BioForce Nanosciences Voluntarily Files Form 15 to Suspend SEC Reporting Obligations
April 14 2009 - 4:45PM
Marketwired
BioForce Nanosciences Holdings, Inc. (OTCBB: BFNH), a producer of
products and solutions for academic and commercial users based upon
its ultra-micro to nano scale fluid deposition platform, filed
paperwork today with the Securities and Exchange Commission (SEC)
to terminate the Company's registration under the Securities
Exchange Act of 1934, as amended. As a result, the Company's
obligation to file periodic and current reports with the SEC,
including Forms 10-K, 10-Q and 8-K, has been suspended.
Kerry Frey, President and Chief Executive Officer of BioForce,
said, "We engaged in a thorough analysis of the benefits and costs
associated with remaining a small reporting company. Factors
considered included the onerous costs of compliance required by the
Sarbanes-Oxley Act of 2002, the ongoing burden associated with the
preparation and filing of periodic and current reports with the
SEC, and the substantial diversion of management's time and efforts
from the tasks required to grow the Company's business. Our
conclusion was that in this environment we could no longer justify
the estimated $200,000 of annual costs of SEC reporting and
Sarbanes-Oxley compliance, and that those funds are better spent on
value creating activities such as sales, marketing and product
development."
Greg Brown, Executive Vice President and Chief Financial Officer
of BioForce, said, "BioForce is not going private or 'going dark.'
While no longer required by the SEC after deregistering, we plan to
continue to provide quarterly and annual updates, and other
information regarding the Company's performance to its shareholders
via the Pink Sheets' OTC News and Disclosure Service as well as
through our e-mail database and website. In addition, the Company
anticipates that trading will continue in the Company's common
stock on the Pink Sheets under the same symbol of 'BFNH.'"
For further information about this release please contact Greg
Brown, Chief Financial Officer of BioForce at (515) 233-8333 ext.
118, or Rich Kaiser, Investor Relations at (800) 631-8127.
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences produces products and solutions for
academic and commercial users based upon its ultra-micro to nano
scale fluid deposition platform. BioForce's flagship product, the
Nano eNabler(TM) molecular printer, gives the Company and its
customers a platform for development and discovery by printing tiny
domains of biological materials on surfaces with nanometer spatial
precision. BioForce technology is being used in areas such as
biosensor functionalization; patterning and cell adhesion; and the
printing of proteins to direct stem cell differentiation. For more
information, visit www.bioforcenano.com or call 515-233-8333.
This news release contains forward-looking information that may
be affected by certain risks and uncertainties, including those
risks and uncertainties described in BioForce Nanosciences' most
recent filings with the Securities and Exchange Commission.
BioForce Nanosciences' actual results could differ materially from
such forward-looking statements. BioForce assumes no duty to update
these statements at any future date.
Contacts: Company Contact Gregory D. Brown Chief Financial
Officer 515-233-8333 ext# 118 Email Contact Investor Relations Yes
International Rich Kaiser 800-631-8127
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