LAKE OSWEGO, Ore., July 31 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation , medical diagnostic tests manufacturer for the professional point of care (PRO) and over the counter (OTC) segments of the market primarily for the detection of antibodies to the human immunodeficiency virus (HIV) announced today that it has filed a voluntary request with the American Stock Exchange (“Amex” or the “Exchange”) to withdraw its common stock from listing on the Amex effective as soon as practicable in compliance with the rules and regulations of the Amex and the SEC.
The Exchange has previously advised the Company that it was not in compliance with Section 1003(a)(iii) of the Exchange’s Company Guide with shareholders’ equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years; and Section 1003(a)(iv) with losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition had become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company would be able to continue operations and/or meet its obligations as they mature. In March 2006, the Company appealed the determination of the Exchange’s staff to initiate delisting procedures in a hearing before a listing qualifications panel of the Amex Committee on Securities (the “Panel”).
The Panel set July 31, 2006 as the date by which the Company must demonstrate that it had regained compliance with the Amex’s continued listing standards. If the Company is unable to demonstrate at that time that it is in compliance with those standards, the Panel agreed that the Amex should immediately move to de-list the Company’s common stock.
Roger I. Gale, Chairman and Chief Executive Officer of Calypte stated, “Although we are making progress with our financing efforts, the Company will not meet the Exchange’s continued listing standards by the July 31, 2006 compliance date specified by the Panel. Accordingly, the Company has determined to remove its common stock from listing on the Amex as soon as practicable. The Company plans to provide an operational update in conjunction with the release of its second quarter financial results in the first part of August.”
Following a required notice period, Calypte’s common stock will no longer be listed on the Amex. At that time, the Company expects that its common stock will trade on the NASD Over the Counter Bulletin Board. The Company is in the process of obtaining a new trading symbol.
About Calypte Biomedical:
Calypte Biomedical Corporation (www.calypte.com) is a U.S.-based healthcare company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and new diagnostic test products for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples. Calypte believes there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in developing countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management’s current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company’s ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company’s success are more fully disclosed in the Company’s most recent public filings with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-KSB for the year ended December 31, 2005 and its subsequent filings with the SEC.
Company Contact: Investor Relations Contact: Theodore R Gwin Tim Clemensen Chief Financial Officer Rubenstein Investor Relations (971) 204-0282 Phone: (212) 843-9337 email:tgwin@calypte.comemail:tclemensen@rubensteinir.com
Calypte Biomedical Corporation
CONTACT: Theodore R Gwin, Chief Financial Officer, +1-971-204-0282,tgwin@calypte.com; Investor Relations Contact - Tim Clemensen, RubensteinInvestor Relations, +1-212-843-9337, tclemensen@rubensteinir.com
Web site: http://www.calypte.com/
