The Company’s registration with the Securities and Exchange Commission, pursuant to 15 U.S.C. §12g, as “free trading” stock, first registered in February of 2000, was de-registered by the Commission, in July of 2005. The revocation was pursuant to an Offer of Settlement made by the Company in Administrative Proceeding File No. 3-11913.
Although the Company retained the right to re-register its securities, no assurances are given that it will in fact seek to have its stock re-registered. The Company’s Board authorized the Offer of Settlement because the cost of complying with the various reporting requirements under the various securities acts, became too encumbering on the then existing cash flows of the business, in the Company’s judgment, to incur those costs.