OAKLAND, Calif., May 21 /PRNewswire-FirstCall/ -- WorldHeart Corporation (WorldHeart), a developer of mechanical circulatory support systems, today announced that its board of directors unanimously approved a ratio of one-for-ten for the previously authorized reverse stock split of WorldHeart common shares. The reverse stock split was approved by shareholders at the last Annual Shareholders meeting held on December 20, 2006. The reverse stock split will become effective on May 30, 2007, when WorldHeart files an amendment to its articles with the appropriate Canadian authorities. Completion of the reverse split is intended to allow WorldHeart to keep its listing on the NASDAQ Capital Market, subject to continued compliance with all of the other listing requirements.
As a result of the reverse stock split, every ten common shares of WorldHeart will be combined into one common share. The reverse stock split will not affect the ownership of option and warrant holders. Upon the exercise of any options or warrants, resulting shares issued will be issued on a post-consolidation basis. No scrip or fractional certificates will be issued in connection with the reverse stock split.
About WorldHeart
WorldHeart is a developer of mechanical circulatory support systems with broad-based next-generation technologies. The company is headquartered in Oakland, California, USA with additional facilities in Salt Lake City, Utah and in Heesch, Netherlands. WorldHeart’s registered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements regarding the Company’s expectations with respect to the timing of the reverse stock split and maintenance of NASDAQ Capital Market listing, as well as other statements that can be identified by the use of forward-looking language, such as “believes,” “feels,” “expects,” “may,” “will,” “should,” “seeks,” “plans,” “anticipates,” or “intends” or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation risks detailed in the Company’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2006, as amended.
WorldHeart Corporation
CONTACT: Mr. Richard Juelis, +1-510-563-4713, or Ms. Peggy Allman, +1-510-563-4721, both of World Heart Corporation; or Mr. Stephen Laird ofGenesis Select Corporation, +1-203-341-0214
Web site: http://www.worldheart.com//
