Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PUREDEPTH, INC. | puredepth_8k-030310.htm |
| EX-99.2 - FAQ DATED MARCH 3, 2010 - PUREDEPTH, INC. | ex99-02.htm |
| EX-10.1 - AMENDMENT 2, EMPLOYMENT AGREEMENT WITH ANDY WOOD - PUREDEPTH, INC. | ex10-01.htm |
Exhibit 99.1
PUREDEPTH™
ANNOUNCES PLAN TO DEREGISTER ITS COMMON STOCK
(REDWOOD
SHORES, CA, March 3, 2010) --- PureDepth™, Inc. (OTC:PDEP), the
creator of Multi-Layer Display™ (MLD) technology and a leader in new
visualization experiences, announced today that it filed post-effective
amendments to each of its outstanding registration statements to deregister
remaining but unsold shares of common stock thereunder. It also announced that
it intends to voluntarily deregister its common stock on or about March 15, 2010
by filing a Form 15 with the Securities and Exchange Commission (the "SEC")
under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
Upon the
filing of the Form 15, PureDepth’s obligation to file certain reports with the
SEC, including Forms 10-K, 10-Q, and 8K, will immediately be suspended. As a
result of the filing, PureDepth anticipates that its shares will no longer be
quoted on the OTC Bulletin Board. However, PureDepth anticipates, but cannot
guarantee , that its common stock may be quoted on the Pink Sheets after it
delists. The Pink Sheets is a provider of pricing and financial information for
the over-the-counter securities markets. It is a centralized quotation service
that collects and publishes market maker quotes in real time primarily through
its website, www.pinksheets.com,
which provides stock and bond price quotes, financial news, and information
about securities. PureDepth does not have plans to seeking the listing of its
common stock on the OTCQX.
PureDepth
also announced that CEO Andy Wood will reduce his hours with the company and
begin working half-time, effective immediately.
Wood
stated: "After much consideration, our management team and board of directors
determined that the benefits of continued registration no longer outweighed the
financial and administrative burdens imposed by the reporting requirements.
PureDepth was spending more than $750,000 per year and significant management
time on compliance issues, money and time that would be better spent investing
in our markets and technology. This need to conserve the
company’s cash resources is also the reason that I have agreed with the
Board to work half-time, at half salary.
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We
believe that the actions we are announcing today will allow us to run our
business most efficiently as we continue to promote and develop new applications
and markets for MLD technology.”
Any
stockholder who wishes to understand more about PureDepth’s operating plans
following the deregistration should contact CEO Andy Wood or Interim CFO, Joe
Moran by emailing: Investor-Relations@puredepth.com.
Additional
details about the deregistration can also be found at www.puredepth.com in
the Investor Relations area of the site.
About
PureDepth
PureDepth
(www.puredepth.com) is an innovative technology company transforming the visual
display experience by delivering award-winning MLD technology. Backed by 82
approved patents and 64 pending patents, this breakthrough in visualization is
the first display technology that provides Actual DepthTM. The
Company has a sales, marketing and distribution license agreement with Sanyo
Corporation (NASDAQ: SANYY) in Japan, a worldwide licensing agreement with
International Game Technology (NYSE: IGT) and business opportunities in broad
consumer markets. Founded in 1999, the Company has a U.S. office in Redwood
Shores, California, with a research and development center located in New
Zealand and offices in Japan.
Forward-Looking
Statements
This
press release contains certain statements that are "forward-looking statements"
and includes, among other things, discussions and disclosures of the Company's
expectations for the use of its technology and market for its products, and the
likelihood of any resulting products to become widely accepted by the
marketplace. Words such as, but not limited to, "may," "likely," "anticipate,"
"expect" and "believes" indicate forward-looking statements. Although PureDepth
believes that the expectations reflected in these forward-looking statements are
generally reasonable, it can give no assurance that such expectations will
ultimately prove to be correct or materialize. All phases of PureDepth's
business and operations are subject to a number of uncertainties, risks and
other influences, most of which are outside its control, and any one or
combination of which could materially and adversely affect the results of the
Company's operations, and whether any forward-looking statements contained
herein ultimately prove to be accurate. Information regarding such risks and
uncertainties can be found in the Company's most recently filed annual report on
form 10-K, interim report on form 10-Q and other filings that have been made
with the SEC.
PureDepth(TM),
MLD(TM) and Actual Depth(TM) are trademarks of PureDepth, Inc. All other
trademarks and registered trademarks are the property of their respective
owners, without intent to infringe.
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