JLMC
JLM Couture, Inc. to File Form 15 with Securities and Exchange Commission
Friday April 29, 10:55 am ET
Duty to File Reports to Be Suspended
Shares to Be Deregistered
NEW YORK--(BUSINESS WIRE)--April 29, 2005--JLM Couture, Inc. (NASDAQ: JLMC - News), a designer, manufacturer and marketer of wedding apparel, announced today that it intends to file Form 15 with the Securities and Exchange Commission (SEC) on Friday, April 29, 2005, to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. The company expects the deregistration to be effective within 90 days of the filing with the SEC.
Joseph L. Murphy, President & CEO, explained that the Board of Directors unanimously voted in favor of filing the Form 15 after extensive discussion regarding the increasing costs associated with continued compliance with being a reporting company, particularly under the Sarbanes-Oxley Act of 2002. The Board feels that as a nonreporting entity, the company will be better able to maximize its resources in terms of both the financial savings and the management time that will be made available as a result of becoming nonreporting.
Upon filing of the Form 15, the company's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will cease immediately. Additionally, the company's shares will no longer be listed on The Nasdaq Stock Market. The company expects its Common shares will trade on the Pink Sheets. The "Pink Sheets" is a centralized quotation service that collects and publishes market maker quotes in real time, primarily through its website, which provides stock and bond price quotes, financial news and information about securities traded.
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
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Contact:
JLM Couture, Inc.
Joseph L. Murphy, 212-819-1066
President
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