Attached files
| file | filename |
|---|---|
| 8-K - Stratos Renewables CORP | v176806_8k.htm |
| EX-10.3 - Stratos Renewables CORP | v176806_ex10-3.htm |
| EX-10.1 - Stratos Renewables CORP | v176806_ex10-1.htm |
| EX-10.4 - Stratos Renewables CORP | v176806_ex10-4.htm |
| EX-10.2 - Stratos Renewables CORP | v176806_ex10-2.htm |
FOR
IMMEDIATE RELEASE
Stratos
Renewables Corporation Announces
Its
Intent to Deregister Its Stock
Los
Angeles, California – March 15, 2010 – Stratos Renewables Corporation (OTCBB:
SRNW) (“Stratos”) today announces that we intend to file, on March 19,
2010, a Form 15 with the Securities and Exchange Commission (SEC) to deregister
our shares of common stock under the Securities Exchange Act of 1934. We expect
that the deregistration of our shares will become effective 90 days after the
filing of the Form 15. As a result of the filing, our obligation to file certain
reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will be
immediately suspended.
The
decision to deregister our shares was made in connection with our closing
of a $1,850,000 debt and equity financing (the “Financing”) with I2BF Biodiesel,
Ltd. and Blue Day Limited, each of whom, prior to the Financing, were existing
shareholders who had previously provided significant funding to
Stratos. Of the $1,850,000 investment, $885,077 was made on March 4,
2010, and the remainder will be made in monthly installments subject to our
achievement of certain operational and financial milestones. The
proposed deregistration of our shares was a condition to the consummation of the
Financing. Further details of the Financing are set forth in the Form
8-K filed with the SEC on even date herewith.
We
believe that the Financing allows us to maintain Stratos as a going concern and
allows us to avoid imminent liquidation. We also believe that deregistration
will allow the Company to save substantial time and costs of public company
reporting and compliance, and will allow management to work to further increase
shareholder value by dedicating more time, attention and resources on existing
plans to generate revenue including, among other things, the continued
development of our ethanol production facility and operations in Peru. The
decision to deregister and to conduct the Financing was unanimously approved by
our Board of Directors.
About
Stratos Renewables Corporation
Stratos
Renewables Corporation intends to be a vertically integrated sugarcane ethanol
player in Peru, committed to becoming the lowest cost producer of ethanol
globally. We believe that Peru is an attractive location for the cultivation,
processing, distribution, and use of alternative fuels. We are currently a
development-stage company with no revenues from operations. For information about
Stratos Renewables Corporation, please visit: www.stratosrenewables.com.
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Forward
Looking Statements
This
document contains forward-looking statements that involve risks and
uncertainties, as well as assumptions, that, if they never materialize or prove
incorrect, could cause the results of the company to differ materially from
those expressed or implied by such forward-looking statements. Forward-looking
statements generally are identified by the words "expects," "anticipates,"
believes," intends," "estimates," "should," "would," "strategy," "plan" and
similar expressions. All statements other than statements of historical fact are
statements that could be deemed forward-looking statements. Accordingly, we
cannot give assurance that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what impact they
will have on the results of operations or financial condition of the company.
Investors should consider all of the information set forth herein and should
also refer to the risk factors disclosed in the Company’s periodic reports filed
from time to time with the Securities and Exchange Commission and available at
www.sec.gov.
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