AMERICAN STOCK EXCHANGE LLC
DETERMINATION AND NOTIFICATION OF REMOVAL FROM LISTING
AND/OR REGISTRATION UNDER SECTION 12(b) OF THE
SECURITIES EXCHANGE ACT OF 1934
Attachment to Form 25
May 10, 2007
The American Stock Exchange LLC (the “Exchange” or “Amex”), pursuant to Section 12(d) of the Securities Exchange Act of 1934 and Rule 12d2-2(b) promulgated thereunder by the Securities and Exchange Commission (the “Commission”), has determined to strike from listing and registration on the Exchange, the following:
MICROISLET, INC.
Common Stock, $0.001 Par Value
Commission File Number – 001-32202
1.
The standards of the Exchange provide, among other things, that consideration may be given to the removal of a security when:(i) the financial condition and/or operating results of the issuer appear to be unsatisfactory; (ii) the issuer has failed to comply with its listing agreements with the Exchange; or (iii) any other event shall occur or any condition shall exist which makes further dealings on the Exchange unwarranted.
In applying these standards, the Exchange gives consideration to delisting the securities of a company that is not in compliance with:
(a)
Section 1003(a)(ii) of the Company Guide which requires a company to maintain at least $4 million in shareholders’ equity if the company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years;
(b)
Section 1003(a)(iii) of the Company Guide which requires a company to maintain at least $6 million in shareholders’ equity if the company has reported losses from continuing operations and/or net losses in its five most recent fiscal years.
2.
The Common Stock of MicroIslet, Inc. (the “Company” or “MicroIslet”) does not qualify for continued listing for the following reasons:
(a)
The Company has incurred net (losses) and (losses) from continuing operations as follows:
Fiscal Years Ended December 31,
Net (Loss)
(Loss) from Continuing Operations
2006
($10,663,000)
($10,784,000)
2005
($8,506,000)
($8,639,000)
2004
($6,518,460)
($6,624,605)
2003
($3,039,817)
($2,882,214)
2002
($6,106,135)
($6,106,790)
(b)
In its Form 10-K for the period ended December 31, 2006, the Company reported shareholders’ equity of $2,184,000.
3.
In reviewing the eligibility of the Company’s Common Stock for continued listing, the Exchange has complied with its standards and procedures as follows:
(a)
On January 25, 2007, the Company was notified by the Amex that following a review of the Company’s quarterly report on Form 10-Q for the period ended September 30, 2006, MicroIslet was not in compliance with Section 1003(a)(ii) of the Company Guide with shareholders’ equity of less than $4 million and losses from continuing operations and net losses in three of its four most recent fiscal years; and Section 1003(a)(iii) of the Company Guide with shareholders’ equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years. The Company was given the opportunity to submit a plan by February 26, 2007 outlining its plan to regain compliance with Amex continued listing standards within a maximum of 18 months (the “Plan”).
(b)
OnFebruary 26, 2007, the Company submitted its Plan to regain compliance with the Amex continued listing standards.
(c)
On April 20, 2007, the Exchange notified MicroIslet that the Staff of the Amex Continued Listing Department (“Staff”) determined to initiate immediate delisting proceedings against the Company based on the Staff’s determination that that the Plan did not make a reasonable demonstration that the Company could regain compliance within the required timeframe (the “Staff Determination”). In addition, in accordance with Sections 1203 and 1009(d) of the Company Guide, the Company was advised of its limited right to appeal the Staff Determination by requesting an oral hearing or a hearing based on a written submission before a Listing Qualifications Panel of the Amex Committee on Securities (the “Panel”) and that a written request for a hearing and the required hearing fee must be received by the Office of the General Counsel by April 27, 2007.
(d)
The Company did not appeal the Staff Determination within the requisite time period.
Accordingly, the Exchange, having complied with all of its procedures, is authorized to file this application in accordance with Section 12 of the Securities Exchange Act of 1934 and the rules promulgated thereunder.
4.
In the opinion of the Exchange, all of the material facts relating to the reasons for this application are contained herein.
5.
The Exchange official whose signature is set forth below is duly authorized to file this application.
6.
In accordance with the provisions of Rule 12d2-2, the Exchange has issued public notice of its final determination to remove the Company’s securities from listing and/or registration by issuing a press release and posting notice onwww.amex.com. Further, a copy of this application has been forwarded to Mr. Kevin A. Hainley, Interim Chief Financial Officer of the Company.
/s/
Dennis J. Meekins
Vice President, Listing Qualifications
American Stock Exchange LLC