MII Microislet

SAN DIEGO, Sept. 20 /PRNewswire-FirstCall/ -- MicroIslet, Inc. (AMEX:MII) announced that on September 13, 2005, it received a notice from the American Stock Exchange ("Amex") advising that Amex had accepted the company's plan of compliance submitted on September 6, 2005. MicroIslet is out of compliance with the Amex requirements of Sections 134, 1003(d) and 1101 of the Amex Company Guide for the company's failure to file its Form 10-QSB for the period ended June 30, 2005 with the Securities and Exchange Commission, and its listing is being continued pursuant to an extension granted by Amex. The extension is predicated on the company being in compliance with all continued listing standards, including the filing of the company's Form 10-QSB for the period ended June 30, 2005, by October 6, 2005. The company will remain listed during the plan period, subject to periodic review of progress by Amex. MicroIslet has been unable to file its Form 10-QSB for the period ending June 30, 2005 due to the company's continuing analysis of its accounting for warrants issued to service providers in 2004. The company has announced that as a result of errors in the accounting treatment for certain non-cash expenses relating to these warrants, a restatement of the financial statements for the fiscal year ended December 31, 2004 and the first quarter of 2005 is required. MicroIslet is devoting substantial resources and working with its outside auditors to complete and file the Form 10-QSB for the period ended June 30, 2005 and the restatements discussed above as soon as reasonably practicable and to restore its compliance with the Amex requirements. About MicroIslet MicroIslet is a biotechnology company engaged in the research, development, and commercialization of patented technologies in the field of transplantation therapy for people with insulin-dependent diabetes. MicroIslet's patented islet transplantation technology includes methods for isolating, culturing, cryopreservation, and immuno-protection (microencapsulation) of islet cells. MicroIslet is working to develop and commercialize a first product, called MicroIslet-P(TM), a microencapsulated porcine islet cell suspension that will be used for transplantation in patients with insulin-dependent diabetes. Additional information about MicroIslet can be found at http://www.microislet.com/. For further information, please contact: William G. Kachioff, Vice President, Finance and Chief Financial Officer of MicroIslet Inc., +1 858-657-0287, . DATASOURCE: MicroIslet Inc. CONTACT: William G. Kachioff, Vice President, Finance and Chief Financial Officer of MicroIslet Inc., +1-858-657-0287, . Web site: http://www.microislet.com/

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