Forbes Medi-Tech Provides Update on NASDAQ Listing
~Company Receives Notice of NASDAQ Suspension~
VANCOUVER, BC -- Forbes Medi-Tech Inc. (NASDAQ:FMTI) ("Forbes" or "Company") announced today that it has received a Nasdaq Staff Deficiency Letter indicating that it does not meet The Nasdaq Capital Market ("NASDAQ") initial listing standard set forth in Listing Rule 5505 and unless the Company requests an appeal of the Staff's determination, the Company's common shares will be suspended at the opening of business on January 15, 2010, and a Form 25-NSE will be filed with the Securities and Exchange Commission which will remove the Company's common shares from listing and registration on The Nasdaq Stock Market.
The Company may appeal Staff's determination to a Hearings Panel ("Panel"), pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, by providing notice of the appeal to NASDAQ no later than 4:00 p.m. Eastern Time on January 13, 2010. The Company will be required to provide a plan to regain compliance to the Panel. A hearing request would stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.
The Company is considering its options for appeal and will announce if such an appeal is filed.
If the Company does not appeal Staff's determination to the Panel, the Company intends to make application to have the Company's securities eligible to trade on the OTC Bulletin Board.
About Forbes Medi-Tech
Forbes Medi-Tech Inc. is a life sciences company focused on evidence-based nutritional solutions. A leader in nutraceutical technology, Forbes is a provider of value-added products and cholesterol-lowering ingredients for use in functional foods and dietary supplements. Forbes successfully developed and commercialized its Reducol(tm) plant sterol blend, which has undergone clinical trials in various matrices and has been shown to lower "LDL" cholesterol levels safely and naturally. Building upon established partnerships with leading retailers and manufacturers across the globe, Forbes helps its customers to develop private label and branded products. For more information about Forbes Medi-Tech, please visit www.forbesmedi.com.
Reducol(tm) is a trademark of Forbes Medi-Tech Inc.
Forward looking Statements and Risks
This News Release contains forward-looking statements and forward-looking information, within the meaning of applicable securities laws (collectively, "forward-looking statements"), regarding the Company's listing on NASDAQ. Forward-looking statements can be identified by forward-looking terminology such as "if", "will", "can be", "may", "intends", and similar expressions or variations thereon. Forward-looking statements are inherently uncertain, and actual results may differ materially from the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty whether the Company will appeal the delisting notice or whether any such appeal will be successful, failing which, the Company's securities will be delisted by Nasdaq; the risk that delisting of the Company's securities may have a material adverse effect on the Company's share liquidity and trading price and on the Company's ability to obtain financing and continue its business. For a further discussion of these and other known risks and uncertainties affecting the Company and its business, please see our latest Annual Information Form / Form 20-F, and other documents filed by us with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov. Forward-looking statements are based on the beliefs, assumptions, and expectations of the Company's management at the time they are made, and the Company does not assume any obligation, except as required by law, to update its forward-looking statements if those beliefs, assumptions, or expectations or other circumstances should change.