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Press Release 3/22/2010
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Company Contact:
Pet DRx Corporation
Harry L. Zimmerman
(HZimmerman@petdrx.com)
(615) 369-1914 – www.petdrx.com
PET DRx RECEIVES NASDAQ DELISTNG DETERMINATION NOTICE
Brentwood, Tenn. - March 22, 2010 - Pet DRx Corporation (NASDAQ:
VETS) today announced that on March 16, 2010, it received a
letter from The NASDAQ Stock Market indicating that the Company
is not in compliance with the minimum bid price requirement for
continued listing set forth in NASDAQ Marketplace Rule
5550(a)(2) (the "Minimum Bid Price Rule"), and as a result the
Company’s common stock is subject to suspension from trading and
delisting from The NASDAQ Capital Market at the opening of
business on March 25, 2010, unless the Company requests a
hearing by March 23, 2010 in accordance with the NASDAQ
Marketplace Rules. The Minimum Bid Price Rule requires that the
bid price of the Company’s common stock remain above $1.00 for
continued inclusion in The NASDAQ Capital Market.
The Company initially received notification from the NASDAQ
Staff of its noncompliance with the minimum bid price rule on
September 15, 2009 and in accordance with Marketplace Rule
5810(c)(3)(A) had 180 calendar days to regain compliance. The
Company was unable to regain compliance prior to March 15, 2010.
The Company plans to request a hearing before the NASDAQ Listing
Qualifications Panel to appeal the Staff determination to delist
the Company’s common stock. The hearing date will be determined
by NASDAQ and should occur within 45 days from the date the
Company requests the hearing. The request for a hearing will
stay the Staff determination to delist the Company’s common
stock until the NASDAQ Listing Qualification Panel renders a
determination following the hearing.
Mr. Gene Burleson, Chairman and Chief Executive Officer of Pet
DRx, commented "We value our NASDAQ listing and will submit a
plan to the Panel which will likely include consummation of a
reverse stock split that was previously approved by the
stockholders of the Company, subject to approval by the
Company’s board, during its annual meeting held in July 2009.
While there can be no assurance that NASDAQ will grant the
Company its request for continued listing, we are optimistic
that we will regain compliance with the NASDAQ minimum bid price
requirement and expect that NASDAQ will grant the Company its
request for continued listing."
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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