Datatrak International (Cleveland), a technology and services company focused on global eClinical solutions for the clinical trials industry, said that it received a letter on June 16, from the Nasdaq Stock Market, notifying the company that for the 30 consecutive business days prior to June 10, the bid price of its common shares had closed below the minimum $1 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4).
The letter stated that, in accordance with Marketplace Rule 4310(c)(8)(D), the company will be provided 180 calendar days, or until December 8, 2008, to regain compliance with the Minimum Bid Price Rule provided the company is also in compliance with all other listing requirements. For the time being, the company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "DATA."
MedCath to expand California heart hospital
MedCath (Charlotte, North Carolina), a healthcare provider focused on high-acuity healthcare services, predominately the diagnosis and treatment of cardiovascular disease, and its physician partners reported their plans to expand Bakersfield Heart Hospital (Bakersfield, California).
The expansion, which is subject to the approval of California's Office of Statewide Health Planning and Development, will include the addition of 72 inpatient beds to the hospital's existing 47 inpatient beds and expansion of the hospital's emergency department by 16 beds.
The expansion will allow Bakersfield Heart Hospital to expand its current services, which include cardiac, vascular, GI, general surgery and internal medicine.
InEnTec Medical cancels new facility
InEnTec Medical Services (Bend, Oregon), a subsidiary of InEnTec, said it has canceled its plans to construct a plasma-enhanced melter and power generation facility near the city of Red Bluff in Tehama County, California. The facility would have recycled medical waste and other non-hazardous waste materials into clean electric energy.
Citing changing business strategies and market conditions, the company will focus its efforts on advancing several other regional opportunities in the U.S. to bring environmentally friendly and cost-effective solutions to the problems of waste disposal and the need for clean fuels and energy.
InEnTec currently has both a land use permit issued by the Tehama County Planning Commission and an air permit issued by the Tehama County Air Pollution Control District. The company has sent a letter to County officials cancelling both permits.
"We realize that the best way to help meet our country's ever-growing need for improved environmental solutions and alternative fuels is to focus on providing communities with the most sophisticated yet safe and clean solutions available," said Gary Cook, chairman of InEnTec.
Covidien launches new web site
Covidien (North Haven, Connecticut), a provider of healthcare products, reported the launch of www.bariatrics4diabetes.com, an educational web site focused on bariatric surgery as a treatment for Type 2 diabetes. The site contains detailed information on bariatric surgery and its impact on diabetes and features success stories of people who have undergone the surgery and experienced resolution of their Type 2 diabetes.
Experts agree that Type 2 diabetes is a worldwide epidemic, projected to affect over 350 million people by 2030. According to the American Diabetes Association, the financial impact of diabetes on the U.S. economy in 2007 was $174 billion, including healthcare costs and lost productivity.
Medtronic to increase cash dividends
The board of directors of Medtronic (Minneapolis) approved a 50% increase in its cash dividend for fiscal 2009, raising the quarterly amount to 18.75 cents per share of the company's common stock, for an annual amount of 75 cents per share.
Including this increase, Medtronic's dividend has tripled in just six years. This marks the 22nd consecutive year of increasing the dividend payment to shareholders, and the 32nd year of uninterrupted dividend payments.
"This increase in the dividend reflects both the board of directors' and management's confidence in the company's strong financial position and future growth prospects as well as our commitment to creating shareholder value," said Bill Hawkins, president/CEO. "Our strong operating cash flow allows us to invest for sustainable earnings growth of 11%-14%, while offering Medtronic investors enhanced returns through dividend increases and ongoing share repurchases."