Microfluidics International Corp., headquartered in Newton, MA, today announced that the company was advised on April 22, 1999 that the Nasdaq Listings Qualifications Panel determined to delist the company's common stock from the Nasdaq National Stock Market effective with the close of business April 22, 1999.
Irwin Gruverman, MFIC chairman & CEO stated ``The move from the Nasdaq National Market to the Nasdaq OTC Bulletin Board was anticipated. As reported in both the company's 1998 Form-10-K and 1998 Fourth Quarter and Year-end announcement of April 16, 1999, MFIC has been unable to meet a number of the Nasdaq National Market's continued listing requirements. Many microcap companies have been similarly impacted as a result of loss of investor interest in such equities and the corresponding stock declines and the difficulty in raising new capital. We believe that our efforts must now focus on restoring our growth and profit patterns as we complete management's understanding and integration of the substantial acquisitions finalized by the company last August. We believe that our strategic basis for the acquisitions was correct and that this will become evident over the next few quarters.''
Microfluidics International Corp., through its Microfluidics Division, provides patented and proprietary, high performance Microfluidizer materials processing equipment to the chemical, pharmaceutical, biotechnology, cosmetic/personal care, and food processing industries. Through its Epworth Mill and Morehouse-COWLES Divisions, the company provides equipment, technology and solutions to the chemicals, paints, pigments and coatings industries for milling, deagglomeration and dissolving. The combined resources and capabilities of the company's equipment lines are used to provide comprehensive solutions to materials processing.