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.
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.