WORLD HEART CORPORATION News
WorldHeart Reports an Event of Default Under the Note Issued to Abiomed, Resignation of One of Its Board of Directors, and Results of Shareholder Vote at Its Annual Shareholders' Meeting
The Company has an immediate need for additional capital in order to satisfy its obligations and to continue operations. The Company continues to aggressively pursue various financing alternatives but its efforts to raise additional capital have not been successful as of the date of this report. The Company estimates that it has cash available to continue operations only through the latter part of
On
On
(1) to receive and to consider the Company's audited consolidated financial statements for the year ended December 31, 2007, that have been prepared in accordance with generally accepted accounting principles in the United States, together with the report of the auditors thereon; (2) to elect directors to serve until the next annual meeting of the shareholders or until their successors are elected or appointed, unless the office is vacated earlier; (3) to appoint Burr, Pilger & Mayer LLP as independent auditors of the Company and to authorize the directors to fix their remuneration; and (4) to approve conversion of the secured promissory note in the principal amount of up to US$5,000,000, previously issued to Abiomed convertible at Abiomed's option into the Company's common shares at US$1.748948 per share, subject to adjustments, including any conversion of interest owed, and approval of the exercise of a five year warrant to purchase up to 3,400,000 common shares of the Company, exercisable at US$0.01 per share, issued to Abiomed in connection with the secured promissory note.
The election of directors, the appointment of the auditors and the conversion of the note and exercise of the warrant issued to Abiomed were carried by a majority of the votes at the meeting in person or by proxy. A copy of the Voting Results, which includes the percentage outcome of the votes cast, is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
About World Heart Corporation
WorldHeart is a developer of mechanical circulatory support systems. The Company is headquartered in
Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include any statements regarding the Company's ability to regain compliance with the NASDAQ Capital Market listing requirements, as well as other statements that can be identified by the use of forward-looking language, such as "believes," "feels," "expects," "may," "will," "should," "seeks," "plans," "anticipates," or "intends" or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: the Company's immediate need for additional capital, risks in product development and market acceptance of and demand for the Company's products; delisting from the NASDAQ Stock Market if compliance with the listing standards, including the Minimum Bid Price Rule and other minimum standards, is not regained; and other risks detailed in the Corporation's filings with the U.S. Securities and Exchange Commission, including without limitation its Annual Report on Form 10-KSB for the year ended
SOURCE World Heart Corporation
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