PLC Systems receives delisting notice

PLC Systems Inc., a Franklin medical technology firm focused on the cardiac and vascular markets, said today that it has received a delisting notice from the American Stock Exchange.

The company said that the notice from the staff of the exchange's listing qualifications department was dated Sept. 17.

PLC said in a press release: "The notice stated that the company was not in compliance with Section 1003(a)(ii) of the AMEX Company Guide because the company's shareholders' equity was less than $4,000,000 as of June 30, 2008, and it incurred losses from continuing operations and net losses in three out of its four most recent fiscal years. PLC has been granted until October 17, 2008 to submit a plan to the exchange that demonstrates the company's ability to regain compliance with listing standards by March 17, 2010. If the company does not submit a plan or if the plan is not accepted by AMEX, the company will be subject to delisting procedures."
(By Chris Reidy, Globe staff)