BIOLASE Receives Deficiency Letter From NASDAQ

IRVINE, CA–( – August 24, 2010) –  BIOLASE Technology, Inc. (NASDAQ: BLTI), the world’s leading dental laser company, today reported that it received a letter on August 18, 2010 from NASDAQ, stating that BIOLASE is not in compliance with the NASDAQ Capital Market’s minimum stockholders’ equity continued listing requirement of $2.5 million. As of June 30, 2010, BIOLASE’s stockholders’ equity was approximately negative $1.3 million. 

BIOLASE can submit a detailed plan of compliance by October 4, 2010, advising NASDAQ of the action BIOLASE has taken, or plans to take, that would bring it into compliance with this requirement. Alternatively, BIOLASE could return to compliance if it satisfied the market value of listed securities or net income from continuing operations listing requirements, which stand as alternatives to the minimum stockholders’ equity continued listing requirement.

If BIOLASE submits a plan of compliance and NASDAQ does not accept the Company’s plan, NASDAQ may then initiate delisting proceedings from the NASDAQ Capital Market, at which time BIOLASE may appeal NASDAQ’s determination to a Listing Qualifications Panel. 

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