FERNDALE, Wash., Feb. 22, 2011 /PRNewswire/ -- Brookmount
Explorations, Inc. (OTC Bulletin Board: BMXI; B6T Frankfurt), a mining exploration stage
company, announced today that it intends to file Form 15 with the
Securities and Exchange Commission (SEC) on Tuesday, February 22, 2011, to deregister its
common stock and suspend its reporting obligations under the
Securities Exchange Act of 1934, as amended. The company expects
deregistration to be effective immediately after the filing with
the SEC.
The Board of Directors, observing a trend for many companies
recently, unanimously voted in favor of filing the Form 15 after
extensive discussion regarding the increasing costs associated with
continued compliance with being a reporting company, particularly
under the Sarbanes-Oxley Act of 2002. The Board feels that as a
non-reporting entity, the company will be better able to maximize
its resources in terms of both the financial savings and the
management time that will be made available as a result of becoming
non-reporting. As with most Market Makers, our last remaining
Market Maker has recently migrated to the Pink Sheets from FINRA's
Bulletin Board and Brookmount was informed on February 18, 2011 that the Company's securities
are no longer being quoted on FINRA's BB.
Upon filing of the Form 15, the company's obligation to file
certain reports and forms with the SEC, including Forms 10-K, 10-Q
and 8-K, will cease immediately. Additionally, the company's shares
will no longer be listed on FINRA's Bulletin Board. The company
expects its Common shares will trade on the Pink Sheets. The "Pink
Sheets" is a centralized quotation service that collects and
publishes market maker quotes in real time, primarily through its
website, which provides stock and bond price quotes, financial news
and information about securities traded.
Brookmount will be filing their financial statements, which will
be prepared by an independent accounting firm, with the Pink Sheets
on a regular basis. All news will be posted by way of timely news
releases to keep shareholders fully updated.
Except for historical information contained herein, the matters
set forth in this news release are forward-looking statements that
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements.
SOURCE Brookmount Explorations, Inc.