SAN JUAN CAPISTRANO, Calif., April 15, 2008 (PRIME
NEWSWIRE) -- American Mold Guard, Inc. (Nasdaq:AMGI) announced today that
on April 9, 2008 it received a determination letter from the staff of The
Nasdaq Stock Market (the "Staff") stating that the Staff has
determined to delist American Mold Guard's securities from the Nasdaq
Capital Market. Accordingly, unless the company requests an appeal of the
Staff's determination, trading of American Mold Guard's securities will be
suspended at the opening of business on April 18, 2008 and a Form 25-NSE
will be filed with the Securities and Exchange Commission, which will
remove American Mold Guard's securities from listing and registration on
The Nasdaq Stock Market.
As previously reported on March 26, 2008, American Mold
Guard received a notice from The Nasdaq Stock Market advising that the
company was not in compliance with Nasdaq Marketplace Rule 4310(c)(3)(the
"Rule") because American Mold Guard does not have (a) a minimum
of $2,500,000 of stockholder equity, nor (b) a $35,000,000 market value of
listed securities nor (c) $500,000 of net income from continuing operations
for the most recently completed fiscal year or two of the three most
recently completed fiscal years. As a result of American Mold Guard's noncompliance
with the Rule, the Staff of The Nasdaq Stock Market (the "Staff")
commenced a review of American Mold Guard's eligibility for continued
listing on the Nasdaq Capital Market. To facilitate this review, American
Mold Guard was to provide the Staff, by April 9, 2008, with a specific plan
to achieve and sustain compliance with all of the Nasdaq Stock Market's
listing requirements.
In a letter from American Mold Guard to The Nasdaq Stock
Market dated April 9, 2008, American Mold Guard informed the Staff that it
would be unable to submit a plan to regain compliance with the Rule as a
result of American Mold Guard's recent discontinuance of business
operations. On April 9, 2008, American Mold Guard received a Nasdaq Staff
Determination Letter from the Staff (the "Nasdaq Staff Determination
Letter") stating that since American Mold Guard would be unable to
submit a plan to regain compliance with the Rule, the Staff has determined
to delist the company's securities from the Nasdaq Capital Market. Further,
the Nasdaq Staff Determination Letter stated that the following additional
matters serve as additional basis for delisting American Mold Guard's
securities:
(i) American Mold Guard no longer complies with the independent director and committee requirements set forth in Marketplace Rule 4350(c), and the audit committee composition requirements set forth in Marketplace Rule 4350(d). (ii) The lack of independent oversight of American Mold Guard following the resignation of all of the company's independent directors, as well as American Mold Guard's non-operational status, raise public interest concerns under Marketplace Rule 4300. |
