SOUTH EASTON, Mass., April 5, 2012 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" and the "Company") today announced that its common stock will begin trading on the OTCQB tier of the OTC Marketplace ("OTCQB") effective today, Thursday, April 5, 2012. The OTCQB is a market tier for OTC-traded companies that are registered and current in their reporting with the Securities and Exchange Commission, and is the home to approximately 3,500 small and emerging companies. The Company's shares of common stock will continue to trade under the symbol PBIO.
The Company's common stock will cease trading on the NASDAQ Stock Market effective with the open of business on Thursday, April 5, 2012. As previously reported, the NASDAQ Hearings Panel required the Company to evidence compliance with the applicable $2.5 million stockholders' equity requirement and the minimum $1.00 per share bid price requirement to maintain its NASDAQ listing. As the Company was unable to do so, the NASDAQ Hearings Panel determined to delist the Company's common stock from The NASDAQ Stock Market.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) is focused on the development, marketing, and sale of proprietary laboratory instrumentation and associated consumables based on Pressure Cycling Technology ("PCT"). PCT is a patented, enabling technology platform with multiple applications in the estimated $6 billion life sciences sample preparation market. PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels to control bio-molecular interactions. PBI currently focuses its efforts on the development and sale of PCT-enhanced sample preparation systems (instruments and consumables) for mass spectrometry, biomarker discovery, bio-therapeutics characterization, vaccine development, soil and plant biology, forensics, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding PBI's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements include statements regarding the likelihood that the Company will be successful in its transition from the NASDAQ Stock Market to the OTC Marketplace. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued and expanded commercialization of its PCT-based product line; changes in customer's needs and technological innovations; the Company's sales force and distribution network may not be successful in selling the Company's PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods; that the Company may not be successful in raising additional capital necessary to fund the Company's operations. Given the uncertainty in the capital markets and the current status of the Company's product development and commercialization activities, there can be no assurance that the Company will secure the additional capital necessary to fund its operations beyond May 2012 on acceptable terms, if at all. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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