NEW YORK, NY--(Marketwired - Apr 10, 2017) - On April 10, 2017, Daxor Corporation (NYSE MKT: DXR) received a letter from the NYSE MKT LLC ("the Exchange") noting that it is not in compliance with the listing standards pertaining to the timing of SEC filings as set forth in Sections 134 and 1101 of the NYSE MKT Company Guide ("the Company Guide") because of a delay in filing its N-CSR for the fiscal year ended December 31, 2016.
"The Company primarily attributes the delay in filing the N-CSR to new personnel in the Controller's office, the death of our Chairman Dr. Joseph Feldschuh in January of this year, and the need for the newly-retained auditing firm to review the company's books and records. We are working diligently with our independent auditors to provide all the necessary information, including finalization of all adjustments and supporting analyses, so they can complete the audit of financial statements for the fiscal year ended December 31, 2016. The Company has no disagreements with our auditors, and we expect and intend to complete the filing of the N-CSR on or before April 30th, which we expect to be in advance of the period allowed by the NYSE, bringing the firm into compliance," said Eric P. Coleman, Daxor's' Chief Financial Officer.
"Management is confident that issues which delayed this important report have been solved and that we will file in an efficient and timely fashion going forward", stated Daxor's CEO Michael Feldschuh. To maintain its listing, the Company must submit either its N-CSR or a plan of compliance by April 28, 2017.
In other news, the company is pleased to note that the Uniformed Services University of Health Sciences has been awarded a grant to study hemodilution utilizing Daxor's BVA-100 device in collaboration with Duke University which is anticipated to start May 1, 2017. The grant notes that Daxor's method is recognized as the gold standard of accuracy and calls for an exploration of fluid hemodilution metrics using the company's technology as a benchmark. "This study recognizes the acute need for accurate pre- and post-operative volume assessment, and we anticipate it will further reinforce the importance of Daxor's unique technology," noted Michael Feldschuh.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding the expected timing of the filing of the N-CSR . These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.