ProUroCare Medical Inc. to Delist from the OTCQB and Deregister Its Common Stock, Units and Warrants
13 March 2014 - 7:00AM
Business Wire
ProUroCare Medical Inc., a Nevada Corporation (OTCQB: PUMD),
developer of the FDA-approved ProUroScan™ prostate imaging system,
announced today that it intends to remove its common stock from
trading on the OTCQB and to file a Form 15 with the Securities
and Exchange Commission (“SEC”) on or about March 14, 2014. The
Company also announced that because its common stock, warrants and
units are held by less than 300 holders of record and were held by
less than 300 holders of record as of January 1, 2014, it expects
to terminate the registration of its common stock, warrants and
units under Section 12(g) and to suspend its reporting obligations
under Section 15(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) by filing the Form 15 with the
SEC.
The Company is taking this action in order to reduce the
legal, accounting and administrative costs associated with being a
reporting company under the Exchange Act and to allow the Company
to explore options for a refinancing, restructuring or a sale of
the Company or its assets without the burdens of its current public
reporting status. There is no assurance that any such
transaction will be completed.
Stanton D. Myrum, Chief Executive Officer of the Company,
stated, “The Company’s decision to deregister and 'go-dark' was
made after careful consideration of the advantages and
disadvantages of being a 'fully reporting' public company,
particularly in light of our limited financial resources, market
capitalization, low stock price and trading volumes. The Board
believes that the high costs and demands on management’s time of
our ongoing compliance with SEC and Sarbanes-Oxley reporting
requirements represent a substantial burden on the Company. We
believe this deregistration will reduce future operating expenses
in the range of $200,000 to $250,000 annually.”
The Company anticipates that the OTCQB will suspend trading in
the Company’s common stock on the date the Company’s Form 15
is filed with the SEC. Accordingly, the last day the Company’s
common stock will trade on OTCQB is on or about March 14, 2014.
Upon filing the Form 15 with the SEC, the obligations of the
Company to file certain periodic reports, including Forms 10-K,
10-Q and 8-K, will be suspended on a going forward basis. The
Company anticipates that its common stock will commence quotation
on the OTC Pink Marketplace after its delisting from the OTCQB to
the extent market makers agree to make a market in its stock. No
assurance, however, can be given that a trading market in the
Company’s common stock through the OTC Pink Marketplace will
commence or be maintained.
Although the Company will not be filing 10-K’s, 10-Q’s and other
documents that are required to be filed by a fully reporting public
company, the Company intends to continue to update shareholders on
its progress through periodic press releases, postings on its web
site and direct mailings to shareholders as appropriate. We will
also send copies of press releases and other company news to
shareholders who send an email from their preferred email address
with the words “Shareholder Email” in the subject line to
ashuler@prourocare.com.
About ProUroCare Medical Inc.
ProUroCare Medical Inc. is a publicly traded company engaged in
the business of creating innovative medical imaging products. The
company’s ProUroScan system, an elasticity imaging technology used
to document abnormalities of the prostate previously detected by a
digital rectal examination, received commercial clearance from the
FDA in April 2012.
This news release contains certain "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are typically preceded by words such as
"believes," "expects," "anticipates," "intends," "will," "may,"
"should," or similar expressions. These forward-looking statements
are not guarantees of ProUroCare's future performance and involve a
number of risks and uncertainties that may cause actual results to
differ materially from the results discussed in these statements.
Factors that might cause ProUroCare's results to differ materially
from those expressed or implied by such forward looking statements
include, but are not limited to, the ability of ProUroCare to find
adequate financing to complete the development of its products; the
high level of secured and unsecured debt incurred by ProUroCare;
the impact and timing of actions taken by the FDA and other
regulatory agencies with respect to ProUroCare’s products and
business; the dependence by ProUroCare on third parties for the
development and manufacture of its products; and other risks and
uncertainties detailed from time to time in ProUroCare's prior
filings with the Securities and Exchange Commission (“SEC”)
including its most recently filed Form 10-K and Form 10-Q.
ProUroCare undertakes no duty to update any of these
forward-looking statements and does not intend to file further
reports with the SEC following filing of a Form 15.
ProUroCare Medical Inc.Alan Shuler, CFO,
952-698-1161ashuler@prourocare.com
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