Food Technology Service, Inc has received a letter from the NASDAQ Stock Market, notifying the company of its failure to maintain a minimum bid price of US$1.00 over the preceding 30 consecutive trading days as required by NASDAQ marketplace rules.
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The letter stated that the company has until July 17, 2006 to demonstrate compliance by maintaining a minimum closing bid of at least $1.00 for a minimum of 10 consecutive trading days or its securities will be delisted from the NASDAQ SmallCap Market.
Food Technology Service president and CEO Dr Richard Hunter said: “The company has been profitable during each of the last 4 quarters and our customer base continues to increase and I am hopeful that the market will react favorably to this information.”
