DiaSys (Waterbury, Connecticut) reported that on Jan. 30, it received a letter from staff of the American Stock Exchange advising that the company was not in compliance with the Amex listing requirements in that it had shareholders' equity of less than $4 million and losses from continuing operations and/or net losses in three out of its four most recent fiscal years.

The staff letter indicated an intent to immediately initiate delisting proceedings.

DiaSys said it does not believe that it will be able to meet such listing requirements during its current fiscal year, ending June 30, and has elected not to appeal the Amex staff determination. The company's common stock has been submitted for trading on the National Association of Securities Dealers bulletin board. DiaSys said it intends to resign from the Amex at such time as the bulletin board listing is approved.

DiaSys makes medical laboratory equipment, consumables and infectious disease test kits for healthcare and veterinary laboratories worldwide.

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