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Press Release 7/31/2009
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Company Contact:
Pet DRx Corporation
Harry L. Zimmerman
(HZimmerman@petdrx.com)
(615) 369-1914 – www.petdrx.com
NASDAQ NOTIFICATION OF AUDIT COMMITTEE COMPOSITION REQUIREMENT
Brentwood, Tenn. — July 31, 2009 — Pet DRx Corporation (NASDAQ:
VETS) announced today that on July 30, 2009 it notified Nasdaq
that, as a result of Mr. Gary Brukardt’s retirement from the
Company’s Board of Directors and Audit Committee on July 28,
2009, the Company’s Audit Committee is comprised of only two
members and, therefore, the Company is not in compliance with
Nasdaq Marketplace Rule 5605(c)(2)(A), which requires that the
Audit Committee be comprised of three members, each of whom must
be independent. On July 31, 2009, the Company received a Nasdaq
staff deficiency letter confirming that the Company is not in
compliance with Nasdaq Marketplace Rule 5605(c)(2)(A). The
Nasdaq staff informed the Company that the Company has until the
earlier of the date of its next annual shareholders’ meeting or
July 28, 2010 to comply with this requirement (the "Cure
Period"). The Board expects to appoint a new independent
director to become a member of the audit committee prior to the
expiration of the Cure Period at which time the Company expects
to be in full compliance with Nasdaq Marketplace Rule
5605(c)(2)(A).
About Pet DRx
Pet DRx Corporation provides veterinary primary care and
specialized services to companion animals through a network of
fully-owned veterinary hospitals. The Company currently owns and
operates 23 leading veterinary hospitals in the state of
California, which it has organized into unique, regional
‘hub-and-spoke’ networks. Pet DRx provides a full range of
general medical treatments for companion animals, including (i)
preventive care, such as examinations, vaccinations,
spaying/neutering and dental care and (ii) a broad range of
specialized diagnostic and medical services, such as internal
medicine, surgery, cardiology, ophthalmology, dermatology,
oncology, neurology, x-ray, ultrasound and other services.
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