Corfacts, Inc. Plans to DeRegister Its Common Stock and Delist From the OTC Bulletin Board
March 17 2004 - 2:38PM
PR Newswire (US)
Corfacts, Inc. Plans to DeRegister Its Common Stock and Delist From
the OTC Bulletin Board HOWELL, N.J., March 17
/PRNewswire-FirstCall/ -- Corfacts, Inc. (BULLETIN BOARD: CFCC.OB)
announced today that on March 25, 2004 it will file with the
Securities and Exchange Commission a Certification and Notice of
Termination under Section 12(g). That filing will automatically
suspend the Company's obligation to file reports with the
Securities and Exchange Commission. As a result of the filing,
Corfacts' common stock will be delisted from the OTC Bulletin
Board. Market makers will still be able to post quotes for the
shares on the Pink Sheets. Ariel Freud, Corfacts' President,
stated: "We are deregistering our common stock at this time because
the cost of being a reporting company is not justified by any
benefits. We have been unable to gain a significant following in
the market, and so our shares remain very thinly traded. At the
same time, we have been spending large sums of money for the
accounting and legal services needed to maintain our reporting
status. We believe that the money can be better spent on our
business. Our hope is that our shareholders will have at least the
same liquidity on the Pink Sheets as they now have on the
OTCBulletin Board, although that will depend on our market makers.
In the long term, we believe our shareholders will benefit from our
decision to dedicate to the growth of our company the money that we
would otherwise spend on SEC reporting." DATASOURCE: Corfacts, Inc.
CONTACT: Ariel Freud, President of Corfacts, Inc., 1-800-696-7788
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