VANCOUVER, Aug. 16, 2011 /PRNewswire/ - Voice Mobility International Inc. (the "Company") today announced its Board of Directors unanimously approved the voluntary termination of the registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934 (the "1934 Act"), as amended. In accordance with the resolutions adopted by its Board of Directors, the Company filed a Certification and Notice of Termination of Registration on Form 15 (the "Form 15") with the Securities and Exchange Commission ("SEC") to effect this termination. The Company is eligible to deregister its common stock as it had fewer than 300 holders of record of its common stock.
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, was immediately suspended. The SEC has 90 days to determine if the deregistration of the Company's common stock is effective. The Company will continue to trade on the NEX board of the TSX Venture Exchange ("NEX") under the symbol "VMY.H".
While no longer required by the SEC after deregistering, the Company will be required to provide quarterly, annual and other information regarding the Company's performance to its shareholders in connection with the Company's reporting obligations with NEX and Canadian securities commissions.
In reaching its decision, the Board of Directors of the Company evaluated the advantages and disadvantages of continuing to operate as a reporting company under the 1934 Act in light of such factors as the costs and expenses of compliance with the Sarbanes-Oxley Act of 2002, the ongoing burden associated with the preparation and filing of periodic and current reports with the SEC, including the added expense of filing its financial statements in XBRL format, and the substantial diversion of management's time and efforts from the tasks required to grow the Company's business and shareholder value.
Jay Hutton, Chairman and CEO of Voice Mobility said, "Our focus is to continue to re-structure the company so that we are better able to take advantage of unique growth and acquisition opportunities. We view this step as a temporary measure to relieve the Company of the expense of US reporting."
About Voice Mobility
Voice Mobility develops and markets its unified communications product line to enterprise, campus and hosted customers. Our product line includes highly scalable Voicemail, Unified Communication, Fax Service, Interactive Voice Response, and Auto-Attendant applications, as well as unique features like Emergency Event Notification, Mobile Client functionality, Presence, Speech applications and Desktop integration with industry leading software providers. Migration options are available allowing the transfer of messages and data from legacy OCTel® messaging servers. For more information, visit www.voicemobility.com.
SOURCE Voice Mobility Inc.