GLENDALE HEIGHTS, Ill., Aug. 2 /PRNewswire-FirstCall/ -- AHPC Holdings, Inc. , a leading distributor and supplier of disposable gloves and other products to the foodservice, healthcare, retail and industrial markets, today announced that on July 13, 2006, the Company received a decision from the NASDAQ Listing Qualifications Panel granting the Company's request for continued listing on The NASDAQ Capital Market, subject to certain conditions. Specifically, on or before August 15, 2006, the Company must hold its annual meeting of shareholders and, on or before September 30, 2006, the Company must file its Form 10-K for the fiscal year ended June 30, 2006 evidencing stockholders' equity of at least $2,500,000.
The Company has filed a proxy statement with the U.S. Securities and Exchange Commission for an annual shareholders meeting to be held on August 14, 2006. Accordingly, the Company believes that it will be able to satisfy the first requirement of the Panel's decision.
Further, as previously announced, the Company closed a $3 million private placement of convertible preferred stock with M.A.G. Capital, LLC and its affiliates in June. As a result, subject to the completion of the audit for the fiscal year ended June 30, 2006, which is now underway, the Company believes its Annual Report on Form 10-K for the fiscal year ended June 30, 2006 will demonstrate compliance with NASDAQ's stockholders' equity requirement.
While the Company is confident that it will satisfy the terms of the NASDAQ Panel's decision, there can be no assurance that it will do so.
AHPC Holdings, Inc., headquartered in Glendale Heights, is a marketer of disposable medical examination, foodservice and retail gloves. The Company's wholly owned subsidiary, American Health Products Corporation, is a leading supplier of branded and private label disposable gloves to the healthcare, foodservice, retail and industrial markets nationwide.
This Press Release contains forward-looking statements, which involve numerous risks and uncertainties, including, but not limited to, the Company's ability to maintain current sales levels at current margins and ability to maintain in place the Company's current line of credit or replace it with an alternate substitute. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
AHPC Holdings, Inc.CONTACT: Alan E. Zeffer, President & Chief Executive Officer of AHPCHoldings, Inc., +1-800-828-2964, or Fax, +1-630-407-0238
Web site: http://www.ahpc.com//
