Read the press release today after 6:00 pm. Are you kidding me?
Innovative Companies, Inc. Requests Nasdaq Hearing Friday April 16, 6:03 pm ET
LARGO, Fla., April 16 /PRNewswire-FirstCall/ -- Innovative Companies, Inc (Nasdaq: GORX - News) today announced that it has received a Nasdaq Staff Determination on April 12, 2004 indicating that Innovative Companies has not held its annual meeting of shareholders as set forth in Marketplace Rule 4350(e) and 4350(g), and that its securities are therefore subject to delisting from the Nasdaq SmallCap Market. ADVERTISEMENT
Marketplace Rule 4350(e) states that each issuer shall hold an Annual Meeting of Shareholders and shall provide notice of such meeting to Nasdaq. Marketplace Rule 4350(g) states that each issuer shall solicit proxies and provide proxy statements for all meetings of shareholders and shall provide copies of such proxy solicitation to Nasdaq.
The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. The delisting process will be stayed until the hearing is completed and the Panel reaches a decision. There can be no assurances the Panel will grant the Company's request for continued listing. If delisted from the Nasdaq SmallCap Market the Company's securities would be eligible to trade on the Electronic Bulletin Board.
The Company intends to deliver a proxy statement in early May 2004 for an Annual Shareholders' Meeting scheduled for June 8, 2004.
The Company initially filed a preliminary proxy statement with the Securities and Exchange Commission ("SEC") on January 20, 2004 for a proposed meeting on March 12, 2004. The Company voluntarily amended the preliminary proxy statement on February 5, 2004, solely in order to add additional proposals approving the Company's recent financing transactions. Nasdaq was informed of this filing. The SEC notified the Company shortly thereafter that it would conduct a customary review of the Preliminary Proxy Statement and the Company's related filings. The Company has responded to the SEC comments and anticipates completing the review process shortly, at which time a definitive proxy statement will be mailed. The Company did not make any material changes to its financial statement disclosures, including the results of operations, as a result of the SEC comments, nor was it requested to do so.
The Company has scheduled a conference call for Monday, April 19, 2004, at 4:15 pm EST.