IRVINE, Calif., Aug. 21 /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 previously-announced one-for-three reverse stock split became effective after the close of the market yesterday, August 20, 2007. Effective at the open of the market today, the Company's shares will begin trading on a split-adjusted basis on the OTC Bulletin Board under the trading symbol "ECRE."
The Company undertook the reverse stock split to enable it to satisfy the minimum bid price requirement for listing the Company's common stock on The NASDAQ Capital Market. It is expected that Endocare's common stock will resume trading under the symbol "ENDO" if and when the Company's NASDAQ listing becomes effective.
"Our excellent clinical and financial results for the past several years are proving the merit of our cryoablation technology and the strength of our business plan," Craig T. Davenport, Endocare's Chief Executive Officer stated. "We believe that as we continue to drive the growth of our business, trading on The NASDAQ Capital Market should help us attract a large group of potential new investors and improve trading volumes and stockholder value."
The number of post-split common shares outstanding is approximately 11.6 million. The exercise price and number of common shares related to outstanding warrants and options have been adjusted automatically to reflect the reverse stock split.
Stockholders of record on August 20, 2007 will be sent instructions for exchanging their existing stock certificates for new stock certificates and for receiving cash in lieu of any fractional shares resulting from the split. 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.
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: investor contact, Matt Clawson, matt@allencaron.com, or mediacontact, Len Hall, len@allencaron.com, both for Endocare, Inc.,+1-949-474-4300; or Craig T. Davenport, CEO, or Michael R. Rodriguez, CFO,both of Endocare, Inc., +1-949-450-5400
Web site: http://www.endocare.com/
