Additionally, the parties agreed that no future issuance of shares would occur unless and until shareholder approval is obtained.
The Company expects to receive formal shareholder approval of the letter of intent, the contemplated definitive agreements and the issuance of all contemplated shares at its annual shareholder meeting on Thursday, June 21, 2007.
On June 18, 2007, the Company received a NASDAQ Staff Deficiency Letter indicating that it had previously fallen out of compliance with the shareholder approval rules set forth in Marketplace Rule 4350(i)(1)(A).
However, by providing the letter agreement with Mr. Adams, the NASDAQ Staff has determined that the Company has regained compliance with the Rule and this matter is now closed.
marketing@alchempro.com
