ADDISON, Texas, Dec. 9, 2011 /PRNewswire/ -- ULURU Inc.
(NYSE AMEX: ULU), a specialty pharmaceutical company focused on the
development of a portfolio of wound management and oral care
products, today announced that the Company has received notice from
the NYSE Amex (the "Exchange"), dated December 5, 2011, indicating that the Exchange
has accepted the Company's plan of compliance and granted the
Company an extension until March 21,
2013 to regain compliance with the continued listing
standards of Section 1003(a)(iii) of the Exchange's Company
Guide. Previously, the Company had received notice from the
Exchange, dated September 21, 2011,
that the Company was below the Exchange's stockholders' equity
continued listing standards and did not meet the provisions of
Section 1003(a)(iii) since the Company reported stockholders'
equity of less than $6,000,000 at
June 30, 2011 and has incurred losses
from continuing operations and/or net losses in its five most
recent fiscal years ended December
31, 2010. The Company will be subject to periodic
review by Exchange Staff during the extension period. Failure
to make progress consistent with the plan or to regain compliance
with the continued listing standards by the end of the extension
period could result in the Company being delisted from the
Exchange.
The notice from the Exchange also indicated that the Company is
not in compliance with an additional listing standard as set forth
in Part 10 of the Exchange's Company Guide. A review by the
Exchange Staff of the Company's Form 10-Q for the period ended
September 30, 2011, indicated that
the Company does not meet the provisions of Section 1003(a)(iv)
since the Company has sustained losses which are so substantial in
relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that
it appears questionable, in the opinion of the Exchange, as to
whether the Company will be able to continue operations and/or meet
its obligations as they mature.
The Company was afforded the opportunity to submit a plan of
compliance to the Exchange by January 5,
2012, that demonstrates the Company's ability to regain
compliance with Section 1003(a)(iv) of the Company Guide by
April 2, 2012. If the Company
does not submit a plan of compliance, or if the plan is not
accepted by the Exchange, the Company will be subject to delisting
procedures as set forth in Section 1010 and part 12 of the Company
Guide.
The Company believes it can provide the Exchange with a
satisfactory plan by January 5, 2012,
to show that it will be able to return to compliance with Section
1003(a)(iv) of the Exchange's Company Guide.
While the notifications from the Exchange does not affect the
current listing of the Company's common stock, the Company's
failure to submit a plan of compliance with Section 1003(a)(iv) by
January 5, 2012, or the failure of
the Exchange to accept any plan of compliance submitted, are likely
to result in the Company no longer being listed on the NYSE
Amex.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on
the development of a portfolio of wound management and oral care
products to provide patients and consumers improved clinical
outcomes through controlled delivery utilizing its innovative
Nanoflex™ Aggregate technology and OraDisc™ transmucosal delivery
system. For further information about ULURU Inc., please
visit our website at www.ULURUinc.com. For further
information about Altrazeal®, please visit www.Altrazeal.com.
This press release contains certain statements that are
forward-looking within the meaning of Section 27a of the Securities
Act of 1933, as amended. These statements are subject to
numerous risks and uncertainties, including but not limited to
ULURU's compliance with the continued listing standards of the NYSE
Amex, the Company's ability to make progress with the plan of
compliance, the submission of a plan of compliance by ULURU and the
acceptance of such plan of compliance by the NYSE Amex, the
Company's ability to maintain its NYSE Amex listing, and to risk
factors detailed in the Company's Annual Report on Form 10-K for
the year ended December 31, 2010, and
other reports filed by us with the Securities and Exchange
Commission.
Contact: Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145
SOURCE ULURU Inc.