BIOLASE Technology, Inc ( NASDAQ: BLTI ) Investors on HIGH ALERT!
BLTI was last traded at $0.80 with the trading volume of 65,400. The current market capitalization is 19.54 million shares. BIOLASE Technology, Inc., a medical technology company, develops, manufactures, and markets lasers and related products and ...
(EMAILWIRE.COM, September 02, 2010 )
NEW YORK,NY - BIOLASE Technology, Inc Waterlase systems, a combination of water and laser to perform dental procedures to cut soft and hard tissue plus bone; and Diode systems that use a semiconductor diode laser to perform soft tissue and cosmetic procedures, including teeth whitening.
Last week, Biolase Technology Inc. appointed Federico Pignatelli as interim Chief Executive Officer of the Company. Mr. Pignatelli who is currently the Chairman of the Board of the Company will receive $1.00 as consideration for his service as interim Chief Executive Officer of the Company. He is the Founder, and has served as President, of Art & Fashion Group since 1992. Art & Fashion Group is a holding company of an array of businesses providing services to the advertising industry, including the world's largest complex of digital and film still photography studios for production and post-production.
Previously, Mr. Pignatelli was a Managing Director at Gruntal & Company, an investment banking and brokerage firm, and was a Managing Director of Ladenburg, Thalmann & Co., another investment banking and brokerage firm.
Recently, BLTI received a letter on August 18, 2010 from NASDAQ, stating that BIOLASE is not in compliance with the NASDAQ Capital Market's minimum stockholders' equity continued listing requirement of $2.5 million.
As of June 30, 2010, BIOLASE's stockholders' equity was approximately negative $1.3 million. BIOLASE can submit a detailed plan of compliance by October 4, 2010, advising NASDAQ of the action BIOLASE has taken, or plans to take, that would bring it into compliance with this requirement.
Alternatively, BIOLASE could return to compliance if it satisfied the market value of listed securities or net income from continuing operations listing requirements, which stand as alternatives to the minimum stockholders' equity continued listing requirement. If BIOLASE submits a plan of compliance and NASDAQ does not accept the Company's plan, NASDAQ may then initiate delisting proceedings from the NASDAQ Capital Market, at which time BIOLASE may appeal NASDAQ's determination to a Listing Qualifications Panel.
Last month, Biolase Technology, Inc. announced that it has eliminated 20 positions and has made additional cost-cutting measures across the organization, in order to better position the Company for future profitability.
Reduction in headcount along with additional expense reduction activities are expected to reduce corporate expenses by approximately $3 million on an annual basis.
BLTI - Company is expected to incur approximately $70,000 in charges in the second quarter of 2010, related to severance and other non-recurring expenses related to the restructuring.
Moreover, in month of May, Biolase Technology, Inc. announced that it has entered into a $5 million secured debt facility with MidCap Financial, LLC and Silicon Valley Bank.
Biolase received a first tranche of $3 million at closing, with a second tranche of $2 million, available upon completion of certain conditions.
Financing will be used for ongoing working capital requirements. If you are an investor of BLTI keep a continuous check on its performance.
Happy trading,
Chris Wick
MyBestPicksEver offers stock newsletters on various stock plays of the day. MBPE offers news on top stocks, small cap penny stocks and other market movers alike. MBPE help investors in making the wise stock market investments. thus far thousands of our subscribers made huge gains using our daily penny stock alerts. join our FREE news letter Now Or Become a VIP MEMBER.. at http://www.mybestpicksever.com
Disclaimer
MyBestPicksEver.Com is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities customers should buy or sell for themselves. All information provided on this website pertaining to investing, stocks, securities must be understood as information provided and not investment advice.
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Press release distribution and press release services by EmailWire.Com:
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NEW YORK,NY - BIOLASE Technology, Inc Waterlase systems, a combination of water and laser to perform dental procedures to cut soft and hard tissue plus bone; and Diode systems that use a semiconductor diode laser to perform soft tissue and cosmetic procedures, including teeth whitening.
Last week, Biolase Technology Inc. appointed Federico Pignatelli as interim Chief Executive Officer of the Company. Mr. Pignatelli who is currently the Chairman of the Board of the Company will receive $1.00 as consideration for his service as interim Chief Executive Officer of the Company. He is the Founder, and has served as President, of Art & Fashion Group since 1992. Art & Fashion Group is a holding company of an array of businesses providing services to the advertising industry, including the world's largest complex of digital and film still photography studios for production and post-production.
Previously, Mr. Pignatelli was a Managing Director at Gruntal & Company, an investment banking and brokerage firm, and was a Managing Director of Ladenburg, Thalmann & Co., another investment banking and brokerage firm.
Recently, BLTI received a letter on August 18, 2010 from NASDAQ, stating that BIOLASE is not in compliance with the NASDAQ Capital Market's minimum stockholders' equity continued listing requirement of $2.5 million.
As of June 30, 2010, BIOLASE's stockholders' equity was approximately negative $1.3 million. BIOLASE can submit a detailed plan of compliance by October 4, 2010, advising NASDAQ of the action BIOLASE has taken, or plans to take, that would bring it into compliance with this requirement.
Alternatively, BIOLASE could return to compliance if it satisfied the market value of listed securities or net income from continuing operations listing requirements, which stand as alternatives to the minimum stockholders' equity continued listing requirement. If BIOLASE submits a plan of compliance and NASDAQ does not accept the Company's plan, NASDAQ may then initiate delisting proceedings from the NASDAQ Capital Market, at which time BIOLASE may appeal NASDAQ's determination to a Listing Qualifications Panel.
Last month, Biolase Technology, Inc. announced that it has eliminated 20 positions and has made additional cost-cutting measures across the organization, in order to better position the Company for future profitability.
Reduction in headcount along with additional expense reduction activities are expected to reduce corporate expenses by approximately $3 million on an annual basis.
BLTI - Company is expected to incur approximately $70,000 in charges in the second quarter of 2010, related to severance and other non-recurring expenses related to the restructuring.
Moreover, in month of May, Biolase Technology, Inc. announced that it has entered into a $5 million secured debt facility with MidCap Financial, LLC and Silicon Valley Bank.
Biolase received a first tranche of $3 million at closing, with a second tranche of $2 million, available upon completion of certain conditions.
Financing will be used for ongoing working capital requirements. If you are an investor of BLTI keep a continuous check on its performance.
Happy trading,
Chris Wick
MyBestPicksEver offers stock newsletters on various stock plays of the day. MBPE offers news on top stocks, small cap penny stocks and other market movers alike. MBPE help investors in making the wise stock market investments. thus far thousands of our subscribers made huge gains using our daily penny stock alerts. join our FREE news letter Now Or Become a VIP MEMBER.. at http://www.mybestpicksever.com
Disclaimer
MyBestPicksEver.Com is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities customers should buy or sell for themselves. All information provided on this website pertaining to investing, stocks, securities must be understood as information provided and not investment advice.
###
Press release distribution and press release services by EmailWire.Com:
http://www.emailwire.com/press_release_distribution_lists.php .
Contact Information:
MyBestPicksEver
Chris Wick
Tel: 905-581-5778
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
MyBestPicksEver
Chris Wick
Tel: 905-581-5778
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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