IRVINE, Calif., Feb. 8, 2016 /PRNewswire/ -- DecisionPoint™ Systems, Inc. (OTC: DPSI and DPSIP), today announced that it has appointed Irvine, CA-based Haskell & White LLP to be its independent auditor, a step intended to reduce and control expenses and yet provide an effective degree of oversight of its financial statements. The Company also announced it has filed Form 15 with the Securities and Exchange Commission (SEC) in order to effect a termination of registration of its common stock under the Securities and Exchange Act of 1934.
Upon the filing of Form 15, the Company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, were immediately suspended. The Company may elect to become a reporting company again in the future.
The Company intends to continue reporting its audited annual financial results in press releases and on its website, and to report to its shareholders in accordance with Delaware law and the Company's bylaws.
The Company anticipates that having filed Form 15, its common and preferred stock will be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the shares. However, DecisionPoint cannot guarantee that trading in its common stock will continue in the Pink Sheets or in any other form. Information about the Pink Sheets can be accessed via the Internet at www.pinksheets.com.
DecisionPoint has decided to voluntarily deregister its common stock because its shares are currently held by fewer than 300 record holders and are thinly traded. Deregistering will permit the Company to reduce expenses associated with compliance efforts as well as avoiding increased professional fees and other administrative costs that will be required to comply with rules and regulations. The Company does not believe the benefits of having its common stock registered outweigh the costs, and it believes that deregistering will enable management to negotiate more effectively with those parties who have expressed interest in helping to strengthen and recapitalize the Company, concentrating on its core competencies and divesting non-core operations.
In deciding to voluntarily deregister the common stock, the Board of Directors considered several factors, including the following:
- The trading price of DecisionPoint common and preferred stock.
- The fact that both issues are very thinly traded, in part due to the limited number of holders and minimal trading interest in the common stock.
- The costs, both direct and indirect, associated with the preparation and filing of periodic reports with the SEC and other public company costs of compliance with currently applicable provisions of US securities laws, including the Sarbanes-Oxley Act of 2002.
About Haskell & White LLP
Haskell & White LLP is one of the largest independently owned accounting, auditing and tax consulting firms in Southern California, advising public and private middle-market companies. With locations in Irvine and San Diego, Haskell & White combines the expansive services, knowledge, experience and reach of national and international accounting firms with the personal attention, responsiveness and value of a local organization. Haskell & White works with companies in a broad range of industries, including real estate, life science, technology, manufacturing/distribution, retail and not-for-profit. The firm frequently advises SEC registrants and consults on merger and acquisition transactions.
About DecisionPoint™ Systems, Inc.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. They do this by making enterprise software applications accessible to the front-line worker anytime, anywhere. DecisionPoint utilizes all the latest wireless, mobility, and IoT technologies. For more information about DecisionPoint Systems, Inc., visit www.decisionpt.com.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievements in the future to differ materially from forecasted results, performance, and achievements. Known risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to its forward-looking statements to reflect events or circumstances after the date hereof, including without limitation unanticipated events or changes in the Company's plans or expectations, except as may be required by law.
DecisionPoint™ Systems, Inc.
Chief Financial Officer
Rudy Barrio (investors)
SOURCE DecisionPoint Systems, Inc.