SALT LAKE CITY, Dec. 15, 2010 /PRNewswire/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced that NASDAQ has given the company until June 13, 2011, to comply with its $1 per share minimum bid rule.
"Given the challenges of the general economy, we welcome the grant by NASDAQ of an additional six months to cure the $1 minimum bid deficiency," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "These difficult economic times have made it challenging for small public companies to maintain strength in their stock prices. This extra time will provide an opportunity for the market to better understand the potential of some important new developments that we expect to announce over the coming weeks and months."
"Dynatronics' newly introduced e-commerce website is positively impacting sales and helping the company operate more efficiently. In addition, we are working to capitalize on preferred vendor contracts signed over the past year as well as identify and introduce new products to the market," Cullimore added.
"Our preferred vendor contracts give us access to over 2,500 clinics that we are working to convert to our brand of products. This promises to be a source of increased revenue over the coming year as more clinics choose to purchase our devices and supplies," Cullimore continued. "We believe all of these improvements, together with the new initiatives being undertaken that we expect to disclose in the coming weeks and months, should continue to strengthen our business and build investor confidence in owning our stock."
Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets. More information regarding Dynatronics is available at www.dynatronics.com.
This press release contains forward-looking statements. Those statements include references to the company's expectations and similar statements such as the statement regarding expectations for future announcements, increased revenue from preferred vendor contracts and continued strengthening in our business. Actual results may vary from the views expressed in the forward-looking statements contained in this release. The development and sale of the company's products are subject to a number of risks and uncertainties, including, but not limited to, changes in the regulatory environment, competitive factors, inventory risks due to shifts in market demand, market demand for the company's products, availability of financing at cost effective rates, and the risk factors listed from time to time in the company's SEC reports including, but not limited to, the report on Form 10-K for the year ended June 30, 2010.
SOURCE Dynatronics Corporation