S.E.C. Accepts Jreck Subs Group Inc. Form 10-SB
Business Wire - May 05, 1999 12:35
LONGWOOD, Fla.--(BUSINESS WIRE)--May 5, 1999--Jreck Subs Group Inc. (OTC BB:JSUB) announced that their form 10-SB has been accepted by the S.E.C.
Jreck is an acquirer of contractual royalty revenue of only well established franchises, without the franchise risk since it does not own the individual franchise. Services provided by Jreck include consolidated administration functions such as accounting, marketing and legal; combined bulk purchasing, and cross-branding 2 or 3 different concepts in a single location, enabling franchisees to increase sales and customer traffic.
Jreck filed their form 10-SB in order to become "fully reporting" and is now in compliance with the new NASD eligibility rule that has been approved by the S.E.C. The new rule states that Market Makers will no longer be permitted to quote OTC Bulletin Board(r) Securities unless the company is "fully reporting" and "registered" with the S.E.C.
A phase-in period, scheduled from July 1999 to June 2000, has been established based on trading symbols in alphabetical order. Many of the affected companies are under the misconception that they must file by the deadline to be in compliance, but in fact, the S.E.C. staff must complete their review and have no further comments by the deadline date or the company's securities will be de-listed.
Chris Swartz, Jreck's president and CEO commented: "We are very pleased that we were able to successfully take this next step in Jreck's development as a public company. It is a very long process but now we are ahead of the pack and can resume our acquisition strategy now that our 'quiet period' is over."
Except for historical information, this press release contains forward-looking statements that involve risks and uncertainties including, but not limited to, quarterly fluctuations in results, the management of growth, competition and other risks detailed in the company's SEC filings. Actual results may differ materially from such information set forth herein.
CONTACT: Jreck Subs Group Inc., Longwood
David J. Alteri, 407/682-6363
Headlines Next Story
--------------------------------------------------------------------------------
%FL-JRECK-SUBS JSUB %FLORIDA %RESTAURANTS V%BW P%BW
|
