FERNDALE, Wash., Feb. 22, 2011 /PRNewswire/ -- Brookmount Explorations, Inc. (OTC Bulletin Board: BMXI; B6T Frankfurt), a mining exploration stage company, announced today that it intends to file Form 15 with the Securities and Exchange Commission (SEC) on Tuesday, February 22, 2011, to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. The company expects deregistration to be effective immediately after the filing with the SEC.
The Board of Directors, observing a trend for many companies recently, unanimously voted in favor of filing the Form 15 after extensive discussion regarding the increasing costs associated with continued compliance with being a reporting company, particularly under the Sarbanes-Oxley Act of 2002. The Board feels that as a non-reporting entity, the company will be better able to maximize its resources in terms of both the financial savings and the management time that will be made available as a result of becoming non-reporting. As with most Market Makers, our last remaining Market Maker has recently migrated to the Pink Sheets from FINRA's Bulletin Board and Brookmount was informed on February 18, 2011 that the Company's securities are no longer being quoted on FINRA's BB.
Upon filing of the Form 15, the company's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will cease immediately. Additionally, the company's shares will no longer be listed on FINRA's Bulletin Board. The company expects its Common shares will trade on the Pink Sheets. The "Pink Sheets" is a centralized quotation service that collects and publishes market maker quotes in real time, primarily through its website, which provides stock and bond price quotes, financial news and information about securities traded.
Brookmount will be filing their financial statements, which will be prepared by an independent accounting firm, with the Pink Sheets on a regular basis. All news will be posted by way of timely news releases to keep shareholders fully updated.
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
SOURCE Brookmount Explorations, Inc.