Bresler & Reiner, Inc. (BRER) Announces Decision to Voluntarily Deregister Its Common Stock
June 12 2008 - 5:59PM
PR Newswire (US)
ROCKVILLE, Md., June 12 /PRNewswire-FirstCall/ -- Bresler &
Reiner, Inc. today announced that it intends to voluntarily
deregister its common stock and suspend its reporting obligations
under the Securities and Exchange Act of 1934 by filing a Form 15
with the Securities and Exchange Commission on June 25, 2008. It is
eligible to voluntarily deregister because it has fewer than 300
shareholders of record. Upon the filing of the Form 15, the
Company's obligation to file certain reports with the Securities
and Exchange Commission, including Forms 10-K, Form 10-Q and Form
8-K, will immediately be suspended. The Company expects the
deregistration to be effective within 90 days after the date of
filing the Form 15 with the Securities and Exchange Commission. The
Company anticipates that its common stock will no longer be quoted
on the Over-the Counter Bulletin Board and expects that following
deregistration with the Securities and Exchange Commission, its
common stock will be quoted on the Pink Sheets(C), an electronic
quotation service for over-the counter securities. The Pink
Sheets(C) is a provider of pricing and financial information for
the over-the counter securities markets. It is a centralized
quotation service that collects and publishes market maker quotes
in real time primarily through its website,
http://www.pinksheets.com/. The Company intends to provide
financial information to the public sufficient for brokers who wish
to be market makers to quote the Company's common stock on the Pink
Sheets(C), but the Company can give no assurances that any broker
will make a market in the Company's common stock. Sidney M.
Bresler, the President and CEO of the Company stated that: "The
Company's Board of Directors decided to take this action because it
believes the burdens associated with operating as a registered
public company currently outweigh any advantage to the Company and
its stockholders. Among the factors that the Board considered were
the costs of preparing and filing periodic reports with the
Securities and Exchange Commission; the elimination of the
substantial legal, audit and other costs associated with being a
reporting company including the substantial increase in costs
associated with the requirements of the Sarbanes-Oxley Act of 2002
and the related Securities and Exchange Commission rules; the
limited nature and extent of current trading in the Company's
common stock; and the lack of analysis' coverage and minimal
liquidity for the Company's common stock Many small public
companies are choosing to deregister because of these same
concerns." The Company will continue to issue press releases and
make news announcements of important events and post them on the
Company's website. In addition, the Company will make quarterly and
yearly financial statements available on a timely basis and post
them on the Company's website. The Company will continue to issue
proxy statements, conduct quarterly board meetings, hold annual
shareholder meetings, including the election of directors and its
annual results will be audited and certified by a reputable
certified public accounting firm. About the Company Bresler &
Reiner, Inc. owns and develops land and residential, commercial and
hospitality properties, principally in the Philadelphia,
Pennsylvania; Houston, Texas; Washington, D.C.; Wilmington,
Delaware; Baltimore, Maryland; Maryland and Delaware Eastern Shore;
and Orlando and Tampa, Florida metropolitan areas. This press
release may contain forward-looking statements that are based on
current estimates, expectations, forecasts and projections about
us, our future performance, the industry in which we operate our
beliefs, and management's assumptions. In addition, other written
or oral statements that constitute forward-looking statements may
be made by or on behalf of us. Words such as "expects",
"anticipates", "targets", "goals", "projects", "intends", "plans",
"believes", "seeks", "estimates", or "would be", and variations of
such words and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward- looking statements. These risks and
uncertainties include: our ability to compete effectively; our
exposure to credit risks of our tenants; our ability to recruit and
retain key personnel; adverse changes in the local or general
economy and market conditions; our ability to obtain necessary
governmental permits and approvals; our ability to complete
development projects in a timely manner and within budget; our
ability to secure tenants for our projects and properties; our
ability to sustain occupancy levels at our properties through
keeping existing tenants and securing new ones; our ability to
secure tenants for the residential and commercial properties we
develop; changes in the interest rate environment which will affect
our ability to obtain mortgage financing on acceptable terms;
future litigation; and changes in environmental health and safety
laws. DATASOURCE: Bresler & Reiner, Inc. CONTACT: Sidney M.
Bresler, CEO, Bresler & Reiner, Inc., +1-301-945-4300
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