CHICAGO, June 7, 2004 (PRIMEZONE) -- Molecular Diagnostics, Inc. (OTCBB:MCDG) announced today that it has learned its common stock has been listed and traded on the Berlin-Bremen Stock Exchange without the Company's prior knowledge, consent or authorization.
The Company, through its legal counsel, has contacted the Berlin-Bremen Stock Exchange and has demanded an immediate halt to trading in Molecular's stock, as well as an immediate delisting of the stock.
Denis M. O'Donnell, M.D., Molecular's Chief Executive Officer, said: "We have been listed and traded on the Berlin-Bremen Stock Exchange without our consent or authorization and have no interest in having the Company's stock traded on the exchange. We are deeply disturbed by media reports that brokers have been using the Berlin-Bremen Exchange as a mechanism for manipulating the price of U.S. stocks and circumventing rules that prohibit naked short selling of securities. Therefore, our legal counsel has demanded an immediate end to trading and immediate delisting of our common stock from the exchange."
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
More information is available at: www.Molecular-Dx.com
Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(tm) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and its Quarterly Report on Form 10-QSB for the quarter ended September 30, 2003. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.