TRX Announces Voluntary Suspension Of SEC Reporting Obligations
ATLANTA, Jan. 9, 2013 /PRNewswire/ -- TRX, Inc. (www.trx.com) (OTCQB: TRXI), a global leader in travel data and technology, today announced that it has filed a Form 15 with the United States Securities and Exchange Commission ("SEC") to voluntarily suspend the company's SEC reporting obligations.
Upon the filing of the Form 15, the company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended.
TRX expects the registration of its common stock will be terminated 90 days after such filing, in accordance with SEC regulations. Upon termination of the registration of its common stock, the company's securities will not be eligible for trading on any national exchange or the OTC Bulletin Board; however, the company's securities may be eligible for quotation on the Pink Sheets by broker dealers.
"The Company's board of directors approved the filing of the Form 15 after careful consideration of the recent changes arising out of the JOBS Act and the advantages and disadvantages of continuing its SEC reporting obligations," said TRX President & Chief Executive Officer David Cathcart. "This is a positive change for TRX. Suspending the SEC reporting obligations will allow the Company to eliminate the substantial expenses associated with SEC reporting and compliance, and reinvest those resources elsewhere in the business. It will also enable management to focus more of its time and effort driving business performance and enhancing shareholder value. We will continue to focus on strengthening our industry leading products and delivering exceptional value to our customers in 2013 and beyond."
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or in releases made by the Securities and Exchange Commission, all as may be amended from time to time. Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the PSLRA. Any such forward-looking statements reflect our beliefs and assumptions and are based on information currently available to us and are subject to risks and uncertainties that could cause actual results to differ materially, including but not limited to, the loss of key clients, volatility in the number of transactions we service, failure or interruptions of our software, hardware and other systems, industry declines, competitive pressures and other risks, including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended 31 December 2013 .
Forward-looking statements are predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. TRX, Inc. cautions investors that any forward-looking statements we make are not guarantees or indicative of future performance.
ABOUT TRX, Inc.
TRX, Inc. (OTCQB: TRXI) is a global leader in data, software and solutions, primarily in the travel industry. TRX solutions help the world's top travel agencies, governments and corporations save money and increase efficiency. TRX technology adds visibility and value to travel programs through data intelligence, process automation, outsourcing, and a host of related software and mobile solutions. For more information on TRX products and services, visit www.trx.com or call +1 (404) 929-6100 .
SOURCE TRX, Inc.