LOS ANGELES, Feb. 18 /PRNewswire-FirstCall/ -- The Board of Directors wishes to confirm to Stockholders that at its meeting on February 4, 2009 it resolved to file a Form 15 with effect from February 17, 2009. This initiative does not require the approval of stockholders but in the interests of keeping stockholders and other stakeholders informed the Board is making this Release.
The effect of this filing is to release the company from its United States Securities and Exchange Commission filing obligations. The process also results in the company's stock being removed from the Over The Counter Bulletin Board market listing with the company's stock, from this date, being recorded on the OTCBB "Pink Sheets".
The Board is cognisant of its obligations to all Stockholders to maintain a market for the company's stock. However there has been little, if any, liquidity in the stock for some time and despite a number of commercial initiatives the stock has languished below USD0.10. This process does not preclude current stockholders from seeking to trade their stock, although they will have to use brokers prepared to handle stock from the Pink Sheets.
The company has, historically, been required to engage the services of a PCAOB Auditor in the United States and Australia at an annual cost of approximately AUD145,000. In addition it has incurred associated US SEC Attorney and filing costs that when added to the audit results in an annual cost of around AUD250,000. These costs do not include the fees that will be applicable in 2010 for compliance with the Sarbanes Oxley Act Regulation 404.
The Board has considered that this cost is not acceptable while the company is striving to contain its "cash burn" and establish market initiatives in India and China.
The company has been actively seeking equity funds in international markets but has experienced extreme difficulties because of th
|SOURCE EESTECH Inc.|
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