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| 8-K/A - NOTIFY TECHNOLOGY CORP | v210402_8k-a.htm |
Contacts:
At Notify Technology
Corporation:
Jerry
Rice, Chief Financial Officer
Phone:
408-777-7927
jerry.rice@notifycorp.com
For
Immediate Release
Notify
Technology Corporation Suspends Its SEC Reporting Obligation
San Jose, CA, February 8, 2011
-- Notify Technology
Corporation (OTC BB: NTFY) today announced that it will cease its
reporting to the Securities and Exchange Commission resulting in the delisting
of its common stock from the OTC Bulletin Board. The Company will file a Form 15
with the U.S. Securities and Exchange Commission (SEC) today, which will result
in the immediate suspension of its reporting obligation with the SEC, including
its quarterly report on Form 10-Q for its first fiscal quarter ended December
31, 2010.
An
independent committee of the Company’s Board of Directors was formed in October
2010 to investigate the potential benefits and risks of terminating the
Company’s reporting obligations with the SEC. After completing its
investigation, the independent committee recommended that the Company take the
actions it is announcing today. The independent committee considered
a number of factors in making its recommendation including, the limited trading
volume of Notify shares, eliminating the significant costs of compliance with
the Securities Exchange Act of 1934, the escalating annual cost of governance
and financial expenses associated with compliance with the Sarbanes-Oxley Act of
2002, and other costs associated with being a public company.
The
Company’s Board of Directors believes that this decision will result in savings
to the Company, permit management to focus more completely on the company’s
business operations, and enable the Company to create more value for its
shareholders.
“The
decision to suspend our SEC reporting obligation will allow management to better
focus on operating and growing the business”, said Paul F. DePond, Notify’s
President and CEO, “For the past several years being a public company has been a
distraction for management and provided little benefit to the Company or to
shareholders.”
About Notify Technology
Corporation
Founded
in 1994, Notify Technology Corporation, (OTC BB: NTFY.OB) is an independent
software vendor developing mobility products for organizations of all
sizes. Notify’s wireless solutions provide secure synchronized email and
PIM access and management to any size organization on a variety of
smartphones and networks. Notify sells its wireless products directly
and through authorized resellers internationally. The Company is headquartered
in San Jose, California. For more information, visit
http://www.notifycorp.com or contact 408-777-7920.
Forward-Looking
Statements: This press release contains forward-looking statements related to
Notify Technology Corporation that involve risks and uncertainties, including,
but not limited to, statements regarding the delisting of the Company, the
qualification to delist the Company and the advantages to the Company of
delisting. These forward-looking statements are made in reliance on
the “safe harbor” provisions of the Private Securities Litigation Reform Act of
1995. For further information about these factors that could affect
Notify Technology's future results, please see the Company’s filings with the
Securities and Exchange Commission. Prospective investors are
cautioned that forward-looking statements are not guarantees of
performance. Actual events may differ materially from management’s
expectations.