Manhattan Scientifics to Miss SEC Filing Deadline
March 26, 2007
New York City -- Manhattan Scientifics Inc. (OTC BB: MHTX) announced today that the company will miss its March 31, 2007 SEC filing deadline for its annual report on Form 10KSB for the year ending December 31, 2006. Failure to file a Form 10KSB on a timely basis will result in the company’s stock becoming ineligible for quotation on the Over-the-Counter Bulletin Board. In the event of such ineligibility, management believes that the company’s stock will trade on the Electronic Pink Sheet Quotation System.
Management reported that it lacked sufficient funds to engage its auditors to complete an audit of the company’s financial statements, an integral part of Form 10KSB. As reported in its prior SEC filings, the company will need to raise capital in private placement transactions in order to sustain its operations. In the event the company is successful in raising the required capital, management intends to use part of the proceeds to regain compliance with the SEC reporting requirements. However, there can be no assurance that the company will be able to obtain such capital or to raise capital on terms favorable to the company.
About Manhattan Scientifics
Manhattan Scientifics, Inc., http://www.mhtx.com, is a technology development company working in the fields of alternative energy, fuel cell technologies and computer haptics technology. The company’s facilities are in Los Alamos, Albuquerque and New York City. Copies of Manhattan Scientifics’ press releases, current quotes, stock charts and other investor information may be found at http://www.hawkassociates.com.
An investment profile about Manhattan Scientifics may be found at http://www.hawkassociates.com/mhtxprofile.aspx. For free e-mail notification of future press releases for this company, sign up at http://www.hawkassociates.com/email.aspx. The foregoing press release contains forward-looking statements (including expectation of future events), which are subject to risks and uncertainties that may be beyond the company’s control. Actual results could differ materially for many reasons including, but not limited to, completion of R&D and successful commercialization of products/services, patent completion and prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate.
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