Exhibit 99.1
Advanced Nutraceuticals, Inc. Announces Nasdaq SmallCap
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Delisting and Other Corporate Matters
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Denver, CO, June 18, 2003 - Advanced Nutraceuticals, Inc. (NASDAQ: ANII),
announced today that the Company received a Nasdaq Staff Determination on June
13, 2003 indicating that the Company fails to comply with the $1,000,000,
minimum market value of publicly held shares requirement for continued listing
set forth in Marketplace Rule 4310(c)(7), and that its securities are therefore
subject to delisting from the Nasdaq SmallCap Market. The Company has not paid
the final portion of its 2003 SmallCap Market annual fee nor 2002 fee for
Listing of Additional Shares, which totals $30,000, and is a further basis for
the delisting. On February 3, 2003, the Staff had also notified the Company that
the bid price of its common stock had closed below $1 per share for thirty
consecutive trading days, and accordingly, it did not comply with MarketPlace
Rule 4310(c)(4). The Company's common shares are scheduled to be delisted from
the Nasdaq Small Cap System at the opening of business on June 24, 2003.
Effective upon the open of business on June 24, 2003, the common shares will be
immediately eligible for quotation on the OTC Bulletin Board under the symbol
ANII.
ANII is a holding company with two operating subsidiaries, Bactolac
Pharmaceutical Inc., ("Bactolac") and ANI Pharmaceuticals, Inc. (ANIP). Bactolac
is a successful manufacturer of vitamins and supplements that has grown rapidly
since its inception and has been consistently profitable. ANIP is a contract and
private label manufacturer of over-the-counter liquid and powder pharmaceutical
products, primarily liquid stomach remedies.
As previously reported, ANIP has incurred significant losses, and has recently
hired a new President as well as a very experienced sales professional. Recent
bookings and sales levels remain flat to somewhat lower than previous monthly
levels. Management remains optimistic about ANIP's future prospects, however
ANIP continues to incur losses as current monthly sales levels are still below
amounts required to break-even at current margins and product mix. Management
continues to closely monitor the performance of this subsidiary, while reviewing
expense reduction opportunities and exploring possible alternative strategic
opportunities to best enhance the performance and value of the Company.
For additional information contact:
Jeff McGonegal (303) 475-3786 (Email: jmcgonegal@anii.cc) or
Gregory Pusey (303) 722-4008 (Email: gpusey@anii.cc)
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This press release includes "forward looking statements" as defined by the
Securities and Exchange Commission (the "SEC"). All statements, other than
statements of historical fact, included in the press release that address
activities, events or developments that the Company believes or anticipates will
or may occur in the future are forward-looking statements. These statements are
based on certain assumptions made based on experience, expected future
developments and other factors ANII believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of ANII. Investors are
cautioned that any such statements are not guarantees of future performance.
Actual results or developments may differ materially from those projected in the
forward-looking statements as a result of many factors, including adverse
changes in market conditions, fluctuations in sales volumes and problems in
collecting receivables. Furthermore, ANII does not intend (and is not obligated)
to update publicly any forward-looking statements. The contents of this release
should be considered in conjunction with the warnings and cautionary statements
contained in the Company's recent filings with the SEC.