DAVI Luxury Brand Group Announces Voluntary Deregistration
July 18 2014 - 9:00AM
Business Wire
DAVI LUXURY BRAND GROUP INC. (“Company”) (OTC BB: MDAV)
announced today that its board of directors has determined that
voluntarily deregistering the Company’s common stock from the
reporting requirements of the Securities Exchange Act of 1934, as
amended (“Exchange Act”), are in the best interests of the Company.
The Company is eligible to deregister its stock because it has
fewer than 300 stockholders of record.
Accordingly, the Company today filed a Form 15 with the
Securities and Exchange Commission to deregister its common stock
under Section 12(g) of the Securities Exchange Act of 1934
(“Exchange Act”), and to suspend the Company’s reporting
obligations under Section 15(d) of the Exchange Act. As a result of
the filing of the Form 15, effective immediately, the Company no
longer is required to file its periodic reports and certain other
Exchange Act reports with the SEC.
The decision of the Company's Board of Directors to deregister
its common stock was based on the consideration of numerous
factors, including the large costs of preparing and filing periodic
reports with the SEC, the increased outside accounting, audit,
legal and other costs and expenses associated with being a public
company, the burdens placed on Company’s management to comply with
reporting requirements, and the low trading volume in the Company's
common stock.
The costs, resources, and management attention being expended by
the Company to remain an SEC reporting company were determined to
be significantly greater than the possible benefits received by the
Company and its shareholders from continued registration. “We
believe that the deregistering will reduce the Company's
administrative expenses, allow the Company to reinvest the savings
in its products, and enable management to focus more of its time
and resources on operational matters directly impacting shareholder
value,” said Parrish Medley, President and Chief Executive Officer
of DAVI Luxury Brand Group, Inc.
The OTC Markets have informed the Company that the Company's
common stock will initially be quoted in the "Pink Sheets"
(www.otcmarkets.com), an electronic quotation service for
over-the-counter securities, under the same “MDAV” ticker symbol.
However, there can be no assurance that any market maker or broker
will continue to make a market in the Company's common stock.
About DAVI Luxury Brand Group, Inc.
DAVI Luxury Brand Group, Inc. is a California based prestige
beauty products company that develops, licenses and markets its
luxury skincare products using the antioxidants found in grape
growing and winemaking process. The Company markets skincare
products under the "DAVI®", "DAVI NAPA®" , "DAVI SKIN®" and
MERITAGE® registered brand names. The products are currently sold
in the U.S. as well as through its licensed partners in the Asian
Pacific region. For more information, please
visit www.daviskin.com.
Safe Harbor Cautionary Statement
Certain statements in this news release, including statements
that we "believe," "expect," "intend," "plan" or words of similar
import, are forward-looking information within the meaning of Rule
175 under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe harbor
created by those rules. All statements, other than statements of
fact, included in this release, including, without limitation,
statements regarding potential future plans, new products and
services and objectives of the company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. This information is qualified in
its entirety by cautionary statements and risk factors disclosure
contained in certain of the Company's Securities and Exchange
Commission filings available at http://www.sec.gov, which you
should carefully review. Davi Luxury Brand Group, Inc. assumes no
obligation to update or revise any forward-looking statements,
whether as the result of new developments or otherwise.
DAVI Luxury Brand Group, Inc.Parrish Medley, President(310)
288-8393parrishmedley@daviskin.com
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