Lightscape Technologies Inc. Announces Voluntary Filing of Form 15 to Remove Its Quotation on the OTC Bulletin Board
September 07 2010 - 12:40PM
Marketwired
Lightscape Technologies Inc. (PINKSHEETS: LTSC) today announced
that it has voluntarily filed a Form 15 with the Securities and
Exchange Commission (the "SEC") to remove its quotation on the OTC
Bulletin Board. However, the Company's common stocks continue to be
quoted and tradable on Pink Sheets. This trading venue will relieve
the Company from very costly mandatory reporting requirements of
the SEC. Upon the filing of Form 15, the Company's obligation to
file annual, quarterly and current reports including Forms 10-K,
10-Q and 8-K, respectively, was immediately suspended. Relief from
the reporting requirements will save the company substantial amount
of management time and will substantially reduce professional fees
on a quarterly and annual basis. The Company expects the
deregistration of its common stock will become effective 90 days
after the date of filing of Form 15 on August 23, 2010 with the
SEC.
The Board had considered many factors in making this decision,
including the followings:
- The high cost associated with preparing and filing periodic
reports and other filings with the SEC;
- The demands placed on management to comply with SEC reporting
obligations, which detract them from the time available for
overseeing the Company's operation and growth;
- Ever since the global financial crisis and slow down of the US
economy, the many typical advantages of being a public company are
not currently available to the Company, including access to
capital, trading liquidity and share price stability.
Bondy Tan, Chief Executive Officer, said, "After careful
consideration of its cost and benefit, the Board of Directors had
made such necessary decision, and believed it is in the best
interest of Company. The significant management time and financial
resources could be re-directed to improving and growing the
Company's business, This action will allow us to focus our
attention and resources on implementing business strategy and
improvement work that helps building long-term enterprise value to
the benefit of the Company and our shareholders."
About Lightscape Technologies Lightscape
Technologies Inc. (PINKSHEETS: LTSC) is a leading digital media and
LED solutions company in Asia. Lightscape is building a digital
out-of-home media network in China focused on LED billboards and
LCD screens in prime locations. The Company also designs, markets,
sells and installs LED systems and provides LED screen rentals.
Lightscape is headquartered in Hong Kong, and the Company has
offices in China and Macau. For additional information, please
visit www.lightscapetech.com.hk.
Cautionary Disclaimer -- Forward-Looking
Statements This news release contains "forward-looking
statements," as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended, and Section 21E of the
United States Securities Exchange Act of 1934, as amended. Such
forward-looking statements include, among others, the estimation,
expectation and/or claim, as applicable. Actual results could
differ from those projected in any forward-looking statements due
to a variety of risks, uncertainties and other factors. These
forward-looking statements are made as of the date of this news
release and the Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although the Company believes that the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans,
expectations, or intentions will prove to be accurate. Investors
should consider all of the information set forth herein and should
also refer to the risk factors disclosed in the Company's periodic
reports filed from time-to-time with the Securities and Exchange
Commission and available at www.sec.gov.
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