OAKLAND, N.J., July 21 /PRNewswire-FirstCall/ -- Media Sciences
International, Inc. (Nasdaq: MSII) today announced that its common
stock will be delisted from the NASDAQ Stock Market and trading of
the Company's common stock will be suspended from the NASDAQ
Capital Market effective July 22,
2010. The Company's stock is being delisted because
the stock's bid price is trading under the $1.00 per share minimum bid price requirement set
forth in NASDAQ Marketplace Rule 5550(a)(2). On May 10, 2010, the Company, after meeting with the
NASDAQ's Listing Rules Committee, was granted a temporary extension
of time to comply with the $1.00 per
share minimum bid price requirement. To have met the NASDAQ
trading requirement the Company could have accomplished a reverse
stock split increasing the price in excess of the $1.00 minimum, but determined that it is in the
best interests of the Company not to effect a reverse split.
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The Company expects that its common stock will be quoted on the
OTC Bulletin Board and/or the Pink Sheets, but cannot give
assurance that its common stock will be immediately available to be
quoted on one or both quotation services upon suspension of trading
on the NASDAQ Capital Market.
Michael W. Levin, Media Sciences
International's President and CEO stated, "We are disappointed that
we are being delisted from the NASDAQ Stock Market. Our focus
continues to be on growing our business and while this might appear
to be a set-back, I am very optimistic that the initiatives we have
in place and the upcoming closing of our China acquisition will greatly enhance our
business. We will continue to be accessible and keep
shareholders and potential investors informed of our progress. We
are currently in the process of closing the fiscal year and
preparing our annual 10-K and fiscal 2010 financial press release.
We anticipate announcing our 2010 fiscal results and hosting our
conference call in the second half of September."
About the Company:
Media Sciences International, Inc. is the leading independent
manufacturer of new build solid ink and color toner cartridges for
office color printers. As the premium quality color toner and solid
ink alternative to the printer manufacturer's brand, Media
Sciences' 100% newly manufactured color toner and solid ink
products for use in Dell®, Konica Minolta®, OKI®, Ricoh®, Samsung®,
and Xerox® and many other color printers deliver significant
savings when compared to the printer manufacturers' brand.
Brand names are used for descriptive purposes only and are the
property of their respective owners.
Forward Looking Statements
This press release contains certain forward-looking
statements about our goals and prospects and with respect to our
common stock being quoted on the OTC Bulletin Board and/or the Pink
Sheets within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's current
beliefs and expectations and are subject to risks and
uncertainties. Actual results may differ materially from
those included in these statements due to a variety of factors,
including, but not limited to, those factors identified in our
Annual Report on Form 10-K for the year ended June 30, 2009, on file with the Securities and
Exchange Commission, and the need for a market maker to apply to
have the common stock so quoted. Any forward-looking statements
contained in this release speak only as of the time made and we
assume no duty to update them, whether as a result of new
information, unexpected events, future changes, or
otherwise.
For more information on the Company, its products, and its
programs, visit www.mediasciences.com, E-mail
info@mediasciences.com, or call 201.677.9311.
SOURCE Media Sciences International, Inc.