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HIV Bad News - Calypte Biomedical Notified by the American Stock Exchange


By PR Newswire
Last Update: 2/3/2006 6:00:28 PM Data provided by

Feb 03, 2006 /PRNewswire-FirstCall via COMTEX/ -- Calypte Biomedical Corporation (HIV) announced today that on February 2, 2006 it received notice from the American Stock Exchange (the "Exchange") indicating that the Company no longer complies with the Exchange's continued listing standards set forth in the Exchange's Company Guide. Specifically, the Exchange noted that the Company is not in compliance with Section 1003(a)(i) with shareholders' equity of less than $2,000,000 and losses from continuing operations and/or net losses in two out of its three most recent fiscal years; Section 1003(a)(ii) with shareholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years; Section 1003(a)(iii) with shareholders' equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years; and Section 1003(a)(iv) with losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. As a result of this lack of compliance, the Exchange's staff has determined to initiate delisting proceedings with respect to the Company's common stock.

The Company has until February 10, 2006 to request an appeal of the Exchange's determination, and plans to request a hearing before a committee of the Exchange. The Company expects that such a hearing would be scheduled within 45 days of its request. There can be no assurance that the Company's appeal will result in the continued listing of its common stock on the Exchange. If its common stock is delisted from the Exchange after the hearing, it would likely trade on the NASD Over the Counter Bulletin Board.