EX-99.25 2 dlpxdelistreason.txt Delisting Determination,The Nasdaq Stock Market, LLC, May 28, 2008, Delphax Technologies Inc. The Nasdaq Stock Market LLC (the Exchange) has determined to remove from listing the common stock of Delphax Technologies Inc. (the Company), effective at the opening of the trading session on June 9, 2008. Based on a review of the information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Marketplace Rule 4310(c)(4). The Company was notified of the Staffs determination on April 29, 2008. The Company did not appeal the Staff determination to the Hearings Panel, and the Staff determination to delist the Company became final on May 8, 2008.