SAN JOSE, Calif., Oct. 12 /PRNewswire/ -- Notify Technology Corporation (OTC Bulletin Board: NTFY) today announced that its Board of Directors has established an independent committee to explore the possibility of voluntarily ceasing its reporting obligations to the Securities and Exchange Commission, which would result in the delisting of its common stock from the OTC Bulletin Board.
The independent committee will consider a number of factors in evaluating this action including, but not restricted to, the following: the limited trading volume of its shares, the possibility of eliminating the significant costs of compliance with the Securities Exchange Act of 1934, the governance and financial requirements of the Sarbanes-Oxley Act of 2002, and the other costs associated with being a public company.
"In light of the lack of an active trading market for the Company's stock and the Company's intent not to access the public capital markets for its foreseeable financing needs, the advantages of being a public company seem to be outweighed by the significant accounting, legal, competitive and administrative costs associated with the reporting requirements for public companies," said Paul F. DePond, Notify's President and CEO.
The Company's Board of Directors believes that this effort could result in savings to the Company, permit management to focus more completely on the company's business operations, and enable the Company to create more value for its shareholders. The Company expects to reach a final decision about terminating its SEC reporting obligation within the next month and will announce that decision in a press release and any applicable SEC filings.
About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation, (OTC BB: NTFY.OB) is an innovative software company developing mobility products for organizations of all sizes. Notify's wireless solutions provide secure synchronized email and PIM access and management to any size organization on a variety of wireless 2-way devices and networks. Notify sells its wireless products directly and through authorized resellers internationally. The company is headquartered in San Jose, California. The Company is headquartered in San Jose, California. For more information, visit http://www.notifycorp.com or contact 408-777-7920.
Forward-Looking Statements: This press release contains forward-looking statements related to Notify Technology Corporation that involve risks and uncertainties, including, but not limited to, statements regarding the possible delisting of the Company, the qualification to be eligible to delist the Company and the advantages to the Company of delisting. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect Notify Technology's future results, please see the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual events may differ materially from management's expectations.
At Notify Technology Corporation:
Jerry Rice, Chief Financial Officer
SOURCE Notify Technology Corporation