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VeriChip Corporation Receives
Nasdaq Notification
This notice regarding
stockholders’ equity has no immediate impact on the Company’s
listing
DELRAY BEACH, FL – November 21,
2008
-- VeriChip Corporation (NASDAQ:CHIP), a provider of
radio frequency identification (RFID) systems for healthcare and
patient-related needs, announced today that it received notice from
The Nasdaq Stock Market indicating that its stockholders’ equity at
September 30, 2008 was less than the $10 million in stockholders’
equity required for continued listing on The Nasdaq Global Market
under Marketplace Rule 4450(a)(3). The notice, which was received in
a letter dated November 17, 2008, is a standard communication when a
company’s stockholders’ equity is less than the $10 million minimum
requirement. The notice has no immediate effect on the listing of
the Company’s common stock.
In
its letter, Nasdaq requested the Company to provide its plan to
achieve and sustain compliance with the continued listing
requirements of The Nasdaq Global Market, including the minimum
stockholders’ equity requirement, before December 2, 2008. If Nasdaq
determines that the Company has not presented a definitive plan to
achieve compliance in the short term and sustain compliance in the
long term, it will provide the Company with a written notification
that its securities will be delisted from The Nasdaq Global Market.
If it receives a notification, the Company may apply to move to the
Nasdaq Capital Market or appeal Nasdaq’s delisting determination to
a Nasdaq Listing Qualifications Panel. The Company intends to submit
a plan with Nasdaq before December 2, 2008 to maintain its Nasdaq
listing.
About VeriChip Corporation
VeriChip Corporation, headquartered in
Delray Beach, Florida,
markets its 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.
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 its ability to meet the
Nasdaq’s listing criteria as set forth in Marketplace Rule 4450, 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
March 28, 2008, as amended, 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
VeriChip Corporation
(561) 805-8000
atomek@verichipcorp.com
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