FMI HOLDINGS LTD. 6-K 2009
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
For the month of July 2009
Commission File Number
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F....[ X ]..... Form 40-F...[ ]...
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [ ]
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
This report on Form 6-K shall be deemed to be incorporated by reference in the prospectus included in Registration Statement on Form F-3 File No. 333-129943 filed with the Securities and Exchange Commission and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. Information contained in the attached document contains forward looking information.
Forbes Medi-Tech Provides Update on Stock Exchange Listings
~Company Updates TSX Delisting Review~
VANCOUVER, BC Forbes Medi-Tech Inc. (TSX:FMI; NASDAQ:FMTI) (Forbes or Company) announced that the Company received a letter from The Nasdaq Stock Market (NASDAQ) stating that NASDAQ has again decided to extend its suspension of its bid price minimum listing requirement. As a result of this additional extension, the Companys compliance deadline is now January 4, 2010.
Forbes can regain compliance with the suspended rule, to be reinstated on August 3, 2009, by achieving a US$1 closing bid price for a minimum of 10 consecutive trading days by January 4, 2010, failing which, its common shares will be delisted in accordance with NASDAQ procedures.
The Company also continues to be under a delisting review by the Toronto Stock Exchange (the TSX), as originally announced on January 14, 2009. Pursuant to the TSXs Remedial Review Process, Forbes has until August 12, 2009 to regain compliance with the TSXs minimum $3,000,000 market capitalization threshold, failing which, its common shares will be delisted in accordance with TSX procedures.
The Company continues to monitor its market capitalization, however, based on recent share trading prices and volumes, and assuming this trading pattern continues, the Company does not anticipate regaining compliance with the TSX continued listing requirements by August 12, 2009 at which time the TSX may commence the delisting process.
The Company has determined that if its shares are delisted from the TSX, it will not be seeking an alternative stock exchange listing in Canada at this time.
About Forbes Medi-Tech
Forbes Medi-Tech Inc. (TSX:FMI; NASDAQ:FMTI) is a life sciences company focused on evidence-based nutritional solutions. A leader in nutraceutical technology, Forbes is a provider of value-added products and cholesterol-lowering ingredients for use in functional foods and dietary supplements. Forbes successfully developed and commercialized its Reducol™ plant sterol blend, which has undergone clinical trials in various matrices and has been shown to lower “LDL” cholesterol levels safely and naturally. Building upon established partnerships with leading retailers and manufacturers across the globe, Forbes helps its customers to develop private label and branded products. For more information about Forbes Medi-Tech, please visit www.forbesmedi.com.
Forward looking statement and risks
This News Release contains forward-looking statements and forward-looking information, within the meaning of applicable securities laws (collectively, forward-looking statements), regarding the Company and its stock exchange listings. Forward-looking statements can be identified by forward-looking terminology such as will, "can", August 12, 2009, January 4, 2010, and similar expressions or variations thereon. Forward-looking statements are inherently uncertain, and actual results may differ materially from the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty whether the Company will regain compliance with the minimum continued listing requirements of the Toronto Stock Exchange (TSX) by August 12, 2009, failing which, the Companys securities will be delisted by the TSX; uncertainty whether the Company will regain compliance with the minimum continued listing requirements of NASDAQ by January 4, 2010, failing which, the Companys securities will be delisted by NASDAQ; and the risk that delisting of the Companys securities from either TSX or NASDAQ or both may have a material adverse effect on the Companys share liquidity and trading price and on the Companys ability to obtain financing and continue its business. For a further discussion of these and other known risks and uncertainties affecting the Company and its business, please see our latest Annual Information Form / Form 20-F, and other documents filed by us with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov. Forward-looking statements are based on the beliefs, assumptions, and expectations of the Company’s management at the time they are made, and the Company does not assume any obligation, except as required by law, to update its forward-looking statements if those beliefs, assumptions, or expectations or other circumstances should change.
Reducol™ is a trademark of Forbes Medi-Tech Inc.
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Chief Financial Officer
Phone: (604) 681-8976 ext. 239
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