Sunpeaks Ventures Responds to Notification Letter from FINRA
SILVER SPRING, Md., Oct. 4, 2012 /PRNewswire/ -- On October 4, 2012, Sunpeaks Ventures, Inc. (OTCBB: SNPK) (PINKSHEETS: SNPK) (the "Company" or "Sunpeaks Ventures") received a letter from the Financial Industry Regulatory Authority ("FINRA") dated October 2, 2012 titled "OTCBB Delinquency Notification" ("Notice") mistakenly informing the Company that it is delinquent with respect to filing its Annual Report on Form 10-K ("Form 10-K"). The Notice referenced the period end date for the Form 10-K of June 30, 2012 and a filing due date of September 28, 2012. The Notice further indicated that the Company did file timely, in compliance with applicable FINRA and Securities and Exchange Commission ("SEC") rules, its Form 10-Q for the period ended March 31, 2012. In connection with the Notice, FINRA appended an "E" to the Company's ticker symbol.
Upon receipt of the Notice, the Company immediately contacted FINRA and informed FINRA that the Notice was in error because the Company had changed its fiscal year-end from June 30 to December 31. Specifically, Section 5.03 of the Company's Current Report on Form 8-K/A filed on July 27, 2012 with the SEC disclosed that Sunpeaks Ventures changed its fiscal year end from June 30 to December 31. Section 5.03, titled "Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year End", reports, in relevant part, that the Company "changed our year from June 30 to December 31, the same fiscal year end as HDS." As a result, instead of an obligation to file a Form 10-K for the period ended June 30, 2012, SEC regulations required that the Company file a Form 10-Q. The Company did, in fact, timely file its Form 10-Q for the period ended June 30, 2012.
The Notice and the addition of the "E" to the Company's ticker symbol were apparently in error. Based on communications with FINRA, the Company anticipates that FINRA will remove the "E" on or before Monday, October 8. The Company, directly and through its counsel, is working with FINRA to correct the error and the removal of the character appended to its symbol.
Sunpeaks Ventures, Inc. and its wholly owned subsidiary Healthcare Distribution Specialists, LLC ("HDS"), is distributor of specialty drugs and over-the-counter ("OTC") branded multivitamins to the healthcare provider market. HDS also owns and markets Clotamin®, a specialized over-the-counter multivitamin product designed for use by patients also on Warfarin®, a popular blood thinner that has a long list of known adverse drug and food interactions.
For additional information, please visit www.sunpeaksventures.com.
Contact: Financial Insights 888-248-8491 or firstname.lastname@example.org
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Sunpeaks Ventures' actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Sunpeaks Ventures' filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Sunpeaks Ventures herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Sunpeaks Ventures disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
SOURCE Sunpeaks Ventures, Inc.