Heart Tronics Inc (HRTT)

[TechKim]

Signalife Announces Intent to Withdraw From AMEX and Trade on the OTCBB

LOS ANGELES, Aug 08, 2008 /PRNewswire-FirstCall via COMTEX/ -- Signalife,
Inc. (Amex: SGN) announced that it has provided notification to the
American Stock Exchange ("AMEX") of its intent to voluntarily withdraw its
common stock from listing and trading on AMEX under AMEX Rule 18 and
Section 1010 of the AMEX Company Guide. An application to quote and trade
Signalife's common stock has been or will be shortly filed with the OTCBB,
on which medium the shares traded prior to listing with AMEX, and the
company intends to file a Form 25 with the Securities and Exchange
Commission to formally withdraw from AMEX upon receipt of preliminary
approval from the OTCBB for trading subject to SEC rules requiring a ten
day waiting period before filing such form. Delisting from AMEX will
automatically occur ten days after filing the form 25. As soon as
information becomes available the company will announce the symbol it will
trade under on the OTCBB as well as the estimated date of the start of
trading. Signalife will continue in any event to file periodic reports
with the SEC. Withdrawal from AMEX will not impact the pending merger with
Heart One Global Research, and indeed Heart One Global Research concurred
with and sought the same result of Signalife.
The principal reason for the withdrawal is the determination by Signalife
that the trading of its common shares, the support of its price, and
protection from publicly disclosed naked short-selling activities would be
better effected on an automated quotation system with a wider array of
market makers, than through the use of a limited number of specialists as
on the AMEX market. Subsidiary reasons are to preserve working capital in
lieu of paying substantial fees for annual listing as well as the
registration of additional shares from time-to-time, as well as
uncertainties resulting from the prospective acquisition of AMEX by the
Euronext exchange.

Signalife's CEO Rowland Perkins, and Dr. Stanley Shepherd, founder of the
Heart One Global Group of companies, jointly announced that they are
excited to move to a trading platform with greater historical
predictability as this would "in the long term provide the companies with
a more cost effective, and competitive, place to grow." Rowland Perkins
continued: "We are gratified at the hard work the AMEX has gone through
with us, and the time they have spent relative to our award winning ECG
device that is currently saving lives through screenings and usages
nationwide. However, in view of factors beyond their control (e.g., naked
short selling and a change in their trading platform, yet unknown), it is
our judgment that greater predictability will be a key contributor toward
our long term success." Mr. Perkins added: "When on the OTCBB, Signalife
had some 20 market makers active in its stock without a demonstrated
history of naked shorting -- and much of this was well prior to the
company having FDA approval over even one product. In my view, more
competition in the market place will be better for the shareholders and
the company, even in the near term."

Signalife had previously received deficiency letters from AMEX pursuant to
which it advised that Signalife would, as a condition for continued
listing on AMEX, comply with AMEX's $4 million and $6 million
stockholders' equity thresholds under AMEX Rules 1003(a)(ii) and (a)(iii),
respectively. In response to the letters, Signalife submitted to AMEX for
its review and acceptance a plan to bring the company into compliance with
the aforesaid stockholders' equity requirement predicated on projected
sales (the plan of compliance relating to the first deficiency letter was
previously approved by AMEX, and is currently under review in connection
with the second deficiency letter). Signalife also submitted to AMEX
approximately three weeks ago for its review and comment a commitment
letter from a major shareholder that would enable the company to
independently satisfy the $4 million and $6 million stockholders' equity
requirements through a large equity investment. In connection with the
projections supplied by Signalife showing how the stockholders' equity
requirements will be satisfied through revenue growth, AMEX staff asked
for additional information by no later than August 8, 2008. In connection
with the commitment letter showing how the stockholders' equity
requirements will be satisfied through an additional equity investment,
Signalife has received no feedback to date from AMEX relative to the terms
of this equity investment or the independent satisfaction by this equity
investment of AMEX's $6 million and $4 million stockholders' equity
requirements. Signalife acknowledges that under Section 1011 of the AMEX
Company Guide, that in giving its withdrawal notice to AMEX, Signalife
will no longer be eligible for continued dealing on AMEX.

About Signalife

Signalife, Inc. is a life sciences company focused on the monitoring,
detection and prevention of disease through continuous biomedical signal
monitoring. Signalife uses its patented signal technology to design and
develop medical devices, therapies and/or technologies that simplify and
reduce the costs of cardiovascular disease. More information is located at
www.signalife.com. Clear Data. Trusted Results.

Caution Regarding Forward-Looking Statements

Statements in this release that are not strictly historical are "forward-
looking" statements. Forward-looking statements involve known and unknown
risks, which may cause the companies' actual results in the future to
differ materially from expected results. Factors which could cause or
contribute to such differences include, but are not limited to, failure to
complete the development and introduction of heart monitoring and other
biomedical devices incorporating the companies' technology procure market
acceptance for these products, failure to obtain federal or state or
governmental or international regulatory approvals governing heart
monitoring and other biomedical devices incorporating the technology,
failure to obtain import and export capabilities in the various countries
containing buyers and resellers and hospitals and clinics and doctors for
the devices, inability to obtain physician, patient or insurance
acceptance of or for heart monitoring and other biomedical incorporating
of the technologies, and the unavailability of financing to complete
management's plans and objectives and the aforementioned merger agreement
and its progeny, including the development of heart monitoring and other
biomedical and information solutions incorporating the companies'
technologies. These risks are qualified in their entirety by cautionary
language and risk factors set forth and to be further described in
Signalife's filings with the Securities and Exchange Commission.

SOURCE Signalife, Inc.



URL: http://www.signalife.com
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