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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 17, 1998 0-21537
Date of Report (Date of earliest event reported) Commission File Number
PACIFIC BIOMETRICS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
93-1211114
(I.R.S. Employer Identification Number)
25621 Atlantic Ocean Drive, Suite A1
Lake Forest, CA 92630
(Address of Principal Executive Offices) (Zip Code)
(949) 455-9724
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On December 22, 1998, Pacific Biometrics, Inc. (the "Company") announced by
press release that it had received notification from the Nasdaq Stock Market
("Nasdaq") that it intends to delist the Company's common stock and warrants
effective December 28, 1998, due to the Company's failure to maintain compliance
with its net tangible asset requirement and a minimum bid price of $1.00. The
Company has requested an oral hearing to appeal Nasdaq's decision. Such a
hearing would likely be scheduled during the first quarter of 1999. Until a
decision is reached by Nasdaq's Hearing Panel, the securities will continue to
be listed on Nasdaq. There can be no assurance as to when a decision will be
rendered by Nasdaq's Hearing Panel or that such decision will be favorable to
the Company. Further, such decision may be subject to conditions or other
restrictions which the Company may not be able to comply with or which may make
it more difficult to trade in the Company's securities. An unfavorable decision
will result in the immediate delisting of the Company's Common stock from Nasdaq
irrespective of the Company's ability to appeal such decision. Any such
delisting will have an adverse impact on the liquidity of the Company's
securities, which may then trade on the OTC Bulletin Board or the
over-the-counter market, which may make it more difficult to trade in the
Company's securities or liquidate an investor's holdings. Also, such delisting
may make it more difficult for the Company to raise additional capital.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) not applicable
(b) not applicable
(c) Exhibits
99 Press Release dated December 22, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 23, 1998 PACIFIC BIOMETRICS, INC.
By: /s/ Paul G. Kanan
Name: Paul G. Kanan
Title: President and Chief Executive
Officer
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PACIFIC BIOMETRICS, INC.
1370 Reynolds Avenue, Suite 119 o Irvine, CA 92614 [LOGO]
TEL. (714) 263-9933 o FAX (714) 263-9939
(BW)(PACIFIC-BIOMETRICS)(PBMI) Pacific Biometrics Announces NASDAQ Status
Business Editors and Health/Medical Writers
LAKE FOREST, Calif.--(BW HealthWire)--Dec. 22, 1998--Pacific Biometrics
Inc. (NASDAQ:PBMI) Tuesday announced it has received notification from the
Nasdaq Stock Market that it intends to delist the company's common stock and
warrants (PBMI and PBMIW) from the Nasdaq SmallCap Market, effective Dec. 28,
1998 due to the company's failure to maintain compliance with its net tangible
asset requirement and a minimum bid price of $1.
Pacific Biometrics has requested an oral hearing to appeal Nasdaq's
decision. Such a hearing would likely be scheduled during the first quarter of
1999. Until a decision is reached by Nasdaq's Hearing Panel, the securities will
continue to be listed on the Nasdaq SmallCap Market. In the event the hearing or
appeal is denied, Pacific Biometrics will seek to have its securities eligible
for trading on the over-the-counter board.
Pacific Boimetrics Inc. is an early stage company engaged in non-invasive
diagnostics and laboratory services to improve the detection and management of
chronic diseases. The company is developing applications in diabetes and
osteoporosis based on two proprietary technology platforms, the SalivaSac(R)
collection device and the SweatPatch(TM).
This news release contains forward looking statements. There can be no
assurance as to when a decision will be rendered by Nasdaq's Hearing Panel or
that such decision will be favorable to the company. Further, such decision may
be subject to conditions or other restrictions which the company may not be able
to comply with or which may make it more difficult to trade in the company's
securities. An unfavorable decision will result in the immediate delisting of
the company's Common Stock from Nasdaq irrespective of the company's ability to
appeal such decision. Any such delisting will have an adverse impact on the
liquidity of the company's securities, which may then trade on the OTC Bulletin
Board or the over-the-counter market, which may make it more difficult to trade
in the company's securities or liquidate an investor's holdings. Also, such
delisting may make it more difficult for the company to raise additional
capital.
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CONTACT: Pacific Biometrics Inc., Lake Forest
Ellen Rudnick, 847/205-1429
www.pacbio.com
