FONAR Receives Notification from
Its Listing on The Nasdaq Capital Market
NEW YORK, December 23, 2005 - FONAR Corporation (NASDAQ-FONR),
The Inventor of MR Scanning™, announced today that it
received written notification from The Nasdaq Stock Market on
December 22, 2005 that the bid price of its common stock for
the last 30 consecutive trading days had closed below the minimum
$1.00 per share required for continued listing under Nasdaq
Marketplace Rule 4310(c)(4) (the "Rule"). Pursuant
to Nasdaq Marketplace Rule 4310(c)(8)(D), the Company has been
provided an initial period of 180 calendar days, or until June
20, 2006, to regain compliance. The notice states the Nasdaq
staff (the "Staff") will provide written notification
that the Company has achieved compliance with the Rule if at
any time before June 20, 2006 the bid price of the Company’s
common stock closes at $1.00 per share or more for a minimum
of 10 consecutive business days.
the Company cannot demonstrate compliance with the Rule by June
20, 2006, the Staff will determine whether the Company meets
the Nasdaq Capital Market initial listing criteria as set forth
in Marketplace Rule 4310(c), except for the bid price requirement.
If the Company meets the initial listing criteria, the Staff
will notify the Company that it has been granted an additional
180 calendar days compliance period. FONAR currently complies
with the requirements for initial listing on the The Nasdaq
Capital Market, except for the $1.00 minimum closing bid price.
If the Company is not eligible for an additional compliance
period, the Staff will provide written notice that the Company's
securities will be delisted. At that time, the company may appeal
the Staff's determination to delist its securities to a Listing
FONAR was incorporated in 1978, making it the first, oldest and
most experienced MRI manufacturer in the industry. FONAR introduced
the world's first commercial MRI in 1980, and went public in 1981.
Since its inception, we have installed nearly 300 MRI scanners worldwide.
FONAR's stellar product line includes the Upright™ MRI (also
known as the Stand-Up™ MRI), the only whole-body MRI that
performs Position™ imaging (pMRI™) and scans patients
in numerous weight-bearing positions, i.e. standing, sitting, in
flexion and extension, as well as the conventional lie-down position.
The FONAR Upright™ MRI often sees the patient's problem that
other scanners cannot because they are lie-down only. With over
100,000 patients scanned, the patient-friendly Upright™ MRI
has a near zero claustrophobic rejection rate by patients. As a
FONAR customer states, "If the patient is claustrophobic in
this scanner, they'll be claustrophobic in my parking lot."
Approximately 85% of patients are scanned sitting while they watch
a 42" flat screen TV. Our latest MRI scanner is the FONAR 360™,
a room-size recumbent scanner that optimizes openness while facilitating
physician access to the patient. FONAR is headquartered on Long
Island, New York, and has approximately 500 employees.
The Inventor of MR Scanning, True Flow,
Stand-Up, Upright, Position, PMRI and The Proof is in the Picture
are trademarks of FONAR.
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.
110 Marcus Drive
Melville, N.Y. 11747
Copyright © 2005 FONAR- All Rights Reserved