MINNEAPOLIS, April 26 /PRNewswire/ -- Health Fitness Corporation today
announced that the Nasdaq Listing Qualifications Panel has denied the
company's appeal for continued inclusion on The Nasdaq SmallCap Market, and
de-listed the company's securities effective April 22, 1999.
A representative of the company appeared before the panel on March 4 to
request an exception to Nasdaq's rules for minimum net tangible assets/market
capitalization/net income, and bid price requirements, which the company does
not meet. The Company described its plan to comply with those requirements in
the near future. The panel reviewed this information and notified Health
Fitness of its decision on April 22.
Health Fitness is now considering whether to request the Nasdaq Listing
and Hearing Review Council to review the panel's decision. However, the
initiation of a review will not cause the company's securities to be listed
again pending the review. Securities of the company are eligible to trade on
the OTC Bulletin Board under its same symbol (HFIT) under certain conditions
for broker-dealers.
Health Fitness Corporation of Minneapolis, Minnesota, is the nation's
largest manager of corporate fitness centers and hospital-based fitness
centers throughout the United States, and provides a wide range of additional
preventive health care services to corporations.
This press release contains forward-looking statements regarding the
company's anticipated future operations and growth; these statements should be
read in conjunction with the various factors affecting the company's ability
to finance and manage such growth discussed in the Management's Discussion and
Analysis of Financial Condition and Results of Operations portion of the
company's Annual Report on Form 10-K for the year ended December 31, 1998.
SOURCE Health Fitness Corporation
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Company News On-Call:
http://www.prnewswire.com/comp/000921.html or fax,
800-758-5804, ext. 000921
CONTACT:
Loren Brink of Health Fitness Corporation,
612-831-6830
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