SAN JOSE, Calif., Feb. 8, 2011 /PRNewswire/ -- Notify Technology
Corporation (OTC Bulletin Board: NTFY) today announced that it
will cease its reporting to the Securities and Exchange Commission
resulting in the delisting of its common stock from the OTC
Bulletin Board. The Company will file a Form 15 with the U.S.
Securities and Exchange Commission (SEC) today, which will result
in the immediate suspension of its reporting obligation with the
SEC, including its quarterly report on Form 10-Q for its first
fiscal quarter ended December 31,
2010.
An independent committee of the Company's Board of Directors was
formed in October 2010 to investigate
the potential benefits and risks of terminating the Company's
reporting obligations with the SEC. After completing its
investigation, the independent committee recommended that the
Company take the actions it is announcing today. The
independent committee considered a number of factors in making its
recommendation including, the limited trading volume of Notify
shares, eliminating the significant costs of compliance with the
Securities Exchange Act of 1934, the escalating annual cost of
governance and financial expenses associated with compliance with
the Sarbanes-Oxley Act of 2002, and other costs associated with
being a public company.
The Company's Board of Directors believes that this decision
will result in savings to the Company, permit management to focus
more completely on the company's business operations, and enable
the Company to create more value for its shareholders.
"The decision to suspend our SEC reporting obligation will allow
management to better focus on operating and growing the business,"
said Paul F. DePond, Notify's
President and CEO. "For the past several years being a public
company has been a distraction for management and provided little
benefit to the Company or to shareholders."
About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation, (OTC BB:
NTFY.OB) is an independent software vendor developing mobility
products for organizations of all sizes. Notify's wireless
solutions provide secure synchronized email and PIM access and
management to any size organization on a variety of smartphones
and networks. Notify sells its wireless products directly and
through authorized resellers internationally. The Company is
headquartered in San Jose,
California. For more information, visit
http://www.notifycorp.com or contact 408-777-7920.
Forward-Looking Statements: This press release contains
forward-looking statements related to Notify Technology Corporation
that involve risks and uncertainties, including, but not limited
to, statements regarding the delisting of the Company, the
qualification to delist the Company and the advantages to the
Company of delisting. These forward-looking statements are
made in reliance on the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. For further
information about these factors that could affect Notify
Technology's future results, please see the Company's filings with
the Securities and Exchange Commission. Prospective investors
are cautioned that forward-looking statements are not guarantees of
performance. Actual events may differ materially from
management's expectations.
Contacts:
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At Notify Technology
Corporation:
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Jerry Rice, Chief Financial
Officer
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Phone: 408-777-7927
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jerry.rice@notifycorp.com
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SOURCE Notify Technology Corporation