Sino American Oil Company to File Form 15
17 December 2011 - 1:00AM
Sino American Oil Company (OTCBB:OILY) (the
"Company") today announces that it will file a certification on
Form 15 with the Securities and Exchange Commission ("SEC") in
order to suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
The Board of Directors has approved this action as a cost
reduction measure. Suspending and, ultimately, terminating the
Company's SEC reporting obligations will allow it to reduce the
substantial legal, accounting and other expenses associated with
reporting compliance and make those savings available for continued
operation of the business.
The decision to become a non-reporting public company has not
been entered into lightly. The Board of Directors has sought advice
from several outside resources before making the decision.
The Company is eligible to suspend its reporting obligations and
deregister its common stock because it has fewer than 300 record
holders of its common stock as of the date hereof and anticipate
keeping the similar status in addition to its satisfaction of other
eligibility criteria under the Exchange Act on the date of filing
the Form 15. Immediately upon the filing of the Form 15, certain
reporting obligations of the Company, such as its obligation to
file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
and Current Reports on Form 8-K, will be suspended. Shares are
anticipated being available for trading on the OTC Pink sheets,
although there can no assurances that any trading market for the
Company's securities will exist, after the Company has filed the
Form 15.
Please contact our office by phone at 866-261-8853.
On behalf of the board, |
|
Ronald E. Hughes |
President, Executive Director |
Sino American Oil Company |
Cautionary Statement Regarding Forward-Looking
Information
This press release may include forward-looking statements within
the meaning of the United States Securities Act of 1933, as
amended, and the United States Securities Exchange Act of 1934, as
amended, regarding Sino American Oil Company, including, without
limitation, statements regarding expectations about future
revenues, business opportunities or potential resource extraction
projects. These statements are typically identified by use of words
like "may", "could", "might", "expect", "anticipate", "believe", or
similar words. Actual events or results may differ materially from
the Company's expectations, which are subject to a number of known
and unknown risks and uncertainties including but not limited to
changing market conditions, or changes made by domestic or foreign
regulatory authorities governing resource extraction industries.
Other risk factors discussed in the Company's public filings may
also affect the actual results achieved by the Company.
CONTACT: 866-261-8853
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