Contact Information: Contact: Daniel Culver FONAR Corporation Tel: 631-694-2929 Fax: 631-390-1709 http://www.fonar.com
FONAR Granted Additional NASDAQ Extension
| Source: FONAR Corp.
MELVILLE, NY--(Marketwire - June 29, 2009) - FONAR Corporation (NASDAQ : FONR ), the Inventor
of MR Scanning®, today announced that the NASDAQ Listing and Hearing
Review Council (the "Listing Council") has determined to continue the
listing of the Company's securities on The NASDAQ Capital Market, subject
to the condition that, on or before October 5, 2009, the Company evidence
compliance with NASDAQ's net income requirement by evidencing a minimum of
$500,000 in net income for the fiscal year ending June 30, 2009.
In a written decision to the Company on June 24, 2009, the Listing Council
said, "... of significance to the Listing Council in making its
determination are the substantial tangible steps made by the Company toward
regaining compliance with Nasdaq's continued listing standards, which
involved substantial cost-cutting and reorganization of the Company's
business in a successful effort to become profitable. ... the Company has
reported net income of over $700,000 for the last two fiscal quarters, has
reported net income in excess of $1 million for the (first) nine months of
the Company's current fiscal year (ending June 30, 2009)... . The Listing
Council takes note that, but for the net income deficiency, the Company
would be in compliance with Nasdaq's continued listing standards.
Accordingly, the Listing Council is willing to grant a short extension of
time ... to allow the Company to demonstrate compliance with the Capital
Market continued listing standards."
Raymond Damadian, president and chairman of FONAR said, "It is important to
remain on The NASDAQ Capital Market. As the Listing Council has
recognized, we have made a substantial effort to demonstrate compliance.
We believe that this is a big benefit to our shareholders and the Company
in general."
For investor and other information visit: www.fonar.com.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR
Scanning™, Full Range of Motion™, pMRI™, Dynamic™,
Multi-Position™, True Flow™, The Proof is in the Picture™,
Spondylography™ Spondylometry™ and Upright Radiology™ are
trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that
may or may not materialize. Additional information on factors that could
potentially affect the company's financial results may be found in the
company's filings with the Securities and Exchange Commission.