Senesco Technologies Receives Notice of Non Compliance From AMEX
NEW BRUNSWICK, N.J., Nov. 4 /PRNewswire-FirstCall/ -- Senesco Technologies,
Inc. (the "Company") (NYSE Amex: SNT) has received a notice from the NYSE Amex
LLC ("NYSE") providing notification that the Company does not meet one of the
NYSE's continued listing standards as set forth in Part 10 of the NYSE company
guide and the Company has therefore become subject to the procedures and
requirements of Section 1009 of the NYSE company guide. Specifically, the
Company is not in compliance with Section 1003(a)(iii) of the NYSE company
guide with stockholder's equity of less than $6,000,000 and losses from
continuing operations and/or net losses in its five most recent fiscal years.
The Company reported stockholder's equity of $5,667,834 at June 30, 2009.
The notice is based on a review by the NYSE of information which the Company
has publicly disclosed, including information contained in the Company's Form
10-K for the period ended June 30, 2009, which disclosed the financial status
of the Company at that time.
To maintain an NYSE listing, Senesco must submit a plan by November 30, 2009
advising the NYSE of action it has taken, or will take; that would bring
Senesco into compliance with the continued listing standards within a maximum
of 18 months from the date of notification by the NYSE. The Company is taking
steps to prepare and submit such a plan to the NYSE on or before November 30,
2009.
The Listings Qualifications Department of the NYSE will evaluate Senesco's
plan and determine whether it reasonably demonstrates the Company's ability to
regain compliance with the continued listing standards within 18 months. If
the NYSE accepts Senesco's plan, the Company may be able to continue its
listing during the plan period, provided that Senesco demonstrates progress
consistent with its plan and complies with other applicable NYSE listing
qualifications. If the Company fails to submit a satisfactory plan or fails
to demonstrate progress consistent with the plan accepted by the NYSE, the
NYSE may initiate delisting procedures. During the plan period, Senesco will
be subject to periodic review to determine whether it is achieving progress
consistent with the plan.
About Senesco Technologies, Inc.
Senesco Technologies, Inc. is a U.S. biotechnology company, headquartered in
New Brunswick, NJ. Senesco has initiated preclinical research to trigger or
delay cell death in mammals (apoptosis) to determine if the technology is
applicable in human medicine. Accelerating apoptosis may have applications to
development of cancer treatments. Delaying apoptosis may have applications to
certain inflammatory and ischemic diseases. Senesco takes its name from the
scientific term for the aging of plant cells: senescence. Delaying cell
breakdown in plants extends freshness after harvesting, while increasing crop
yields, plant size and resistance to environmental stress. The Company
believes that its technology can be used to develop superior strains of crops
without any modification other than delaying natural plant senescence.
Senesco has partnered with leading-edge companies engaged in agricultural
biotechnology and earns research and development fees for applying its
gene-regulating platform technology to enhance its partners' products.
Certain statements included in this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from such statements
expressed or implied herein as a result of a variety of factors, including,
but not limited to: the ability of the Company to consummate additional
financings; the development of the Company's gene technology; the approval of
the Company's patent applications; the successful implementation of the
Company's research and development programs and joint ventures; the success of
the Company's license agreements; the acceptance by the market of the
Company's products; success of the Company's preliminary studies and
preclinical research; competition and the timing of projects and trends in
future operating performance, the Company's ability to comply with the
continued listing standards of the AMEX, as well as other factors expressed
from time to time in the Company's periodic filings with the Securities and
Exchange Commission (the "SEC"). As a result, this press release should be
read in conjunction with the Company's periodic filings with the SEC. The
forward-looking statements contained herein are made only as of the date of
this press release, and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events or
circumstances.
SOURCE Senesco Technologies, Inc.
Company: Bruce Galton, Chief Executive Officer, Senesco Technologies, Inc.,
+1-732-296-8400, bgalton@senesco.com; or Investor Relations: Brian Ritchie,
FD, +1-212-850-5683, brian.ritchie@fd.com
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