Company Secures Market Maker to File for Quotation on the OTC BB
ANAHEIM HILLS, Calif., Feb. 17 /PRNewswire-FirstCall/ -- BPO Management Services, Inc. (Pink Sheets: HAXS) announced today that it has secured a market maker who is filing the necessary paperwork with FINRA to seek the initiation of quotation of the Company's common stock on the Over-the-Counter Bulletin Board (OTC BB). Management believes that pending approval from FINRA, the transition to the OTC BB will take place within several weeks and potentially as soon as later this week.
The process of transitioning markets began after management was advised, as previously announced, that pursuant to NASDAQ Stock Market LLC ("NASDAQ") rules, the merger of BPO Management Services, Inc. and Healthaxis Inc. constituted a business combination that resulted in a "change of control" pursuant to Marketplace Rule 4340(a). Accordingly, the Company had to meet initial listing standards as opposed to continued listing standards. NASDAQ recently determined that the Company was not able to meet its initial listing requirements in two specific areas, 1) market value of unaffiliated common stock of $15 million, 2) share price of $4.00. Accordingly, NASDAQ suspended the Company's listing status as of February 13, 2009.
The Company's stock began being quoted on the OTC Pink Sheets on February 13, 2009. As the Company desires for its stock to be quoted on the OTC BB, the Company secured a market maker to file the necessary paperwork with FINRA. When more definitive information is available, the Company will provide an update.
About BPO Management Services, Inc.
BPO Management Services (BPOMS) is a business process outsourcing (BPO) service provider that offers a diversified range of on-demand services, including human resources, information technology, enterprise content management, healthcare payer outsourcing and claims administra
|SOURCE BPO Management Services, Inc.|
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