ComCam Board Votes to Withdraw Election to Operate as a Business Development Company
December 21 2006 - 8:08AM
PR Newswire (US)
WEST CHESTER, Pa., Dec. 21 /PRNewswire-FirstCall/ -- ComCam, Inc.
(OTC:CMCA) (BULLETIN BOARD: CMCA) today announced the unanimous
decision of its board of directors to seek shareholder approval to
withdraw ComCam's election to be treated as a Business Development
Company ("BDC") pursuant to Section 54 of the Investment Company
Act of 1940 (the "Act"). On January 10, 2005, ComCam, Inc. elected
to be regulated as a BDC as outlined in the Investment Company Act
of 1940. A BDC is a publicly registered closed-end investment
company that is regulated under the Investment Act to provide
capital to small developing businesses in the United States. A BDC
is required either to control the businesses or make available
significant managerial assistance. A BDC is not intended to be a
passive investment vehicle. Investments made by a BDC are
restricted to qualifying assets with at least seventy percent (70%)
of a BDC's assets required to be securities of private or thinly
traded U.S. public companies. The decision to withdraw ComCam's BDC
election was based on the following factors: (i) the Company has
not, since electing to be a BDC, managed to conduct its operations
in a manner compliant with the regulations governing BDCs, and (ii)
ComCam has recently received correspondence from the Securities and
Exchange Commission that cited several areas of non-compliance
asking that ComCam correct the compliance infractions and file a
response. According to ComCam Chairman and CEO, Don Gilbreath, "The
BDC as a capital formation and management company was unable to
secure suitable finance to execute its plan of incubation and
acquisition of promising ventures. The decision to withdraw
ComCam's election as a BDC will not affect the operations of ComCam
International, Inc., our wholly owned subsidiary which develops
network video technology, products and solutions." Forward-Looking
Statements: A number of statements contained in this press release
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended. A safe-harbor provision may
not be applicable to the forward-looking statements made in this
press release because of certain exclusions under Section 27A(b).
These forward-looking statements involve a number of risks and
uncertainties, including the sufficiency of existing capital
resources, uncertainties related to ComCam's products and
technology, and the ability to secure additional sources of
financing. The actual results that ComCam may achieve could differ
materially from any forward-looking statements due to such risks
and uncertainties. ComCam encourages the public to read the
information provided here in conjunction with its most recent
filings on Form 10-KSB, Form 10-QSB and 8K which details the recent
SEC compliance issues. ComCam's public filings may be viewed at
http://www.sec.gov/. Contact: David Rosen V.P., Corporate
Development ComCam, Inc. Tel. 610.436.8089 http://www.comcam.net/
This release was issued through eReleases(TM). For more
information, visit http://www.ereleases.com/. DATASOURCE: ComCam,
Inc. CONTACT: David Rosen, V.P., Corporate Development, ComCam
Inc., +1-610-436-8089, Web site: http://www.comcam.net/
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