Gunther International Ltd. Announces Intention to Deregister Its Common Stock With the Securities and Exchange Commission
December 05 2003 - 7:52AM
PR Newswire (US)
Gunther International Ltd. Announces Intention to Deregister Its
Common Stock With the Securities and Exchange Commission NORWICH,
Conn., Dec. 5 /PRNewswire-FirstCall/ -- Gunther International Ltd.
(BULLETIN BOARD: SORT) today announced that the Company's Board of
Directors has approved the filing of a Form 15 with the Securities
and Exchange Commission ("SEC") to deregister its common stock and
suspend its reporting obligations under the Securities and Exchange
Act of 1934. The Company expects that the Form 15 filing will be
made on or about December 8, 2003 and that the deregistration will
become effective within 90 days of its filing with the SEC. Upon
filing of the Form 15, the Company's obligation to file with the
SEC certain reports and forms, including Forms 10-KSB, 10-QSB and
8-K, will immediately be suspended. In addition, the Company's
common stock will no longer be eligible for quotation on the
Over-the-Counter Electronic Bulletin Board ("OTC-BB"). Following
the Company's Form 15 filing and the subsequent cessation of
quotations in the Company's common stock on the OTC-BB, the Company
anticipates that its common stock will be quoted on the "Pink
Sheets" electronic quotation service, but only to the extent that
market makers commit to make a market in the Company's shares. The
Company will make an effort to have its shares continue to trade on
the "Pink Sheets" but can provide no assurance that trading in its
common stock will continue (Pink Sheet quotes are available over
the internet at http://pinksheets.com/ as well as through other
services). The Company expects to realize significant cost savings
as a result of being relieved of its SEC periodic reporting
requirements. Marc I. Perkins, the Company's President and Chief
Executive Officer, stated: "After careful consideration, our Board
of Directors determined to take this action because of the
significant and increasing administrative burdens and expenses
associated with being a public company, particularly in light of
the rules and regulations promulgated under the Sarbanes-Oxley Act
of 2002. This action has nothing to do with the past or expected
future financial performance of the Company. It is being undertaken
solely because of the tremendous expense of being a public company.
For a small company like ours, the benefits of being public do not
begin to justify the costs, which are not measured just in
financial terms. Since the adoption of the Sarbanes-Oxley Act of
2002, compliance matters are requiring an ever increasing amount of
senior management's time. Deregistering our stock will enable
senior management to focus all resources on implementing the
Company's business plan, thereby increasing long-term shareholder
value." The Company intends to continue to hold annual meetings and
to provide its shareholders and the interested public with
financial information on an annual basis while its common stock is
quoted in the Pink Sheets quotation service. The Company also
intends to update shareholders and the public through press
releases and postings on the Company's web site at
http://www.guntherintl.com/. Gunther International Ltd. is a
leading manufacturer of intelligent document finishing systems and
ink jet printing solutions. Based in Norwich, Connecticut, the
Company serves customers in the insurance, financial services,
pharmaceutical and outsourcing industries and governmental
agencies. CONTACT: Marc I. Perkins President & CEO 860-823-1427
This release was issued through eReleases(TM). For more
information, visit http://www.ereleases.com/. DATASOURCE: Gunther
International Ltd. CONTACT: Marc I. Perkins, President & CEO,
Gunther International Ltd., +1-860-823-1427 Web site:
http://www.guntherintl.com/
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