DETROIT, July 12 /PRNewswire-FirstCall/ -- United American Healthcare Corporation (OTCQB: UAHC) today announced that trading of shares of the Company's common stock will shift from the NASDAQ Stock Market to the OTCQB™ Marketplace beginning today, July 12, 2010. The shares will continue to be quoted under the ticker symbol UAHC. The OTCQB market tier was recently introduced to better distinguish OTC securities that are registered and fully reporting with the Securities and Exchange Commission (SEC) or a U.S. banking or insurance regulator.
"Considering the limited trading in our shares and the expense of maintaining our Nasdaq listing, we believe that moving to the OTCQB Marketplace is the right course of action at this time," said William Brooks, CEO of United American Healthcare. "We expect to focus our efforts and resources towards the integration of our Pulse Systems acquisition in order to take advantage of the opportunities we see in the dynamic medical device market."
On July 1, 2010, the Company received a letter from The NASDAQ Stock Market advising that the Company has not held its annual meeting within the time frame allowed under the Nasdaq Listing Rules (Rule 5620(a)), and accordingly, Nasdaq's staff determined to initiate procedures to delist the Company's securities from the exchange. Trading of the Company's common stock on the Nasdaq Stock Market will be suspended at the opening of business on July 12, 2010.
As a result of the Company's OTCQB designation, investors will be able to view real-time quotes with market depth (Level 2) at www.otcmarkets.com.About OTCQB The creation of the OTCQB market tier was announced in April 2010 by Pink OTC Markets, Inc. The OTCQB includes the 3,050 securities that are currently quoted in both Pink OTC Markets' electronic interdealer quotation and trading system and FINRA's OTCBB™. The Pink OTC Markets makes Real-Time Level 2 market maker quotations for all OTCQB securities available to investors on www.otcmarkets.com. All securities in the new OTCQB tier will be displayed on www.otcmarkets.com with an icon reading, "OTCQB – U.S. Registered." About Pink OTC Markets Inc. Pink OTC Markets Inc. (OTCQX: PINK) is a financial information and technology services company that operates a leading electronic quotation and trading system in the OTC securities market. The OTCQX and Pink Sheets marketplaces constitute, by dollar volume, the third largest U.S. liquidity pool for trading public company shares, after The NASDAQ Stock Market, Inc. and The New York Stock Exchange. The Pink OTC Markets' technology platform provides a comprehensive suite of information products and trading services for OTC market participants. To learn more about the Pink OTC Markets' products and services, please visit its websites at www.otcmarkets.com, www.pinkotc.com and www.otcqx.com or contact Pink OTC Markets at firstname.lastname@example.org. About United American Healthcare Corporation United American Healthcare Corporation (UAHC) is a provider of contract manufacturing services to the medical device industry, following its June 2010 acquisition of Pulse Systems, LLC, a leading provider to the medical device industry since 1998. UAHC has been a healthcare management company since 1985. For more information, please visit the Company's web site at www.uahc.com. United American Healthcare Corporation Safe Harbor Statement Forward-looking statements by United American Healthcare Corporation, including those in this announcement, involve known and unknown risks, which may cause actual results and corporate developments to differ materially from those expected. Factors that could cause results and developments to differ materially from expectations include, without limitation, the ongoing impact of the U.S. recession, the termination of the TennCare contract, the wind down of our CMS Medicare business, the integration of the recent acquisition of Pulse Systems, LLC, the ongoing impact of the global credit and financial crisis and other changes in general economic conditions, the effects of state and federal regulations, the effects of any future acquisitions, and other risks described from time to time in each of United American Healthcare's SEC reports, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K.