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VeriChip Corporation Receives
Delisting Notice from Nasdaq Global Market
Company Will Request Transfer to
Nasdaq Capital Market
DELRAY BEACH, FL – March 11,
2009 -- VeriChip
Corporation (NASDAQ:CHIP) (“VeriChip”
or
the
“Company”) announced today that it received notice
from The Nasdaq Stock Market on March 5,
2009, indicating that the
Company has not evidenced compliance with the $10 million
stockholders’ equity requirement for continued listing on The Nasdaq
Global Market under Marketplace Rule 4450(a)(3).
The Nasdaq notice also indicates that the Company currently does not
meet the requirements for continued listing on The Nasdaq Capital
Market because its stockholders’ equity at December 31, 2008 of $2.4
million is below the $2.5 million requirement under Marketplace Rule
4310(c)(3). As a result, the Company’s
securities are subject to delisting from the Nasdaq Global Market.
The
Company intends to appeal the Nasdaq staff’s determination and
request an oral hearing before a Nasdaq listing qualifications
panel. Doing so will stay the delisting of the
Company’s common shares. The Company anticipates its hearing will
take place within 30 to 45 days, at which time the Company intends
to seek a transfer of its listing to the Nasdaq Capital Market.
The Company intends to highlight that it expects to record a
substantial portion of the $4.5 million deferred gain on the sale of
its former Xmark subsidiary in the first half of 2009, which will be
additive to its stockholders’ equity. Upon recognition of that
deferred gain, the
Company expects to
meet the stockholders’ equity requirement of The Nasdaq Capital
Market.
About
VeriChip Corporation
VeriChip Corporation, headquartered in
Delray Beach, Florida,
has developed the VeriMed™ Health Link System for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip, cleared for medical use in
October 2004 by the United States Food and Drug Administration.
VeriChip also recently announced the formation of its VeriGreen
Energy Corporation division, which will invest in the clean and
alternative energy sector, to complement its healthcare division.
For
more information on VeriChip, please call 1-800-970-2447, or e-mail
info@verichipcorp.com. Additional information can be found online at
www.verichipcorp.com.
Statements about
VeriChip’s future expectations, including
the
anticipated length of time in which a hearing will take place, its
ability to record a substantial portion of the deferred gain, on the
sale of Xmark, in the first half of 2009, its
ability to meet the Nasdaq’s listing criteria
for the
Nasdaq Capital Market
as set forth in
Marketplace Rule
4310, its current plan
to seek to transfer to the Nasdaq Capital Market, the expectation
that the Company will not be subject to any disruption in the
trading of its common stock
and all other statements in this press release other than historical
facts are “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the
Private Litigation Reform Act
of 1995. Such forward-looking statements involve risks and
uncertainties and are subject to change
at any time, and VeriChip’s actual results could differ materially
from expected results. Additional information about these and other
factors that could affect the Company’s business is set forth in the
Company’s various filings with the Securities and Exchange
Commission, including those set forth in the Company’s 10-K filed on
February 12, 2009, under the caption “Risk Factors.” The Company
undertakes no obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
###
CONTACT:
Allison
Tomek
(561)
805-8008
atomek@verichipcorp.com
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