KFL announces delisting from AMEX:
Lifestream to Withdraw Its Listing On AMEX
Friday September 26, 1:26 pm ET
The Company to Continue Its Cost-Saving Program and Implement Its Advertising Campaign
POST FALLS, Idaho--(BUSINESS WIRE)--Sept. 26, 2003--Lifestream Technologies, Inc. (AMEX:KFL - News), a leading developer and marketer of consumer cholesterol monitors and professional screening instruments, with the consent of the American Stock Exchange has elected to voluntarily withdraw its common shares from the AMEX. The Company's common stock is expected to trade on the Nasdaq OTC Bulletin Board.
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"After extensive evaluation of the difficulty in maintaining ongoing compliance with AMEX, our current non-compliance with the continued listing standards, as well as the significant costs of maintaining listing status, our Board of Directors has authorized the Company to withdraw our common shares from listing with the exchange. This was a very difficult decision for our Company, since we have enjoyed our relationship with the AMEX and consider the AMEX as the best exchange for the Company's common shares given our phase of operations. The Company will reconsider listing with the AMEX at such time as the Company's marketing program accelerates our revenue growth, and a new listing would be cost effective for Lifestream. As we have previously announced, Lifestream is committed to implementing cost-cutting measures to augment our cash position so that the Company is better able to direct its financial resources to increasing revenues," said Christopher Maus, President and CEO. "Ongoing compliance and regulatory requirements and the trading price of our common shares have required us to incur substantial maintenance and professional costs, which can now be directed to enhancing our marketing efforts. With over 15,000 retail outlets now carrying our products, we are focused and committed to building greater product awareness to the over 100 million consumers seeking to control their cholesterol levels. By redirecting these savings to the contemplated advertising campaign, we are well positioned to increase demand for our product and supporting our current distribution base."
"This move represents a further commitment by the Company to conserve its resources, and combined with our recent emphasis on reducing our monthly operating costs, will enable us to achieve additional annual cost savings." stated Brett Sweezy, CFO. "We see this move as the most appropriate course as our Company moves into this important period of committing resources to its marketing program and revenue enhancement efforts by providing the Company with greater flexibility in regulatory affairs, expediting and shortening our filing requirements and by lowering our compliance costs."
This news release includes certain forward-looking statements within the meaning of the safe harbor protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties, and in particular statements referring to our expectations for increased market penetration and improved gross margins from our recently introduced second generation consumer monitors and statements regarding our expectations that we can obtain necessary additional financing and investment. These forward-looking statements involve risks and uncertainties that could cause actual results to differ from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions given our knowledge of the relevant markets; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: the success of our capital-raising and cost-cutting efforts, developing and marketing relatively new medical diagnostic devices, including technological advancements and innovations; consumer receptivity and preferences; availability, affordability and coverage terms of private and public medical insurance; political and regulatory environments and general economic and business conditions; the effects of our competition; the success of our operating, marketing and growth initiatives; development and operating costs; the amount and effectiveness of our advertising and promotional efforts; brand awareness; the existence of adverse publicity; changes in business strategies or development plans; quality and experience of our management; availability, terms and deployment of capital; labor and employee benefit costs; as well as those factors discussed in our most recent Quarterly Report on Form 10-QSB for the three months ended March 31, 2003 and in "Item 1 - Our Business," "Item 6 - Our Management's Discussion and Analysis," particularly the discussion under "Risk Factors - Substantial Doubt as to our Ability to Continue as a Going Concern" and elsewhere in our most recent Annual Report on Form 10-KSB for our fiscal year ended June 30, 2002, both filed with the United States Securities and Exchange Commission. Readers are urged to carefully review and consider the various disclosures made by us in this report, in the aforementioned Form 10-QSB and Form 10-KSB, and those detailed from time to time in our other reports and filings with the United States Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that are likely to affect our business.
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Contact:
Lifestream Technologies, Inc.
Brett Sweezy, 208-457-9409 EXT. 1212
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Source: Lifestream Technologies, Inc.
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