Genesis Bioventures receives delisting notice from AMEX

New York, Oct. 3 - Genesis Bioventures, Inc. said it received a notice from the American Stock Exchange that the exchange intends to delist the company.

The letter follows an earlier warning on July 27 that the company was not in compliance with the exchange's listing standards.

The New York-based biomedical company said it has been conducting an internal review over the past months and recently decided on a corporate restructuring and reorganization.

"We are continuing with the reorganization and restructuring of the company, which includes additional financing, retaining a new management team with diagnostics and pharmaceutical industry experience and relocating the company to California," said Mr. Greg McCartney, chairman of the board, in a news release.

"We are disappointed the Exchange did not approve our initial plan, however, we continue to review all the options available to us during our restructuring which include, among others, petitioning the exchange to further review our compliance plan and listing the company on an alternative exchange that is favorable to microcap companies."

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