PainCare Receives Notices From American Stock Exchange
23 Avril 2008 - 12:42AM
PR Newswire (US)
ORLANDO, Fla., April 22 /PRNewswire-FirstCall/ -- PainCare
Holdings, Inc. (AMEX:PRZ), a provider of pain-focused medical and
surgical solutions and services, today announced that it received a
letter from the American Stock Exchange ("the AMEX") on April 18,
2008 notifying the Company that its delay in filing its Form 10-K
for the fiscal year ended December 31, 2007 constitutes a failure
to comply with the continued listing standards set forth in
Sections 134 and 1101 of the AMEX Company Guide. On Wednesday,
April 16, 2008, PainCare released a news announcement reflecting
its comparative results for the 2006 and 2007 fiscal years, ended
December 31. The associated Form 10-K is expected to be filed with
the U.S. Securities and Exchange Commission within the next several
weeks, upon completion of its review by the Company's independent
audit firm. As noted in the aforementioned news announcement,
PainCare could not complete the Form 10-K within the prescribed
time because the Company effected numerous dispositions of
physician practices during the 2007 fiscal year resulting in the
need for additional time to complete the associated accounting and
financial reporting. Based on its review of the preliminary
financial information reported in aforementioned news announcement,
the AMEX also notified PainCare by way of a separate letter, dated
April 18, 2008, that the Company is not in compliance with Section
1003(a)(i) of the Company Guide with stockholders' equity of less
than $2,000,000 and losses from continuing operations and net
losses in two out of its three most recent fiscal years; Section
1003(a)(ii) of the Company Guide with stockholders' equity of less
than $4,000,000 and losses from continuing operations and net
losses in three out of its four most recent fiscal years; Section
1003(a)(iii) of the Company Guide with stockholders' equity of less
than $6,000,000 and losses from continuing operations and net
losses in its five most recent fiscal years; and Section
1003(a)(iv) of the Company Guide in that it has sustained losses
which are so substantial in relation to its overall operations or
its existing financial resources, or its financial condition has
become so impaired that it appears questionable, in the opinion of
the Exchange, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature. PainCare
anticipates submitting a plan by May 2, 2008 advising the AMEX of
action it has taken, or will take, that will bring the Company back
into compliance with Sections 134, 1101 and 1003(a)(iv) of the
Company Guide no later than July 17, 2008; and an additional plan
by May 19, 2008 addressing how it intends to regain compliance with
Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company
Guide no later than October 19, 2009. In the event that the Company
fails to submit these plans, or submits plans that are not
accepted, it will be subject to delisting proceedings. Furthermore,
if the Plan is accepted, but the Company is not in compliance with
the noted Sections of the AMEX Company Guide by July 17, 2008
and/or October 19, 2008, as required, the AMEX will initiate
delisting proceeds, as appropriate. About PainCare Holdings, Inc.
Headquartered in Orlando, Florida, PainCare Holdings, Inc. is a
provider of pain-focused medical and surgical solutions and
services. Through its proprietary network of acquired or managed
physician practices, and in partnership with independent physician
practices and medical institutions throughout the United States and
Canada, PainCare is committed to utilizing the most advanced
science and technologies to diagnose and treat pain stemming from
neurological and musculoskeletal conditions and disorders. Through
its subsidiary Integrated Pain Solutions (IPS), the Company is
engaged in pioneering the nation's first managed services
organization that offers a multi-disciplinary healthcare network
focused on the treatment of pain. For more information on PainCare
Holdings, please visit http://www.paincareholdings.com/. This press
release contains forward-looking statements that may be subject to
various risks and uncertainties. Such forward-looking statements
are made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and are made based on
management's current expectations or beliefs as well as assumptions
made by, and information currently available to, management. These
forward-looking statements, which may include statements regarding
our future financial performance or results of operations,
including expected revenue growth, cash flow growth, future
expenses, future operating margins and other future or expected
performance, are subject to the following risks: the acquisition of
businesses or the launch of new lines of business, which could
increase operating expenses and dilute operating margins; the
inability to attract new patients by our owned practices, the
managed practices and the limited management practice; increased
competition, which could lead to negative pressure on our pricing
and the need for increased marketing; the inability to maintain,
establish or renew relationships with physician practices, whether
due to competition or other factors; the inability to comply with
regulatory requirements governing our owned practices, the managed
practices and the limited management practices; that projected
operating efficiencies will not be achieved due to implementation
difficulties or contractual spending commitments that cannot be
reduced; and to the general risks associated with our businesses.
In addition to the risks and uncertainties discussed above you can
find additional information concerning risks and uncertainties that
would cause actual results to differ materially from those
projected or suggested in the forward-looking statements in the
reports that we have filed with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release represent our judgment as of the date of this release and
you should not unduly rely on such statements. Unless otherwise
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
press release. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in the filing
may not occur, and actual results could differ materially from
those anticipated or implied in the forward-looking statements. FOR
MORE INFORMATION, PLEASE CONTACT: Investor/Shareholder Relations
Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist
Elite Financial Communications Group, LLC at 407-585-1080 or via
email at DATASOURCE: PainCare Holdings, Inc. CONTACT:
Investor-Shareholder Relations, Dodi Handy, President and CEO, or
Daniel Conway, Chief Strategist, +1-407-585-1080, , both of Elite
Financial Communications Group, LLC, for PainCare Holdings, Inc.
Web site: http://www.paincareholdings.com/
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