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Press Release 9/18/2009
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Company Contact:
Pet DRx Corporation
Harry L. Zimmerman
(HZimmerman@petdrx.com)
(615) 369-1914 – www.petdrx.com
PET DRX RECEIVES NOTIFICATION FROM NASDAQ REGARDING
NON-COMPLIANCE WITH NASDAQ’S MINIMUM BID REQUIREMENT
Brentwood, Tenn. - September 18, 2009 - Pet DRx Corporation
(NASDAQ: VETS) today announced that on September 15, 2009, it
received a letter from The NASDAQ Stock Market providing
notification that, for the last 30 consecutive business days,
the bid price of the Company’s common stock had closed below the
minimum $1.00 per share requirement for continued inclusion on
the NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule
5550(a)(2).
The notification letter has no effect at this time on the
listing of the Company’s common stock on The NASDAQ Capital
Market and the stock will continue to trade under the symbol
"VETS."
The notification letter states that, in accordance with
MarketPlace Rule 5810(c)(3)(a), the Company has been provided
180 calendar days, or until March 15, 2010, to regain
compliance. The Company will achieve compliance, if before March
15, 2010, the bid price of the Company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business
days. If the Company does not regain compliance by March 15,
2010, but can demonstrate as of that date that the Company meets
the criteria for initial listing standards (other than the bid
price requirement), the Company may be eligible to receive an
additional 180 days to regain compliance. If the Company does
not regain compliance and does not receive an additional 180
calendar days to regain compliance, NASDAQ will provide the
Company with written notification that the Company’s securities
will be delisted from the NASDAQ Capital Market. At that time,
the Company may appeal NASDAQ’s determination to delist the
Company’s securities.
Mr. Gene Burleson, Chairman and Chief Executive Officer of Pet
DRx, commented "We value our NASDAQ listing and will consider
available options, including consummation of a reverse stock
split, to resolve the deficiency and regain compliance with the
NASDAQ minimum bid price requirement."
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.
SAFE HARBOR STATEMENT
Certain statements and information included in this press
release constitute "forward-looking statements" within the
meaning of the Federal Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including, but not limited to, the ability of the
Company to successfully acquire, integrate and operate
veterinary hospitals and clinics, requirements or changes
affecting the businesses in which the Company is engaged,
veterinary services trends, including factors affecting supply
and demand, dependence on acquisitions for growth, labor and
personnel relations, changing interpretations of generally
accepted accounting principles and other risks detailed from
time to time in the Company’s SEC reports, including its reports
on Form 10-K and 10-Q, and the foregoing information should be
read in conjunction with these filings. These forward-looking
statements speak only as of the date hereof and the Company
disclaims any intention or obligation to update or revise any
forward-looking statements, either as a result of new
information, future events or otherwise.
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