Swissray delisted from NASDAQ

Swissray delisted from NASDAQ

Swissray International's securities have been delisted from the NASDAQ stock exchange. The delisting took effect at the close of business Oct. 26. According to the NASDAQ delisting panel, the exchange made the move because Swissray shares had fallen below $1 for several months, and the company had failed to file its 10-K report for fiscal year ending June 30 before an Oct. 15 extension.

The decision came only weeks after New York City-based Swissray had taken measures to bolster its stock value with a reverse stock split (PNN 9/98). According to the company, its shares had been trading above the $1 minimum for 17 consecutive trading days.

NASDAQ's Listing and Hearing Review Council may review any panel decision within 45 calendar days after a written decision is issued. A company may also request that the review council revisit its decision within 15 days of the date of the decision. However, a review, requested either by a company or by the NASDAQ review council, does not act as a stay to the decision. Swissray intends to request review of the Oct. 26 delisting decision and continues to work toward filing its 10-K, according to the company.

In other Swissray news, the company has entered into a reseller relationship with FileLink for that company's FileLink Medical Archive Software, which will serve as a low-end optional archive solution for the AddOnMulti-System. The Windows NT-based MAS supports DICOM and is also capable of storing and retrieving nonDICOM information from the same server, according to Minneapolis, MN-based File Link. Swissray will market the software in the U.S. and Europe and has already installed it at two sites in conjunction with the AddOnMulti-System. Swissray's PACS distribution deal with EMED is unaffected by the arrangement with FileLink, said Michael Baker, CEO of Swissray Information Solutions.

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