On June 29, 2010, the Company was notified by FINRA that the Company stock was not eligible for quotation on and would be removed from the OTC Bulletin Board, due to its delinquency in filing this Form 10-Q.
The Company’s change of auditors and appointment of WithumSmith + Brown, PC as the Company’s new independent registered public accounting firm on May 14, 2010 contributed to a delay in filing the Company’s Form 10-Q for the quarter ended March 31, 2010.
As a result of this delay, on approximately May 25, 2010 the FINRA staff notified the Company that it if it did not file this Form 10-Q by June 24, 2010, its common stock would become ineligible for quotation on, and would be removed from, the OTC Bulletin Board.
On approximately June 29, 2010, the FINRA staff notified the Company of its determination that its stock was ineligible for such quotation.
The Company appealed the FINRA staff’s removal determination to a hearing officer, who has not yet ruled on the appeal.
The Company believes that, as of the date of this filing, its stock is again eligible for such quotation, and further believes that a FINRA member firm will file a Form 211 seeking authorization to initiate or resume quotations of the Company’s stock on the OTC Bulletin Board.
At this time, the Company does not know whether its stock will continue to be quoted on the OTC Bulletin Board.
Form 10-Q - Quarterly report Filing Date 2010-07-16
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