IRVINE, Calif., Aug. 7 /PRNewswire-FirstCall/ -- Endocare, Inc. , an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, announced today that its Board of Directors has authorized the Company to proceed with a one-for-three reverse stock split of its outstanding common stock in order to satisfy the minimum bid price requirement for initial listing on The NASDAQ Capital Market. The record date established for the reverse split is August 20, 2007.
Chief Executive Officer Craig T. Davenport said that Endocare stockholders had previously approved the proposal for the reverse stock split permitting the Company’s Board to implement the reverse split at its discretion. He said that pending final approval, he believes trading could commence on NASDAQ as early as September 2007.
Effective August 21, 2007, Endocare Inc. common stock will trade on the OTC Bulletin Board on a split-adjusted basis under a trading symbol to be assigned by the OTC Bulletin Board. It is expected that Endocare’s common stock will resume trading under the symbol “ENDO” when the NASDAQ listing becomes effective.
“The Company was delisted by NASDAQ in January 2003 because the Company was not in regulatory compliance with its SEC filing obligations. Since June 2004, when the Company reestablished full compliance with its SEC filing obligations, it has been a priority of the Board and management to have our common stock traded on a national exchange,” Davenport said. “While there can be no guarantee whether or when NASDAQ will approve our application, we are confident that with the completion of the reverse stock split, we will have met all of the quantitative requirements for our shares to be traded on The NASDAQ Capital Market.”
Stockholders of record on August 20, 2007 will be sent instructions for exchanging their existing stock certificates for new stock certificates. Stockholders with shares held in street name with a brokerage firm will have their accounts adjusted by their respective brokers. Stockholders should not destroy any stock certificates and should not submit any certificates to the Company’s transfer agent until requested to do so. Questions regarding this exchange process can be addressed by contacting Computershare Trust Company, N.A. at (800) 962-4284.
The Company’s Board reserves the right, exercisable at any time prior to the effectiveness of the stock split, to modify the ratio or record date of the stock split or to not proceed with the stock split.
About Endocare
Endocare, Inc. -- http://www.endocare.com -- is an innovative medical device company providing minimally invasive technologies for tissue and tumor ablation. Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its proprietary technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung and liver and palliative intervention (treatment of pain associated with metastases).
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements relating to the Company’s planned listing on The NASDAQ Capital Market. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in “Risk Factors” in the Company’s Forms 10-K, Forms 10-Q and other filings with the U.S. Securities and Exchange Commission. Such risk factors include, but are not limited to, uncertainty regarding the effects of the reverse stock split and uncertainty regarding the Company’s ability to obtain listing of its common stock on The NASDAQ Capital Market. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligation to revise, or update publicly, any forward-looking statements for any reason.
Investor Contact: Matt Clawson Allen & Caron, Inc. (949) 474-4300 matt@allencaron.com Media Contact: Len Hall Allen & Caron, Inc. (949) 474-4300 len@allencaron.com For Additional Information: Craig T. Davenport, CEO Michael R. Rodriguez, CFO Endocare, Inc. (949) 450-5400
Endocare, Inc.
CONTACT: Investors, Matt Clawson, matt@allencaron.com, or Media, Len Hall,len@allencaron.com, both of Allen & Caron, Inc., +1-949-474-4300, forEndocare, Inc.; or Craig T. Davenport, CEO, or Michael R. Rodriguez, CFO,both of Endocare, Inc., +1-949-450-5400
Web site: http://www.endocare.com/
