IRVING, Texas, Dec. 18, 2015 /PRNewswire/ -- The Board of Directors of Homeowners of America Holding Corporation (the "Company") has approved terminating the registration of the Company's common stock under the Securities Exchange Act of 1934, as amended. The Company is eligible to suspend its reporting obligations because it has fewer than 300 stockholders of record. The Company intends to file a Form 15 with the Securities and Exchange Commission to effect this termination on or about January 18, 2016.
The Company is currently in compliance with all of its reporting obligations. The Company's Board of Directors concluded that the costs of compliance, the demands of management's time and the Company's resources required to continue its SEC reporting obligations were significantly greater than the benefits received by the Company and its stockholders from being an SEC reporting company.
After filing 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 suspended. The Company anticipates that the de-registration of its common stock will become effective 90 days after the filing of the Form 15.
Headquartered in Irving, Texas, Homeowners of America is primarily a Texas-based property and casualty insurance company that specializes in residential property coverage for homeowners and real estate investors. Homeowners of America conducts its operations through its subsidiaries Homeowners of America Insurance Company ("HAIC") and Homeowners of America, MGA, Inc. ("MGA"). HAIC, formed in 2006 and domiciled in Texas, is licensed in multiple states and authorized to write various lines of property and casualty insurance. The MGA was formed in 2010 and provides marketing and claims administration services.
Forward Looking Statements
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "anticipate," "expect," "estimate," or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Homeowners of America's plans and performance. These statements are based on management's estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management's views and expectations, the Company's growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements as the result of risks, uncertainties and other factors including the factors set forth in the Company's filings with the Securities and Exchange Commission, including Homeowners of America's Annual Report on Form 10-K for the year ended December 31, 2014. Homeowners of America cautions you not to place undue reliance on the forward-looking statements contained in this release. Homeowners of America does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
SOURCE Homeowners of America Holding Corporation