Cadiscor to Deregister From US SEC and to Terminate its U.S. Reporting Obligations
March 31 2009 - 5:15PM
Marketwired
Cadiscor Resources Inc. ("Cadiscor")(TSX VENTURE: CAO)(FRANKFURT:
DQN) announced today that its board of directors has authorized the
deregistration and termination of the Company's reporting
obligations under Sections 13(a) and 15(d) of the Securities
Exchange Act of 1934 (the "Exchange Act"). The deregistration is
expected to substantially reduce the Company's regulatory
compliance costs while maintaining the liquidity of its common
shares through the two principal stock markets on which the shares
trade, the TSX Venture Exchange ("TSX-V") and the Frankfurt Stock
Exchange in Germany.
The Company never listed its shares on any U.S. stock exchange
and considers that the Company derives very little benefit from
continuing to comply with additional regulatory requirements in the
U.S.
The Company's board of directors made this decision based on its
assessment that: (a) continued compliance with the rules of the US
Securities and Exchange Commission (the "SEC") in filing
additionally quarterly Forms 10Q and annually Form 10K for smaller
reporting company and the Exchange Act, in particular Section 404
of the Sarbanes-Oxley Act of 2002, would be excessively burdensome
for the Company relative to the limited benefits it might realize
from such compliance, and (b) less than 300 shareholders of the
Company are residents in the U.S hold less than 5% of the share
capital of the Company and � all investors of its common shares are
protected by applicable Canadian securities legislation principally
the Autorite des marches financiers (Quebec Securities Commission),
the Alberta Securities Commission, the Ontario Securities
Commission and the British Columbia Securities Commission and the
Company's listing on, and continued compliance with the rules of,
the TSX Venture Exchange.
In accordance with the applicable SEC rules, the Company intends
to promptly file a Form 15F with the SEC to deregister and
terminate its reporting obligations under the Exchange Act. Upon
the filing of the Form 15F the Company's reporting obligations
under the Exchange Act will immediately be suspended.
Deregistration will be effective 90 days after the filing. The
Company reserves the right to withdraw the filing of the Form 15F
for any reason prior to its effectiveness.
The Company will post on its website at www.cadiscor.com links
to all information that it has made or is required to make public
on www.sedar.com and www.sedi.ca under Canadian laws and stock
exchange rules, filed or required to be filed with the TSX-V or
distributed or required to be distributed to shareholders, in each
case promptly after such information is required to be made
public.
The TSX Venture Exchange did not review or accept responsibility
for the adequacy or accuracy of this news release.
Forward-Looking Statements
This press release contains forward-looking statements subject
to certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct, and actual results and
future events could differ materially from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of Alberta,
British Columbia, Ontario and Quebec.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Cadiscor Resources Inc. Michel Bouchard, President
450-449-0066 mbouchard@cadiscor.com Cadiscor Resources Inc. Linda
Plante, Investor Relations 450-449-0066 lplante@cadiscor.com
www.cadiscor.com
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