This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NASDAQ Panel Grants Pro-Dex's Request For Continued Listing

IRVINE, Calif., April 7 /PRNewswire-FirstCall/ -- Pro-Dex, Inc. (Nasdaq:  PDEX) (the "Company") announced today that the Company recently appeared before a NASDAQ Listing Qualifications Panel (the "Panel") and was notified on March 24, 2010 that the Panel has granted the Company's request for continued listing on The NASDAQ Capital Market subject to the condition that, on or before July 12, 2010, the Company evidence a closing bid price of $1 or more for a minimum of ten consecutive trading days.  Mark Murphy, the Company's CEO commented that "We are pleased with NASDAQ's grant of this extension.  While we cannot guarantee that the stock price will increase beyond the $1 threshold, it does provide the Company with additional time to release results for another quarter as well and any new developments which may emerge."  

The Company also announced today that it has updated information regarding one of its largest customers (the "Customer") who previously notified us that it was is in the process of developing, and planned to eventually manufacture its own surgical hand pieces which are functionally comparable to the two products currently provided by the Company.  The Customer has not provided firm transition dates or volumes due to the inherent uncertainty in the design, testing, and qualification process.  The Customer previously advised us that it expected to maintain its current level of purchases at least through August of 2010 for one product, and at least through December of 2010 for the second product.  The Company received purchase orders from this customer for production of the first product for quantities that would support the Customer's historical consumption rates through the fourth quarter of fiscal year 2011.  Because the Customer intends to build inventory, it has requested to take delivery of all of these hand pieces by the end of October 2010.  Regarding the second product, the customer's planning was extended by six months through at least June 2011 and the Company received a purchase order for normal deliveries through February 2011, with a follow-on P.O. for the balance expected toward the end of this calendar year.  These purchase orders totaled $4.2 million and increased the Company's backlog to a record high backlog of $13.2 million as of March 31, 2010.  Additionally, the Customer indicated it intends to continue purchasing some portion of these products from the Company for up to three years to support existing customers with additional and replacement units of the same type and in specific geographic markets where regulatory registration requires an extended period of time.  Mr. Murphy commented that "We very much appreciate our customer's transparency with us regarding their plans.  There remains significant uncertainty in their potential transition dates and they are keeping us well informed of their needs and status, placing hard P.O.'s that evidence both."

Pro-Dex, Inc., with operations in Irvine, California, Beaverton, Oregon and Carson City, Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate miniature rotary drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets. Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world.

Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.

SOURCE Pro-Dex, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PDEX $3.43 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs