Exhibit 99
FONAR CORPORATION
Fonar MRI news @ aol.com 110 Marcus Drive The MRI Specialist
For Immediate Release Melville, NY 11742 An ISO 9001 Company
Contact: Jordan Darrow Contact: Daniel Culver
Darrow Associates, Inc Director of Communications
darrow @ optonline. net Email: invest @ fonar. com
Tel: 631 / 367 - 1866 Tel: 631 / 694 - 2929
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FONAR Receives Notification from Nasdaq Regarding Its Listing on The
Nasdaq Capital Market
MELVILLE, NEW YORK -- December 23, 2005 -- FONAR Corporation (NASDAQ: FONR), The
Inventor of MR Scanning, announced today that it received written notification
from The Nasdaq Stock Market on December 22, 2005 that the bid price of its
common stock for the last 30 consecutive trading days had closed below the
minimum $1.00 per share required for continued listing under Nasdaq Marketplace
Rule 4310(c)(4) (the "Rule"). Pursuant to Nasdaq Marketplace Rule
4310(c)(8)(D), the Company has been provided an initial period of 180 calendar
days, or until June 20, 2006, to regain compliance. The notice states the
Nasdaq staff (the "Staff") will provide written notification that the Company
has achieved compliance with the Rule if at any time before June 20, 2006 the
bid price of the Company's common stock closes at $1.00 per share or more for a
minimum of 10 consecutive business days.
If the Company cannot demonstrate compliance with the Rule by June 20, 2006, the
Staff will determine whether the Company meets the Nasdaq Capital Market initial
listing criteria as set forth in Marketplace Rule 4310(c), except for the bid
price requirement. If the Company meets the initial listing criteria, the Staff
will notify the Company that it has been granted an additional 180 calendar days
compliance period. FONAR currently complies with the requirements for initial
listing on the The Nasdaq Capital Market, except for the $1.00 minimum closing
bid price. If the Company is not eligible for an additional compliance period,
the Staff will provide written notice that the Company's securities will be
delisted. At that time, the Company may appeal the Staff's determination to
delist its securities to a Listing Qualifications Panel.
About FONAR
FONAR was incorporated in 1978, making it the first, oldest and most experienced
MRI manufacturer in the industry. FONAR introduced the world's first commercial
MRI in 1980, and went public in 1981. Since its inception FONAR has installed
over 300 MRI scanners worldwide. Their stellar product line includes the
Upright{trademark} MRI (also known as the Stand-Up{trademark} MRI), the only
whole-body MRI that performs Position{trademark} imaging (pMRI{trademark}) and
scans patients in numerous weight-bearing positions, i.e. standing, sitting, in
flexion and extension, as well as the conventional lie-down position. The FONAR
Upright{trademark} MRI often sees the patient's problem that other scanners
cannot because they are lie-down only. With over 100,000 patients scanned, the
patient-friendly Upright{trademark} MRI has a near zero claustrophobic rejection
rate by patients. As a FONAR customer states, "If the patient is claustrophobic
in this scanner, they'll be claustrophobic in my parking lot." Approximately
85% of patients are scanned sitting while they watch a 42" flat screen TV.
FONAR's latest MRI scanner is the FONAR 360{trademark}, a room-size recumbent
scanner that optimizes openness while facilitating physician access to the
patient. FONAR is headquartered on Long Island, New York, and has approximately
500 employees.
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The Inventor of MR Scanning, True Flow, Stand-Up, Upright, Position, PMRI and
The Proof is in the Picture are trademarks of FONAR.
Be sure to visit FONAR's Web site for Company product and investor information:
www.fonar.com
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This release may include forward-looking statements from the company that may or
may not materialize. Additional information on factors that could potentially
affect the company's financial results may be found in the company filings with
the Securities and Exchange Commission.