Fashionmall.com to Deregister Common Stock
INCLINE VILLAGE, Nev., Jan. 17 /PRNewswire-FirstCall/ -- Fashionmall.com, Inc. (OTC Bulletin Board: FASH.OB) today announced that it will file a Form 15 with the Securities and Exchange Commission on February 17, 2003 to deregister its common stock under the Securities Exchange Act of 1934.
As a result of this action, the Company's obligation to file periodic reports, including its quarterly and annual reports, will be suspended effective immediately upon filing of the Form 15. In addition, the Company's common stock will no longer be quoted on the OTC Bulletin Board and may be quoted on the Pink Sheets. Accordingly, stockholders in need of near term liquidity may desire to sell their stock prior to February 17, 2003. The deregistration is expected to become effective within 90 days of filing the Form 15.
The Company's Board of Directors considered many factors in making this decision. These factors included, but were not limited to, (i) the number of the Company's stockholders of record, which as of January 13, 2003 was 51, (ii) the nature and extent of the trading of the Company's common stock, and (iii) the costs associated with the preparation and filing of the Company's periodic reports. The Board may also consider offers to use the Company as a public shell, provided that it can distribute to its stockholders essentially the same amount as would be received in a liquidation, provided that, based on previous disappointing experiences, the Board will not consider any such offer unless the offeror bears the expenses of negotiating the deal.
About Fashionmall.com, Inc.
Fashionmall.com, Inc. has historically operated multiple Internet properties within the fashion lifestyle segment and generated revenues from these properties by charging fees for the placement of either store links, advertising, content or other materials on the sites.
Information Regarding Forward-Looking Statements
STATEMENTS IN THIS PRESS RELEASE RELATING TO FASHIONMALL.COM, INC.'S PLANS, OBJECTIVES, OR FUTURE PERFORMANCE ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE BASED ON MANAGEMENT'S CURRENT EXPECTATIONS. FASHIONMALL.COM, INC.'S ACTUAL STRATEGIES AND RESULTS IN FUTURE PERIODS MAY DIFFER MATERIALLY FROM THOSE CURRENTLY EXPECTED DUE TO VARIOUS RISKS AND UNCERTAINTIES, INCLUDING THOSE DISCUSSED IN FASHIONMALL.COM, INC.'S 2001 FORM 10-KSB AND SUBSEQUENT 10QSB REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
SOURCE Fashionmall.com, Inc.
CO: Fashionmall.com, Inc.
ST: Nevada
SU:
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01/17/2003 08:00 |
