WESTBURY, N.Y., Dec. 10, 2012 /PRNewswire/ -- Vasomedical, Inc. ("Vasomedical" or the "Company") (OTCBB: VASO) announced today that its shares of common stock have initiated trading via the Over-the-Counter Bulletin Board (OTCBB) under the ticker symbol "VASO".
The listing of the Company's common stock on the OTCBB follows FINRA's approval on December 3, 2012 of a 15c2-11 filing submitted by World Trade Financial Corporation, a market maker. For the initial 30 days of trading on the OTCBB there will not be a bid or ask displayed publicly for Vasomedical's common stock, given that there is only one market maker during this period, per the terms of the 15c2-11 filing. After the initial 30 days of trading on the OTCBB additional market makers can begin to make a market in the Company's stock and a bid and ask will then be available publicly for investors.
"We are excited to initiate trading of our common stock on the OTCBB, which offers our company greater exposure to the investment community. The transition to the OTCBB is part of our broader IR strategy to gain additional investor awareness of Vasomedical and we expect to benefit from increased liquidity in the trading of our shares as a result of this new listing," said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc.
The OTCBB is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter (OTC) securities. An OTC equity security generally is any equity that is not listed or traded on NASDAQ® or a national securities exchange. OTCBB securities include national, regional, and foreign equity issues, warrants, units, American Depositary Receipts (ADRs), and Direct Participation Programs (DPPs). The OTCBB is not an issuer listing service, market or exchange. Although the OTCBB does not have any listing requirements, to be eligible for quotation on the OTCBB, issuers must remain current in their filings with the SEC or applicable regulatory authority. Market Makers will not be permitted to begin quotation of a security whose issuer does not meet this filing requirement.
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company's main proprietary products are EECP® Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, and other medical equipment operations; Vasomedical Global operates the Company's China-based subsidiaries; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company's website at www.vasomedical.com.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipates", "believes", "could", "estimates", "expects", "may", "plans", "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
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KCSA Strategic Communications
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Lewis Goldberg / Samantha Wolf
KCSA Strategic Communications
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SOURCE Vasomedical, Inc.