Northstar Names CPA to audit its completed financial statements, and solidifies its plan to re-list on the OTCBB
HOLBROOK, N.Y., May 22, 2013 /PRNewswire/ -- Northstar Global Business Services, Inc. Symbol (OTCPink: MDIN), today announced that it has hired the firm, John Scrudato, CPA, to audit the company's 2011 and 2012 financials in preparation of becoming a fully reporting company once more. By becoming current in its reporting to the SEC, Northstar will then likely be up-listed to the OTCQB market tier, and immediately file for re-listing on the OTCBB exchange, which has a much higher level of scrutiny and protection for shareholders.
A move back to the OTCBB will bring with it, much tighter institutional trading rules, cutting down on possibilities of Market Maker manipulation, as well as requiring audited financial statements, thus creating a much higher level of trust between the company and its shareholders. Typically, listing on the OTCBB also brings with it higher levels of liquidity, and even higher share prices in many cases where a company is grossly undervalued. Northstar's CEO, Nick Chieco commented, "We just want our share price to represent our real value as a company, and not be based on trading in an arena with very few rules in that area. I am committed to reinforcing trust between the company and its shareholders, and I am committed to increasing shareholder value and return on investment, especially for those shareholders who stuck with us through these past months."
Another development shareholders will be happy about, and one that is perhaps even more exciting than the progress towards audited financials, is that the company has come closer than ever to having it's DTCC chill order removed. A DTCC "Chill order" is a trading restriction meant to protect shareholders, but often discourages many brokers from allowing purchase of a specific security at all. In 2010 the DTCC placed a Chill order on Northstar due to a large amount of issuances back in 2008. Early last week, independent counsel hired by Northstar, sent out a legal opinion, upon request of the DTCC itself, verifying the legality of those share issuances. Both the company and the independent counsel feel that this request can only mean one thing, that upon receipt and processing of the opinion, the DTCC will finally approve the removal of the Chill order which has been severely limiting shareholder's ability to invest in Northstar up until now. "This will likely have a major impact on our securities, and how they trade." Said Mr. Chieco, "Since our re-launch of the products, I have received thousands of emails by individual investors who would like to buy shares of MDIN, but couldn't because they currently use brokers who will not trade stocks that have chill orders placed on them by the DTCC. I often have to direct them to a firm that does, but having the chill removed should really open this up to everybody, and that is very exciting."
The company also wants to take this time to let shareholders know that worldwide interest in the company's products have sparked talks with distributors and retail stores around the globe making it more and more likely that the company's product line will be widely available in foreign as well as domestic, brick and mortar, retail stores as the year progresses. Currently, the "big box" retail chains that have already ordered product, are systematically rolling it out to shelves and everyone should start seeing Northstar's all-natural, safe, and inexpensive alternative healthcare products in their favorite retail store very soon. Lastly the company adds that demand for the products by consumers has been overwhelming, increasing daily, and although retail sales stats have not yet been collected long enough to be very accurate, based on direct sales numbers almost doubling monthly, for the past four months, the company concludes that all three of the company's current products will very likely prove to be top sellers for those retailers that do carry the product.
Northstar Global Business Services is dedicated to producing the best alternative healthcare products. The most popular products Northstar's sells are Snorenz©, a patented spray for snoring relief, Stem-Intense, a unique stem cell replacement therapy supplement, and Health-Enrich for pets, an exciting new supplement that promotes pet health and can help relieve many problems experienced by aging pets. Most of the company's products use a proprietary or patented formula, spray delivery system, or ingredients, and have received very positive consumer reviews all over the world, selling millions of units from 1996 to the present. For more information please call Jennifer at 877-571-4387 or email email@example.com
About John Scrudato, CPA
John Scrudato CPA - in his capacity over the last twenty five years as managing partner of John Scrudato CPA., has managed and supervised the Company's business accounting, audits, Edgar financial oversight, and is an invaluable resource for all public accounting issues. This accounting professional is a registered agent with the PCAOB and audits publicly traded companies through their oversight policies.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
SOURCE Northstar Global Business Services, Inc.
More by this Source
Northstar announces increase in online sales of almost four hundred percent this quarter
Sep 16, 2013, 10:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.