Vision-Sciences moves closer to Nasdaq compliance with new director, looking for another

New York, Sept. 6 - Vision-Sciences, Inc. said it has moved closer to compliance with the Nasdaq Stock Market, Inc.'s listing rules by electing a new director to its board.

But it still needs a further director to meet all the rules.

Vision-Sciences announced on Aug. 16 that because of a resignation from its board it would not comply with a rule requiring its audit committee to have at least three independent members and a second rule that specifies that a majority of the board be independent.

On Aug. 30, the company received a notice from Nasdaq confirming its non compliance and warning that its eligibility for continued listing was being reviewed.

The Natick, Mass., developer of endoscopic products has now elected Warren Bielke as a director and named him to the audit and nominating committees, which means that the audit committee is now in compliance.

Vision-Sciences said it is now looking for a further candidate so that it can meet the independence test.

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