Wednesday, 28 March 2007

LMS Updates on AMEX Listing

As previously discussed, LMS Medical Systems (AMEX:LMZ;TSX:LMZ) needed to provide a plan to regain compliance with its AMEX listing standards.

AMEX has now reviewed LMS' plan and the company has been granted an extension to continue trading on the exchange. LMS is not in compliance with one of the sections as it has less than $4 million in shareholders equity and losses from continuing operations and or net losses in three of the four most recent fiscal years.

During the extension period the company must provide certain periodic reports and information to AMEX. If LMS does not show progress consistent with its plan, the Exchange Staff will review the circumstances and may immediately commence delisting proceedings. LMS has a deadline of July 8, 2008 to be in compliance with all listing standards.
As an Editor's note, LMS has effectively been an R & D company over the last ten years and it is only in the last year or so that it has begun to commercialize and realize revenues from its evolving suite of software technologies for Obstetrics.

Click here for the release.