PalWeb Corporation Files Amendments to Form 10-SB Registration Statement
DALLAS, Aug. 1 /PRNewswire/ -- PalWeb Corporation (Pink Sheets: PAEB) announced that it has filed its 5th Amendment to its Registration Statement on Form 10-SB with the U.S. Securities and Exchange Commission (SEC). The Company believes these latest filings should aid the Company in being in compliance with the eligibility rule, enabling it to be quoted on the OTC Bulletin Board. The Form 10-SB registration, which is publicly available on the SEC's web site at www.sec.gov, includes unaudited statements for the nine months ended February 29, 2000. The Amendment to the Form 10-SB continues to be reviewed by the SEC.
On January 4, 1999, the SEC ratified amendments to NASD rules 6530 and 6540 restricting OTC Bulletin Board listing and quotation to the securities of companies that report current financial information to the SEC, insurance or banking regulation authorities. For PalWeb to comply with the new NASD eligibility requirements, the SEC must come to a position of no further comment on the form 10 SB filing. The new NASD eligibility rules and implementation schedule are available for public review via the OTC Bulletin Board web site www.otcbb.com.
Paul Kruger, Chairman of Plastic Pallet Productions Corporation, stated, "We continue to work diligently to resolve SEC comments so that we may be restored to the OTC Bulletin Board."
PalWeb Corporation develops, manufactures and sells high quality plastic pallets that provide innovative logistics solutions needed by a wide range of industries.
PalWeb's plastic pallets are much more durable and sanitary than traditional wood pallets and are 100% recyclable, making them environmentally friendly. In the U.S. alone approximately 400 million wood pallets are purchased annually by companies in a wide range of industries such as automotive, chemical, and consumer products; grocery, produce and food production; paper and forest products; as well as retailing and steel and metals industries. Environmental concerns and new government regulations are driving significant new demand for plastic pallets. PalWeb's patented plastic pallet design has passed ASTM (American Society for Testing and Materials) standard industry testing (Standard D1185-98a and D 4728-91) for strength and durability. For more information about PalWeb visit www.palweb.net.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the Federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. PalWeb Corporation is a development stage company, which expects to engage in the manufacture and sale of plastic pallets and plastic injection molding machines and systems.
SOURCE PalWeb Corporation
/CONTACT: Arlin Plender, Investor Relations of PalWeb Corporation,
214-698-8330/
/Web Site: sec.gov /
/Web Site: otcbb.com /
/Web Site: palweb.net / |
