SystemOne Technologies Files Notice of Deregistration of Its Securities
February 14 2005 - 5:18PM
PR Newswire (US)
SystemOne Technologies Files Notice of Deregistration of Its
Securities MIAMI, Feb. 14 /PRNewswire-FirstCall/ -- SystemOne
Technologies Inc. (OTC:STEK) (BULLETIN BOARD: STEK) today announced
it filed a Form 15 with the United States Securities and Exchange
Commission, voluntarily deregistering its securities and suspending
its duty to file reports under Section 13 and 15(d) of the
Securities Exchange Act of 1934, as amended. Any publicly traded
company with fewer than 300 holders of record of its common stock
is eligible to take this action. SystemOne expects the
deregistration to become effective within 90 days of the filing of
the Form 15. As a result of the Form 15 filing, SystemOne's
obligations to file certain reports and forms with the SEC,
including Forms 10-KSB, 10-QSB and 8-K, will be suspended as of the
date of the actual filing of the Form 15 and will cease as of the
date the filing becomes effective. As a result of deregistering
with the SEC, SystemOne's common stock will no longer be eligible
for trading on the Over-the-Counter Bulletin Board. SystemOne's
securities may be traded over the counter on the Pink Sheets, but
SystemOne can make no assurance that any broker will make a market
in SystemOne's common stock. The "Pink Sheets" is a centralized
quotation service that collects and publishes market maker quotes
in real time, primarily through its web site,
http://www.pinksheets.com/ . Additionally, SystemOne intends to
continue to provide annual financial statements to its shareholders
in accordance with Florida law and presently intends to report its
quarterly and annual financial results on the Pink Sheets web site
under SystemOne's ticker symbol. Commenting on the announcement,
Paul I. Mansur, Chief Executive Officer of SystemOne, said, "It is
becoming increasingly expensive to be a public company. We have
made a careful consideration of the advantages and disadvantages of
continuing registration and the high costs and demands on
management time arising from compliance with SEC, the
Sarbanes-Oxley Act and NASD requirements. We believe that this is
an unnecessary burden for a small company like ours. Deregistering
will significantly benefit SystemOne by reducing expenses and
avoiding even higher future expenses. We believe that our long-term
success can be better influenced by spending our cash and time on
those items that more directly drive our business." Founded in
1990, SystemOne designs, manufactures, sells and supports a full
range of self-contained recycling industrial parts washing products
for use in the automotive, aviation, marine and general industrial
markets. The Company has been awarded eleven patents for its
products, which incorporate environmentally friendly, proprietary
resource recovery and waste minimization technologies. The Company
is headquartered in Miami, Florida. This press release contains
forward-looking statements regarding future events and the future
performance of SystemOne that involves risks and uncertainties that
could cause actual events to differ. Such uncertainties include the
ability to enter into satisfactory arrangements with distributors
and other resellers of SystemOne's parts washers; the ability of
SystemOne and any such distributors to penetrate the market for
parts washers and to offer the SystemOne parts washers on
commercial terms and prices that will be attractive to customers;
and the sufficiency of SystemOne's financial resources to fund the
Company's operations pending the development of sources of revenue
that will be sufficient to sustain SystemOne's operations. Any
failure to obtain new distributors in a timely manner could have a
material adverse effect on SystemOne's results of operations, cash
flows and financial condition. We refer you to the documents that
SystemOne Technologies files from time to time with the Securities
and Exchange Commission, which contain important factors that could
cause its results to differ from its current expectations. For
further information, contact SystemOne CEO Paul I. Mansur at (305)
593-8015. Detailed information about SystemOne can be found on the
company's website ( http://www.systemonetechnologies.com/ ) or by
viewing the Company's Annual Report on Form 10-KSB filed with the
Securities and Exchange Commission. DATASOURCE: SystemOne
Technologies Inc. CONTACT: Paul I. Mansur, SystemOne CEO,
+1-305-593-8015 Web site: http://www.systemonetechnologies.com/
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