LEWISVILLE, Texas--(BUSINESS WIRE)--
As previously disclosed, Orthofix International N.V. (NASDAQ: OFIX) (the
"Company") requested an extension from a NASDAQ Hearings Panel (the
"Hearings Panel") to permit additional time for the Company to complete
and file its two delayed quarterly reports, as well as the amended
reports containing its restatement for prior periods. On January 15,
2015, the Company received notice from NASDAQ's Office of General
Counsel that the Hearings Panel granted the Company continued listing
through March 31, 2015, conditioned upon the Company being current in
its filing obligations with the Securities and Exchange Commission (the
"SEC").
On March 18, 2015, the Company received an anticipated letter from
NASDAQ noting that the 2014 Annual Report on Form 10-K had not been
filed by its due date with the SEC on March 16, 2015 and, as such,
represented an additional basis for non-compliance with Listing Rule
5250(c)(1).
The Company continues to work to complete the procedures needed to file
its two delayed quarterly reports and the amended reports containing its
restatement for prior periods, as well as its 2014 Annual Report on Form
10-K. As requested by the letter from NASDAQ, the Company will be
providing a written update to the Hearings Panel regarding these matters
on or before March 25, 2015.
About Orthofix
Orthofix International N.V. is a diversified, global medical device
company focused on improving patients' lives by providing superior
reconstructive and regenerative orthopedic and spine solutions to
physicians worldwide. Headquartered in Lewisville, TX, the company has
four strategic business units that include BioStim, Biologics, Extremity
Fixation and Spine Fixation. Orthofix products are widely distributed
via the company's sales representatives, distributors and subsidiaries.
In addition, Orthofix is collaborating on research and development
activities with leading clinical organizations such as the
Musculoskeletal Transplant Foundation and the Texas Scottish Rite
Hospital for Children. For more information, please visit www.orthofix.com.
Forward-Looking Statements
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Factors that could cause
or contribute to such differences may include, but are not limited to,
risks relating to the uncertain results and timing of our anticipated
filing of restated financial statements for prior periods, the
anticipated magnitude and nature of error corrections reflected by such
filings, the timing of the filing of our late Quarterly Reports on Form
10-Q and Annual Reports on Form 10-K, potential delisting of our
securities from the NASDAQ Stock Market, as well how these matters may
impact our expenses, liquidity, legal liability, borrowing ability,
product sales, relationships with customers, suppliers, strategic
partners and third party reimbursement providers, ongoing compliance
obligations under our corporate integrity agreement with the Office of
Inspector General of the Department of Health and Human Services,
deferred prosecution agreement with the U.S. Department of Justice and
consent decree with the SEC, ability to remain in compliance with
covenants and other obligations under our senior secured credit
agreement, the cost and nature of our insurance coverage, and other
factors described in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2013 and other subsequent periodic reports filed by
the Company with the SEC. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.
Orthofix International N.V.
Mark Quick, 214-937-2924
Investor
Relations
markquick@orthofix.com
or
Denise
Landry, 214-937-2529
Media Relations
deniselandry@orthofix.com
Source: Orthofix International N.V.
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