Prospect Medical Holdings Confirms Receipt of AMEX Letter Regarding Delayed Filing of Second Quarter Form 10-Q
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Prospect Medical Holdings, Inc. (AMEX: PZZ) ("Prospect”
or "the Company”),
which manages the medical care of approximately 240,000 HMO enrollees
and operates four community hospitals in southern California, today
announced that on May 16, 2008 it received a notice from the AMEX that
Prospect was delinquent in the filing of its second quarter Form 10-Q
for the three months ended March 31, 2008 by the May 15, 2008 due date.
Prospect currently is not in compliance with Sections 134 and 1101 of
the AMEX Company Guide, specifically, by not having timely filed with
the Securities and Exchange Commission its second quarter 2008 Form
10-Q, and, as previously announced, its Form 10-K for the fiscal year
ended September 30, 2007 and its Form 10-Q for the quarter ended
December 31, 2007.
Also, as previously announced, Prospect has been notified that the AMEX
has conditionally accepted the Company’s plan
for regaining compliance with the exchange’s
continued listing requirements and has extended the compliance period to
July 28, 2008. The May 16 AMEX notice did not require Prospect to submit
an additional compliance plan with respect to its second quarter 2008
Form 10-Q filing. Prospect continues to expect to file its fiscal 2007
Form 10-K by the end of May 2008, and its first and second quarter 2008
Form 10-Q filings shortly thereafter, with full completion of all
filings on or before June 16, 2008. As detailed in previous
announcements, following the filings, as outlined above, and the meeting
of certain other terms and conditions, Prospect believes it will be
compliant with the continued listing requirements of the AMEX and will
qualify for its common stock to resume trading.
ABOUT THE COMPANY
Prospect Medical Holdings operates four community-based
hospitals in the greater Los Angeles area and manages the medical care
of individuals enrolled in HMO plans in Southern California, through a
network of over 9,000 specialist and primary care physicians.
This press release contains forward-looking statements. Additional
written or oral forward-looking statements may be made by Prospect from
time to time, in filings with the Securities and Exchange Commission, or
otherwise. Statements contained herein that are not historical facts are
forward-looking statements. Investors are cautioned that forward-looking
statements, including the statements regarding anticipated or expected
results, involve risks and uncertainties which may affect the Company's
business and prospects, including those outlined in Prospect's Form 10-K
filed on December 28, 2006 and its Form 10-Q filed on August 20, 2007,
as well as risks and uncertainties arising from Prospect's acquisition
of Alta and ProMed, the debt incurred by Prospect in connection with
those acquisitions, and the ability of the Company to regain compliance
with the AMEX’s continued listing requirements.
Any forward-looking statements contained in this press release represent
our estimates only as of the date hereof, or as of such earlier dates as
are indicated, and should not be relied upon as representing our
estimates as of any subsequent date. While we may elect to update
forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so, even if our estimates change.
