TORRANCE, Calif., Sept. 3 /PRNewswire/ -- AcuNetx, Inc. (OTC Bulletin Board: ANTXE) today announced that it had received a communication from the Financial Industry Regulatory Authority (FINRA) to the effect that its Common Stock would be removed from quotation on the OTC Bulletin Board on September 3, 2010.
The letter indicated that FINRA took the action because AcuNetx has been delinquent in its filings under the Exchange Act three times in the past two years, and NASD Rule 6530 provides for removal from quotation in this instance. AcuNetx has the right to appeal the decision, and is considering whether to file such an appeal.
Robert S. Corrigan, President of AcuNetx, said, "We plan to continue filing reports and financial statements with the SEC, and we expect that our stock will continue to be quoted and traded in the over-the counter market (Pink Sheets)." He added, "Accordingly, we believe this action will not have any effect on our shareholders, and should have no effect on the liquidity of our Common Stock."
Corrigan explained that AcuNetx had timely filed its 10-Q for the quarter ended June 30, 2010. However, since AcuNetx had earlier dismissed its independent certified public accountants and has not engaged new accountants, the financial statements in the 10-Q were not reviewed by outside accountants, as contemplated by SEC accounting rules. FINRA took the position that, because of this, the filing was deficient.
"We are actively interviewing accounting firms, and plan to retain a new firm in the coming weeks," said Corrigan. "Once retained, we will ask the new accountants to review our current 10-Q filings and amend them if necessary."
About AcuNetx, Inc.:
AcuNetx markets a diverse line of diagnostic, analytical and therapeutic tools for medical (audiologists, neurologists, otolaryngologists and physical therapists as well as hospitals, clinics, and extended care facilities) and law enforcement applications. R&D applications include patent-pending technology for the physiological detection of deception (polygraph). AcuNetx is headquartered in Torrance, CA. For more information concerning AcuNetx and its subsidiaries, please visit www.acunetx.com.
Safe Harbor for Forward Looking Statements:
This news release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representations to be accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
SOURCE AcuNetx, Inc.