FT. MYERS, Fla., April 15 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) announced today that it had filed with the Securities and Exchange Commission its annual report on Form 10-KSB for the year ended December 31, 2007. A copy of this annual report can be found at http://www.SEC.gov .
The audited financial statements for the year ended December 31, 2007 included in the 10-KSB included an additional contingency charge expense of approximately $177,000 versus the unaudited results we issued on March 18, 2008. This contingency charge was for registration penalties we have been incurring as a result of delays in completing an effective registration statement for the shares we sold in our June 2007 private placement. In accordance with FASB Staff Position 00-19-2, "Accounting for Registration Payment Arrangements", we have accrued approximately $177,000 of penalty expense as of December 31, 2007 for the liquidated damages expected through May 2008. As a result of this change, our audited net loss for FY 2007 has increased by $177,000 versus the net loss we issued in our March 18, 2008 earnings release. However, by taking a charge for this in 2007, we hope to avoid any further negative impacts to our income statement from these penalties in 2008.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company's testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and select reference laboratories throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.org .
Interested parties can also access additional investor relations material from the American Microcap Institute at http://www.americanmicrocapinstitute.com/ngnm/ or from Hawk Associates at http://www.hawkassociates.com . An investment profile about NeoGenomics may be found at http://www.hawkassociates.com/ngnmprofile.aspx .
Forward Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements, Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, the company's ability to continue gaining new customers, offer new types of tests, and otherwise implement its business plan. As a result, this press release should be read in conjunction with the company's periodic filings with the SEC.
SOURCE NeoGenomics, Inc.