ValueRich Announces NYSE Amex Notification of Non-Compliance and Delisting
December 02 2010 - 9:03AM
Business Wire
ValueRich, Inc. (NYSE Amex: IVA) (the “Company”) announced that
the NYSE Amex has notified the Company that its listing is out of
compliance with the NYSE Amex continued listing standards as a
result of the Company’s failure to file financial information as of
and for its third fiscal quarter ended October 2, 2010.
Initially, the Company was not able to complete the preparation
of the financial statements and certain related information
required to be included in the Form 10-Q, and therefore was not
able to timely file the Form 10-Q, due to the change in the
company's independent registered public accounting firm as
disclosed in the company's Form 8-K previously filed. After careful
review the board of directors has determined that ValueRich is no
longer able to maintain the NYSE Amex continued listing standards
set forth by the NYSE Amex stock exchange. The Company’s board has
voted for a cost-saving matter, the company intends to delist its
common stock from the NYSE Amex and deregister its common stock
under the Securities Exchange Act of 1934.
“On one hand we are saying good-bye to our listing on an
exclusive and iconic stock exchange but on the other hand our cost
saving measure will hopefully allow us to move forward as a
company. We are proud of the business decisions we made in the past
year as we transitioned our business model. Our intention as a
company is to continue trading publicly, in the short term we will
be listed on the Pink Sheets and over time we will explore other
listing opportunities. We are still committed to our corporate goal
of building shareholder value for our current and future
shareholders,” said Joseph Visconti, CEO of ValueRich, Inc.
About ValueRich, Inc.
ValueRich is engaged in the Investment, development and
management of real estate assets located in Port St. Lucie,
Florida. In early January of 2010 ValueRich and its wholly owned
subsidiaries acquired Tesoro Preserve Development assets located in
Port St. Lucie, Florida.
This press release contains statements, which may constitute
``forward-looking statements'' within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are based on current
expectations, estimates and projections made by management. The
Company intends for the forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements. Words
such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," or variations of such words are intended to
identify such forward-looking statements. The forward-looking
statements contained in this press release include, statements
regarding our ability to engage in future real estate purchases.
All forward-looking statements in this press release are made as of
the date of this press release, and the Company assumes no
obligation to update these forward-looking statements other than as
required by law. Changing markets and various factors could make it
more difficult to purchase property at favorable prices and the
risk factors discussed in our Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Copies of these filings are available at www.sec.gov.
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