SAN JOSE, Calif., Oct. 12 /PRNewswire/ -- Notify Technology
Corporation (OTC Bulletin Board: NTFY) today announced that its
Board of Directors has established an independent committee to
explore the possibility of voluntarily ceasing its reporting
obligations to the Securities and Exchange Commission, which would
result in the delisting of its common stock from the OTC Bulletin
Board.
The independent committee will consider a number of factors in
evaluating this action including, but not restricted to, the
following: the limited trading volume of its shares, the
possibility of eliminating the significant costs of compliance with
the Securities Exchange Act of 1934, the governance and financial
requirements of the Sarbanes-Oxley Act of 2002, and the other costs
associated with being a public company.
"In light of the lack of an active trading market for the
Company's stock and the Company's intent not to access the public
capital markets for its foreseeable financing needs, the advantages
of being a public company seem to be outweighed by the significant
accounting, legal, competitive and administrative costs associated
with the reporting requirements for public companies," said
Paul F. DePond, Notify's President
and CEO.
The Company's Board of Directors believes that this effort could
result in savings to the Company, permit management to focus more
completely on the company's business operations, and enable the
Company to create more value for its shareholders. The Company
expects to reach a final decision about terminating its SEC
reporting obligation within the next month and will announce that
decision in a press release and any applicable SEC filings.
About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation, (OTC BB:
NTFY.OB) is an innovative software company developing mobility
products for organizations of all sizes. Notify's wireless
solutions provide secure synchronized email and PIM access and
management to any size organization on a variety of wireless 2-way
devices and networks. Notify sells its wireless products directly
and through authorized resellers internationally. The company is
headquartered in San Jose,
California. The Company is headquartered in
San Jose, California. For more
information, visit http://www.notifycorp.com or contact
408-777-7920.
Forward-Looking Statements: This press release contains
forward-looking statements related to Notify Technology Corporation
that involve risks and uncertainties, including, but not limited
to, statements regarding the possible delisting of the Company, the
qualification to be eligible to delist the Company and the
advantages to the Company of delisting. These forward-looking
statements are made in reliance on the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. For
further information about these factors that could affect Notify
Technology's future results, please see the Company's filings with
the Securities and Exchange Commission. Prospective investors
are cautioned that forward-looking statements are not guarantees of
performance. Actual events may differ materially from
management's expectations.
Contacts:
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At Notify Technology
Corporation:
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Jerry Rice, Chief Financial
Officer
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Phone: 408-777-7927
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jerry.rice@notifycorp.com
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SOURCE Notify Technology Corporation
Copyright . 12 PR Newswire