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8-K - Protagenic Therapeutics, Inc.\new | v163627_8k.htm |
FOR
IMMEDIATE RELEASE
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CONTACT:
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Andrew
Zaref
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October
23, 2009
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CFO
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IR@atrinsic.com
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212-273-1141
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Atrinsic,
Inc. Announces Receipt of Notice from NASDAQ
NEW YORK— (October 23, 2009) - Atrinsic,
Inc. (NASDAQ: ATRN) announced today that it received notice from The Nasdaq
Stock Market regarding non-compliance with Nasdaq listing requirements as the
result of the actions previously announced on October 7, 2009,
including the appointment of Jeffrey Schwartz as Interim Chief
Executive Officer and the resignation of Burton Katz from the Board of
Directors. As reported in Atrinsic’s Form 8-K filed with the
Securities and Exchange Commission on October 7, 2009, Jeffrey Schwartz,
previously an independent member of the Board of Directors and one of the three
members of its Audit Committee, was named Interim Chief Executive
Officer. As a result of these events, Mr. Schwartz is no longer
considered an independent member of the Board of Directors and is precluded from
being a member of the Audit Committee.
Atrinsic
is temporarily in noncompliance with Nasdaq Listing Rule 5605(b)(1), which
requires that independent directors comprise a majority of the Board of
Directors, and Nasdaq Listing Rule 5605(c)(2)(a), which requires that the Audit
Committee be comprised of at least three independent members. There are
currently six members of the Board of Directors, three of whom remain
independent: Jerome Chazen, Lawrence Burstein and Robert Ellin. Mr. Chazen and
Mr. Burstein have retained their positions on the Audit
Committee. Each of these Nasdaq Listing Rules provides that the
company has a cure period lasting until the earlier of its next annual
stockholder meeting and October 6, 2010 to regain
compliance. Atrinsic intends to regain compliance with the Nasdaq
Listing Rules prior to the expiration of the specified cure
periods.
About
Atrinsic.
Atrinsic,
Inc. is one of the leading cross-platform digital content and online marketing
services networks in the United States. Atrinsic brings together the
power of the Internet and the latest in mobile technology to drive consumer
audiences to its network of owned, branded content sites as well as third party
media that feature web, mobile and social networking
applications. The company delivers high quality leads for both its
own proprietary subscription clubs and its advertisers and monetizes these
audiences through performance-based advertising, direct billed subscription
clubs and agency services. Atrinsic primarily accesses target
audiences through four strategic, high-traffic vertical channels - digital
music, casual games, commerce and lifestyle, and personal finance – to offer
existing and potential customers high-value products and
services. Atrinsic brands include Kazaa (www.kazaa.com), a fully
legal, music subscription service, and Shopit.com, an e-commerce and social
network platform that allows buyers and sellers to complete simple transactions
and reach broader audiences. Atrinsic’s agency services allow its
advertisers to reach customers using an integrated online approach, including
search marketing, affiliate network, social media, display media, mobile
marketing, creative services, business intelligence and brand
protection. Atrinsic is uniquely positioned to leverage its marketing
services and proprietary content channels to form a fully integrated,
multi-platform vehicle for advertisers. For more information, please visit
www.atrinsic.com.
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