CVF Technologies Corporation Announces Plans to Voluntarily File for Deregistration With SEC
June 30 2008 - 5:11PM
PR Newswire (US)
WILLIAMSVILLE, N.Y., June 30 /PRNewswire-FirstCall/ -- CVF
Technologies Corporation (CVF) (OTC:CNVT) (BULLETIN BOARD: CNVT)
announced today that it intends to voluntarily deregister its
common stock as of today, June 30, 2008. CVF intends to suspend its
reporting obligations under the Securities Exchange Act of 1934 by
filing a Form 15 with the Securities and Exchange Commission. Upon
filing of the Form 15, CVF's obligation to file certain reports
with the SEC, including Form 10-K, 10-Q, and 8-K, will immediately
be suspended. CVF expects that the deregistration of its common
stock will become effective 90 days after the date of filing the
Form 15 with the SEC. 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 SEC, its common
stock will be quoted on the Pink Sheets(R), an electronic quotation
service for over-the-counter securities. The Pink Sheets 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 expects to provide sufficient information for market makers
to be able to quote the Company's common stock on the Pink Sheets,
but the Company can give no assurances that any broker will make a
market in the Company's common stock. It should be noted that CVF
has already been dual-quoted on the Pink Sheets for several years
along with the OTC Bulletin Board. CVF made this decision based on
several factors, including the high costs of preparing and filing
periodic reports with the SEC, relative to CVF's size. This cost
saving will result from the elimination of the substantial legal,
audit and other costs associated with being a reporting company. As
a result of these high costs, many small public companies are
choosing to deregister because of these same concerns. Other
reasons for the deregistering include the limited nature and extent
of current trading in the Company's common stock; and the lack of
analysts' coverage. CVF determined that the increasing financial
cost and commitment of management's time to ongoing SEC reporting
and complying with the many new regulations that have been adopted
is not justified in CVF's current situation. CVF believes that by
freeing up these resources CVF will create more value for our
shareholders by allowing us to better execute tactical and
strategic plans and improve our long term financial strength.
Certain statements made in this press release which are not
historical facts are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that these statements involve risks and uncertainties,
which may cause actual results or achievements to be materially
different from any future results and achievements expressed or
implied by the forward-looking statements. These risks include, but
are not limited to, product demand and market acceptance risks for
the products and technologies of CVF's subsidiary companies and
investees; the impact of competitive products, technologies and
pricing; delays or difficulties in developing, producing, testing
and selling new products and technologies; the ability of the
company's subsidiaries and investees to obtain necessary financing
for their operations and to consummate initial public offerings of
their stock; the effect of the Company's accounting policies; the
effect of trade restrictions and other risks detailed in the
company's Statement on Form 10-SB/A filed with the U.S. Securities
and Exchange Commission and any subsequent filings with the
Commission. DATASOURCE: CVF Technologies Corporation CONTACT:
Robert L. Miller, Chief Financial Officer, or Jeffrey Dreben,
President & CEO, both of CVF Technologies Corporation,
+1-716-565-4711 Web site: http://www.cvfcorp.com/
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