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Veterinary hospital group could lose its spot on NASDAQ

March 24, 2010

Brentwood, Tenn. -- The NASDAQ stock market threatened to delist Pet DRx Corp., a chain of 23 veterinary hospitals in California, because the price per share of its common stock dropped below $1.

Brentwood, Tenn.

-- NASDAQ threatened to delist Pet DRx Corp., a chain of 23 veterinary hospitals in California, because the price of a share of its common stock dropped below $1.

NASDAQ notified Pet DRx of the possible delisting in September 2009, but the company has been unable to turn around the devalued stock.

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Pet DRx chairman and CEO Gene Burleson is requesting a hearing before the NASDAQ Listing Qualifications Panel, a move which will block the delisting until the panel has made a decision.

In a press release, Burleson says there’s no guarantee that NASDAQ will stop the delisting, but he is optimistic. His plan to the panel will include a reverse stock split previously approved by the company’s stockholders in July 2009. A reverse stock split decreases the number of shares as a way of boosting the price of individual shares.

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