Daxor Corporation Announces Decision by SEC on Administrative Proceeding
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/01/11 -- On August 31, 2011, an Administrative Law Judge of the Securities and Exchange Commission issued an Initial Decision finding that Daxor (NYSE Amex: DXR) is an investment company within the meaning of the Investment Company Act of 1940. The ALJ noted that "Daxor's history demonstrates a persistent, though commercially unsuccessful, attempt at selling its BVA-100." Notwithstanding these sales and marketing efforts, and the construction of its manufacturing facility in Oak Ridge, Tennessee, the ALJ placed principal emphasis on the sources of the Company's income and the composition of its assets, and found that Daxor met the quantitative and qualitative standards for being an investment company. If neither the Company nor the SEC seeks further review, the Initial Decision will become final in 21 days, at which time the SEC would set a date for Daxor to comply with the requirements of the Investment Company Act.
The company has a number of options available to it. These include taking the company private, seeking further administrative and judicial review, or registering as an investment company. If the company registers as an investment company, this would not be expected to have an impact on its operations or its research operations. It would require some additional disclosure by the company about its investments. In the past 5 years in response to SEC comments the company has greatly expanded disclosure about its investment activity. For each year during the 5-year period ended December 31, 2010, the Company lost over 5 million dollars from operations. If the Company had been unable to make up these losses from its investment income, it would have faced the possibility of bankruptcy.
The Company's President, Dr. Joseph Feldschuh, said, "Our primary concern is that we are able to continue our medical research and development activities to expand the use of the BVA-100 Blood Volume Analyzer as well as utilization of long-term frozen blood and semen storage."
Published studies utilizing the blood volume analyzer have shown that there is a significant improvement in survival rates when the blood volume analyzer is used in critical care situations, as well as in heart failure. We will continue to expend and expand our efforts in those areas and comply with any increased disclosure requirements, which we do not expect to have any material impact on our operations.
The company will be consulting with its attorneys as to the appropriate response.
The full SEC ruling can be found on the SEC website, .
Further announcements about our response will be available in the future.
Contact Information:
Daxor Corporation:
David Frankel
212-330-8504
Chief Financial Officer
Diane Meegan
212-330-8512
Investor Relations
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Datum: 01.09.2011 - 06:30 Uhr
Sprache: Deutsch
News-ID 1036081
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