. If the Company
is not eligible for an additional compliance period, the Staff will
provide written notification that the Company’s
common stock will be delisted. At that time, the Company may appeal the
Staff’s determination to delist its common
stock.
The Company intends to actively monitor the bid price for its common
stock between now and September 16, 2008, and consider implementation of
various options available to the Company if its common stock does not
trade at a level that is likely to regain compliance.
About Healthaxis Inc.
Healthaxis (NASDAQ: HAXS) is an innovative provider of healthcare payer
solutions. By combining technology and services Healthaxis can deliver
value to payers and their customers. The company offers fully integrated
business process outsourcing and claims administration systems that
incorporate advanced technology solutions. Healthaxis' technology is
time tested, scalable and offered on an ASP basis. With its Best Shore
capability Healthaxis can offer competitive, high quality BPO services
in four locations – Dallas, Texas; Castle
Dale, Utah; Montego Bay, Jamaica and Jaipur, India. Their Smart Front End®
enables payers the ultimate flexibility in network re-pricing delivering
to their legacy system a fully edited, clean, pre-priced claim to ensure
the highest levels of auto adjudication. Healthaxis’
claims administrations systems technology solutions provide an end to
end cost competitive solution for all sizes of payers: enrollment, data
capture, administration, claims, customer service, print distribution
and web services. For information on Healthaxis products and services,
call (800) 519-0679 or visit the website at www.healthaxis.com.
Forward-looking statements:
Statements that are not purely historical facts, including without
limitation statements about anticipated or expected future revenue and
performance, constitute forward-looking statements within the meaning of
Section 27A of the Securities and Exchange Act of 1934, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors, which may cause actual results to be
materially different from those contemplated by the forward-looking
statements. Such factors include without limitation the risks and
uncertainties identified in our documents filed with, or furnished to,
the Securities and Exchange Commission, including those identified under
the caption "Risk Factors" in our most recently filed Form 10-K.
We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new
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