WellQuest Announces Plans to Voluntarily File for Deregistration with SEC
April 30 2010 - 5:03PM
Business Wire
In a move to enhance its long term financial strength, WellQuest
Medical & Wellness Corporation (the “Company” or “WellQuest”)
(Pink Sheets:WEQL), announced today that it intends to voluntarily
deregister its common stock on or about April 30, 2010. WellQuest
intends to suspend its reporting obligations under the Securities
Exchange Act of 1934 by filing a Form 15 with the Securities and
Exchange Commission. It is eligible to suspend its reporting
obligations and deregister its common stock because there are less
than 300 holders of record of the Company’s common stock.
Upon the filing of the Form 15, WellQuest’s obligation to file
certain reports with the SEC, including Forms 10-K, 10-Q, and 8-K,
will immediately be suspended. WellQuest expects that the
deregistration of its common stock will become effective 90 days
after the date of filing the Form 15 with the SEC. The Company
anticipates that its common stock will continue to be quoted under
the symbol WEQL on the Pink Sheets®, an electronic quotation
service for over-the-counter securities. The Pink Sheets is a
provider of pricing and financial information for the
over-the-counter securities markets. It is a centralized quotation
service that collects and publishes market maker quotes in real
time primarily through its website, www.otcmarkets.com.
The Company intends to follow the Alternative Reporting Standard
as defined by Pink OTC Markets, Inc. thereby providing publicly
available information for market makers and investors to be able to
quote and trade the Company’s common stock on the Pink Sheets.
However, the Company can give no assurances that any broker will
make a market in the Company’s common stock.
WellQuest’s President and CEO, Steve Swift stated, “Our core
business model in Bentonville, Arkansas is doing well with a record
revenue year of over $3.8 Million in 2009. We believe that we have
proven our business model works and pleases our customers. Our
focus now is to replicate that success by replicating our model in
numerous locations across the country. We are pursuing several
strategies for funding our second location.”
Swift continued, “With our strategy for growth in mind,
WellQuest continues as a publicly traded company on the Pink Sheets
where we have traded for the past two months. We are committed to
transparency for our investors and the market; therefore we will be
providing adequate current information according to the Alternate
Reporting Standards published by Pink OTC Markets. The Company’s
Board of Directors decided to take this action because it believes
that the burdens associated with operating as a registered public
company currently outweigh any advantage to WellQuest and its
stockholders at this time. We believe that freeing up the financial
and time resources required for registered reporting will create
value for our shareholders by allowing us to better execute our
business plan, and improve our long term financial strength.”
WellQuest is pursuing a goal to replicate its positive
integrative medical experience by opening branded WellQuest
facilities in other metropolitan areas of the U.S. The Company
believes families and businesses are seeking options in the U.S.
where annual sick care costs exceed $2.5 trillion, 16.7% of GDP.
WellQuest is a relevant option toward treatment, prevention and
wellness. The Company’s business is aimed at the evolving
healthcare market which includes a $500 billion physician services
sector, an $86 billion nutraceutical sector, a $12 billion
cosmeceutical sector, and a $12.8 billion spa/medical spa sector.
These sectors have traditionally been segregated. WellQuest brings
them together in a way that meaningfully serves its customers.
About WellQuest Medical & Wellness Corporation
WellQuest offers its innovative concept in healthcare delivery
by integrating conventional and complementary physician medicine
with wellness, and aesthetic services in one center, creating an
effective environment for the pursuit and maintenance of a healthy
life. WellQuest’s unique model for healthcare helps customers get
well, stay well, and look well. Currently operating in Bentonville,
Arkansas, WellQuest seeks to open additional locations in the
U.S.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company’s ability to
obtain the necessary financing to continue and expand operations,
to market its products and services in new markets and to offer
healthcare services at competitive pricing, anticipated revenue
from client visits; general economic conditions and other factors
detailed from time to time in the Company’s filings with the United
States Securities and Exchange Commission and other regulatory
authorities. These statements include, without limitation,
statements regarding our ability to prepare the Company for growth;
the Company’s planned expansions, and predictions and guidance
relating to the Company’s future financial performance. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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