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Medical Resources delisted

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Imaging services provider Medical Resources of Hackensack, NJ, was delisted last month from the NASDAQ stock exchange. Medical Resources’ common stock was delisted on April 22 when NASDAQ advised the company that it does not conform to the

Imaging services provider Medical Resources of Hackensack, NJ, was delisted last month from the NASDAQ stock exchange. Medical Resources’ common stock was delisted on April 22 when NASDAQ advised the company that it does not conform to the requirements for listing on either the NASDAQ National Market or the NASDAQ SmallCap Market. The company believes its stock may be eligible for trading on NASDAQ’s OTC Bulletin Board. Medical Resources has the right to appeal NASDAQ’s decision.

The news paints a bleak picture of the status of Medical Resources’ business. In March, the company hired investment banking firm BT Alex. Brown of New York City and announced that it would seek an acquisition partner (SCAN 3/31/99). It also reported mediocre results for 1998 (end-December), posting a net loss of $19.9 million. The company attributed the loss to charges related to doubtful accounts receivable and charges associated with the settlement of a class-action lawsuit.

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