SunnComm Elects to Voluntarily Withdraw Form 10SB
PHOENIX, Jun 14, 2001 (BUSINESS WIRE) -- SunnComm Inc. (OTC: SUNX chart, msgs) President, Peter H. Jacobs, Thursday announced that the company has elected to voluntarily withdraw its Form 10SB.
According to Jacobs, "On the afternoon of June 7, 2001 and via U.S. Mail on June 13, 2001 we received correspondence from the Securities and Exchange Commission containing 54 comments to our April 18, 2001, Form 10SB filing.
"The correspondence established an absolute date of June 14, 2001 to respond to each and every comment or, alternatively, withdraw the registration. After lengthy consultation with our attorneys, it became clear that the company did not have enough time to adequately address each Commission comment."
These comments were required to be addressed in the form of an amendment to our company's Form 10SB filing as well as in supplemental letter form. Additionally, the company would have had to simultaneously prepare our response for electronic filing (EDGAR) with the SEC before their non-negotiable June 14 deadline.
"While this is a very difficult decision," Jacobs said, "I could not risk exposing the company to potential legal action by allowing our Form 10 to go effective without absolute assurance from our legal and accounting team that we had adequately addressed each of the SEC's comments.
"I felt that the delivery of the SEC comments to SunnComm in the eleventh hour made it impossible to answer all 54 questions accurately and completely."
The company continues to make news with its unique and proprietary digital content security products and this past week paid a stock dividend to its stockholders.
"We will 'stay the course,'" said John D.Aquilino, the company's chairman and chief technology officer, "when it comes to SunnComm's delivery of its innovative digital security technology on compact discs worldwide.
"We will continue to show the world unique and innovative ways to help insure that digital content is protected. As always the company will focus on a myriad of corporate structure options aimed at maximizing stockholder value."
SunnComm Inc. is a leader in digital content security with its MediaCloQ product lines, and has commercially released the country's first "cloaked" Audio CD -- Charley Pride's "A Tribute to Jim Reeves," released by Music City Records and available at retailers throughout the world.
SunnComm develops proprietary (patents pending) digital security technology designed to inhibit the unauthorized duplication of digital intellectual property.
SunX, Digital Content Cloaking technology, DC2, MediaCloQ and SunnComm are trademarks of SunnComm Inc. in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Statements contained in this release which are not historical facts may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance.
Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements.
Contact:
SunnComm Inc., Phoenix
William H. Whitmore, 602/267-7500
Email: bill@sunncomm.com
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