SK3 Group (OTC Pink: SKTO) Responds to Recent SEC Suspension of Trading
June 06 2014 - 7:05PM
Marketwired
SK3 Group (OTC Pink: SKTO) Responds to Recent SEC Suspension of
Trading
LOS ANGELES, CA--(Marketwired - Jun 6, 2014) - The SEC
determined on June 6, 2014 to impose a temporary suspension in
trading of the stock of SK3 Group, Inc. (OTC Pink: SKTO)
(PINKSHEETS: SKTO) ("the Company") that may extend through
June 19, 2014. The purpose of this statement is to inform
shareholders about the information currently available to the
Company on this subject and to directly address, to the extent
possible, several of the questions we have received from
shareholders and investors.
The Company did not have any advance warning, hint, or knowledge
of the impending SEC suspension order. The Company learned of
the SEC's actions at the same time as the market, on the morning of
June 6, 2014.
We do not know what caused the SEC to issue its order, and the
SEC is not obliged to provide information to the Company or its
shareholders with respect to the reason or bases for its
order. The Company is commencing an effort to reach out to the
SEC to understand the SEC's concerns and then endeavor to address
them. The Company will not speculate about the reasons, and
the Company recommends that investors, even though they are
disappointed by this temporary result, not speculate either but
wait to see what happens as a result of this process. As soon
as any regulatory concerns are identified for the Company, the
Company will address them fully.
The Company has no knowledge of irregularities that may warrant
a suspension of trading in its securities but the fact remains that
the SEC ordered a trading halt, as it is permitted to do by
law.
The Company understands that the SEC has expressed concerns with
the market sector, medical cannabis, in which the Company operates
and has shut down several companies in that space before its recent
order affecting the Company. Frankly, having seen the
activities and announcements of some companies in this space, the
Company can understand those concerns. We are glad that we are
not one of those companies, instead operating a viable,
established, and visible business in California, as we have been
doing for over a year.
The Company continues and will continue to operate its business
in all of its forms, notwithstanding the SEC order. The SEC
order does not affect the Company's core and day-to-day business
operations and we will continue to deliver high quality products
and services that enhance the lives of medical cannabis patients in
California.
If the history of other stocks in the marketplace is any guide,
after the SEC order expires or when trading resumes there is likely
to be a negative impact on price per share in the Company's
stock. The Company will do everything it reasonably can do to
minimize the impact of the SEC's decision on its shareholders and
business relationships. We urge our shareholders, customers,
and partners to engage in calm consideration of information as it
becomes available but we do understand that this is a very
difficult time for all involved. We appreciate your
frustration, as we are similarly frustrated. We have operated
in this space for more than a year and are perplexed after having
built a lawful new business, in a new and growing space, that is
viable, visible, active, and objectively confirmable to find that
the SEC has concerns, but they are engaging in their role as
provided by law and we respect that. While they did not
provide more than formalistic language justifying the suspension in
their order, that too is their prerogative and we look forward to
working with the SEC to glean their concerns and address them
proactively.
We do not like controversy, but we also do not shy away from
it. We are confident that we are building an industry leading
business in the medical cannabis space and we will continue to do
so. Undoubtedly those on the investor boards who accomplish
some form of reward from spreading fear, uncertainty, and doubt
will use this as an opportunity to do so with even louder volume;
but do not be misled, they too lack any information as to why the
SEC did what it did as only the SEC knows that. We certainly
are not going to opine on that subject and we would caution you to
view with a great deal of skepticism anyone on any investor board
who does so.
We are committed to launching the products and services we have
already announced we will launch -- they are under development and
some are nearly finished. We are also continuing to move ahead
with the audit of our financial statements and the merger we had
already announced and hope to complete that shortly but in due
course given the current situation.
We remain fully dedicated to finding out what gave rise to the
SEC concerns and to keeping shareholders fully informed when
reliable information is obtained. In the meanwhile, we ask,
respectfully, that our shareholders and investors maintain a
demeanor of calm and patience notwithstanding frustrations that we
all feel in this challenging time; acting on frustration will not
accelerate our path through this process and may hinder it. We
will not give up and we are committed to seeing this through.
FDA Statement The statements in this document have not been
evaluated or approved by the FDA. The products and statements
referenced in this document are not intended to diagnose, treat,
cure, or prevent any disease.
About SK3 SK3 is a healthcare logistics and fulfillment
consultancy focused on the delivery of alternative care and
medicine. With seasoned management, breakthrough technology and
best practices, SK3 brings standardization and transparency to this
rapidly growing segment of the alternative care field.
Safe Harbor Statement This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements are based on the
current plans and expectations of management and are subject to a
number of uncertainties and risks that could significantly affect
the company's current plans and expectations, as well as future
results of operations and financial condition. A more extensive
listing of risks and factors that may affect the company's business
prospects and cause actual results to differ materially from those
described in the forward-looking statements can be found in the
reports and other documents filed by the company with the
Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: SK3 Group, Inc. investors@medicalgreens.com Investor
Relations
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