VANCOUVER, Aug. 16, 2011 /PRNewswire/ - Voice Mobility
International Inc. (the "Company") today announced its Board of
Directors unanimously approved the voluntary termination of the
registration of its common stock under Section 12(g) of the
Securities Exchange Act of 1934 (the "1934 Act"), as amended. In
accordance with the resolutions adopted by its Board of Directors,
the Company filed a Certification and Notice of Termination of
Registration on Form 15 (the "Form 15") with the Securities and
Exchange Commission ("SEC") to effect this termination. The Company
is eligible to deregister its common stock as it had fewer than 300
holders of record of its common stock.
Upon the filing of the Form 15, the Company's
obligation to file periodic and current reports with the SEC,
including Forms 10-K, 10-Q, and 8-K, was immediately suspended. The
SEC has 90 days to determine if the deregistration of the Company's
common stock is effective. The Company will continue to trade on
the NEX board of the TSX Venture Exchange ("NEX") under the symbol
"VMY.H".
While no longer required by the SEC after
deregistering, the Company will be required to provide quarterly,
annual and other information regarding the Company's performance to
its shareholders in connection with the Company's reporting
obligations with NEX and Canadian securities commissions.
In reaching its decision, the Board of Directors
of the Company evaluated the advantages and disadvantages of
continuing to operate as a reporting company under the 1934 Act in
light of such factors as the costs and expenses of compliance with
the Sarbanes-Oxley Act of 2002, the ongoing burden associated with
the preparation and filing of periodic and current reports with the
SEC, including the added expense of filing its financial statements
in XBRL format, and the substantial diversion of management's time
and efforts from the tasks required to grow the Company's business
and shareholder value.
Jay Hutton,
Chairman and CEO of Voice Mobility said, "Our focus is to continue
to re-structure the company so that we are better able to take
advantage of unique growth and acquisition opportunities. We view
this step as a temporary measure to relieve the Company of the
expense of US reporting."
About Voice Mobility
Voice Mobility develops and markets its unified
communications product line to enterprise, campus and hosted
customers. Our product line includes highly scalable Voicemail,
Unified Communication, Fax Service, Interactive Voice Response, and
Auto-Attendant applications, as well as unique features like
Emergency Event Notification, Mobile Client functionality,
Presence, Speech applications and Desktop integration with industry
leading software providers. Migration options are available
allowing the transfer of messages and data from legacy OCTel®
messaging servers. For more information, visit
www.voicemobility.com.
SOURCE Voice Mobility Inc.
