NASDAQ Sends Notice of Failure to Satisfy Continued Listing Standard
|Contact: Paul Richins||
July 28, 2006
Salt Lake City,
Utah - On July 25, 2006, Utah Medical Products, Inc. (Nasdaq:
UTMD) received a Nasdaq Staff Deficiency Letter. The NASDAQ letter follows
the resignation of Dr. Stephen W. Bennett from the board of directors on
July 11, 2006 for personal reasons related to family health. Dr. Bennett had
served on UTMD’s board of directors for twelve years. The Company and its
other directors recognize with gratitude Dr. Bennett’s long term diligent
service, and wish Dr. Bennett and his family the best for the future.
Consistent with Marketplace Rules 4350(c)(1) and 4350(d)(4), the Company will be provided a cure period until the earlier of the Company’s next annual shareholders’ meeting or July 11, 2007, in order to regain compliance.
In addition, Nasdaq will broadcast an indicator over its [UTMD’s] market data dissemination network noting the Company’s non-compliance.
Also, Nasdaq posts a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance on our website at www.nasdaq.com. The Company will be included in this list commencing five business days from the date of this letter [August 1].
In order to regain compliance, UTMD's board of directors must replace Dr.
Bennett with a suitable independent person on the board of directors and
audit committee. In the event that the Company does not regain compliance
within the cure period, Nasdaq Staff will provide notice that UTMD's
securities will be delisted.