Shareholder Question: Up-listing

QUESTION

Over the last few days, several shareholders have asked by what means they will know what progress we are making toward up-listing to OTCQB.

ANSWER

Uplisting requires registration with the SEC.  An attorney has already been engaged to be our counsel for that purpose.  Due diligence materials for this process are being assembled.  Also required is an audit by PCAOB registered accountants for year ending 2010 to establish an opening balance sheet, and then for the two operating years 2011 and 2012, as well as for a stub period (i.e. the interim period from December 31, 2012 to the registration filing date).

Now that the attorney has been identified, we have been speaking with/interviewing candidates for the auditing role.  It is important that the right fit exists because it is not desirable to change auditors casually.  Accordingly, when making such an important choice, it is ideal to establish a professional rapport that works well for all parties concerned, including the attorney.  Cooperation between the auditors and the attorney for the purpose of the registration is ideal.  Also, to what extent are the auditors able to assist with post registration compliance quarterly reviews (timing, work load, internal capacity, cost, etc)?  That is the reason that our most recent Attorney Opinion Letter has been prepared by legal counsel who is most familiar with the company and who will be most closely associated with the registration.
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If things go as planned, then our audit for the years mentioned will take place in the June/July/August period.

We will announce the appointment of the auditors by way of News Release in due course to provide a key milestone in this process.

 

 

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