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news release:
FONAR Announces Reverse Stock
Split
Melville, NY 17 April 2007:
FONAR Corporation (NASDAQ-FONR),
The Inventor of MR Scanning™, today announced that following its annual meeting
of stockholders held yesterday, it has effected a reverse stock split at a ratio
of 1:25 (one new share for every 25 shares) of its outstanding common stock and
all other classes of its outstanding stock, effective April 17, 2007.
In accordance with normal NASDAQ
procedures related to reverse stock splits, NASDAQ will append a “D” to the
symbol to become (FONRD) for a period of approximately 20 trading days.
Afterwards, at the open of business on May 15, 2007, NASDAQ will remove the “D”
and the symbol will be (FONR) as before.
As a result of the hearing held
before the NASDAQ Listing Qualifications Panel (“Panel”) on February 15, 2007,
FONAR’s request for continued listing on The NASDAQ Stock Market was granted,
subject to the condition that on or before May 1, 2007, the Company must have
evidenced a closing bid price of $1.00 or more for a minimum of ten consecutive
trading days. The Panel’s decision was based on its determination that the
reverse stock split to be presented at the Annual Meeting on April 16, 2007,
when implemented, would be likely to cure the bid price deficiency and allow the
Company to maintain compliance for the longer term. Accordingly, the company has
effected a reverse stock split today.
About FONAR
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, FONAR has installed hundreds of MRI
scanners worldwide. Their stellar product line includes the FONAR UPRIGHT™
Multi-Position™ MRI (also known as the STAND-UP™ MRI), the only whole-body MRI
that performs Multi-Position™ imaging (mpMRI™) 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™ Multi-Position™
MRI often sees the patient's problem that other scanners cannot because they are
lie-down only. With nearly one half million patients scanned, the
patient-friendly FONAR UPRIGHT™ Multi-Position™ MRI has a near zero
claustrophobic rejection rate by patients. A radiologist said, "FONAR UPRIGHT™
MRI – No More Claustrophobia - The Tunnel Is Gone." As another 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. FONAR's 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 400 employees.
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