BUENA, NJ July 22, 2008 - IGI, INC. (AMEX: IG) a premier global provider of skin treatment products announces notice from the American Stock Exchange ("AMEX") of acceptance of its plan to regain compliance.
On May 6, 2008, the Company received notice from the American Stock Exchange (AMEX) Staff indicating that the Company does not meet one of AMEX's continued listing standards as set forth in Part 10 of the AMEX Company Guide and the Company has therefore become subject to the procedures and requirements of Section 1009 of the Company Guide. Specifically, the Company is not in compliance with Section 1003(a)(iii) of the Company Guide because the Company has stockholders' equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years. The Company was afforded the opportunity to submit a plan of compliance to AMEX.
On July 15, 2008, AMEX notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until May 6, 2009 to regain compliance with the continued listing standards described above. The Company will be subject to periodic review by AMEX Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from AMEX.
"The proposed compliance plan to AMEX entails maintaining business growth with existing customers, enhancing R&D revenues, and raising capital through equity investments for pharmaceutical product development. We are on schedule for the development of these prescription pharmaceutical products. Two out of five products have already completed initial pre-formulation work and we expect to complete formulation work by early first quarter of 2009. We fully anticipate being in compliance within AMEX's stipulated time line", stated Rajiv Mathur, President and CEO of the company.
IGI is a company committed to growth by applying proprietary technologies to achieve cost-effective solutions for varied customer needs. IGI offers the patented Novasome® micro-vesicular delivery technology which contributes value-added qualities to cosmetics, skin care products, dermatological formulations and other consumer products, providing improved dermal absorption, controlled and sustained release as well as improved stability and greater ease of formulation.
This report contains forward-looking statements relating to IGI's hopes and expectations for the future. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "will," "possible," "one time," "provides an opportunity," "continue" and similar expressions are intended to identify forward-looking statements. Such statements involve a number of risks and uncertainties and actual future events and results could differ materially from those indicated by such forward-looking statements due to general economic conditions, and the risk factors detailed in IGI's periodic reports and registration statements filed with the Securities and Exchange Commission.
Contact:
Rajiv Mathur President & Chief Executive Officer IGI, Inc. 856-697-1441 ext. 102 www.askigi.com