Under the SEC's rules, a company with fewer than 300 record holders may voluntarily terminate the registration of its securities by filing a Form 15 with the SEC. Energtek currently has fewer than 300 record holders. The Company's duty to file periodic and current reports with the SEC will be suspended immediately upon the filing of the Form 15.
The Board of Directors of Energtek decided to take this action after due
consideration and careful analysis. It compared the advantages and
disadvantages of deregistering and continuing to operate as a publicly,
reporting company, particularly in light of the fact that the Company was not
successful in its capital raising efforts in
In reaching this decision, the Board of Directors focused on, among other items, shareholder value. As such, it considered a number of factors during its analysis. These included the elimination of the disproportionately large costs, both direct and indirect, associated with the preparation and filing of the Company's periodic reports with the SEC as well as avoidance of the increases in costs associated with being a public company in light of the Sarbanes-Oxley Act of 2002 and related SEC rules. The Board also considered the market value that the public markets have historically applied to the Company's shares and took note of the fact that trading of the Company's stock has historically been limited.
About Energtek
Energtek develops and applies proprietary ANG technology to provide
complete well-to-wheel pipeless Natural Gas supply solutions to fleets of
small vehicles and industrial consumers. Energtek's Natural Gas solutions
reduce pollution and alleviate consumer energy costs. Energtek provides a
profitable alternative motor fuel solution for the large market of low-income
2- and 3-wheel vehicle drivers in
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of Energtek and its technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in Energtek's SEC filings. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.
Contact: +1-212-999-6202 IR@energtek.com
SOURCE Energtek Inc.