Peer To Peer Network Announces Pink
Current Status, Submission of Fiscal Year End Financial Reports,
& Gives Slight Glimpse of Future Goals to
Come
Cambridge, MA -- January 19, 2022
-- InvestorsHub NewsWire -- Peer To Peer Network a.k.a MobiCard
Inc. (OTC
Pink: PTOP) is proud to announce it has obtained the coveted
"Pink Current Status" from the OTC Markets and has also submitted
fiscal year-end 9-30-2021 financial reports & disclosure
documents to the OTC Markets for review. Those reports can be
viewed at www.otcmarkets.com under PTOP's
disclosures tab.
The SEC's Amendments to Rule
15c2-11 had specific changes that impacted companies and their
market designations as the rule went into effect on September 28,
2021.
The OTC Markets Group focused on
September 28th, but this rule is going to exist in perpetuity after
that. So, there will always be this continued information
requirement under the rule. That was the purpose, from the SEC
standpoint, of passing the rule. If a company goes delinquent, and
no longer has current information at any point after September
28th, they would lose their public quote and go either to the
Expert market, or otherwise trade without access to that public
market. PTOP has submitted the proper financial reports for
9-30-2021 as required for PTOP's fiscal year end, to further comply
with these new ongoing rules.
"Shareholders can count on me as
CEO to file the proper disclosure documents on time and obtain
& submit the proper financial reports along with them. Although
there are no guarantees in the markets, I promise shareholders that
as long as I am CEO, I will do my best to always keep us up to
date, and in compliance with the new SEC 15c2-11 amendment. I also
promised shareholders that I would go above and beyond just
complying with the new 15c2-11 rule and obtain the more prestige
level of "Pink Current Status". Today I can proudly announce that I
have honored that promise. I will make a new pledge to shareholders
today that I will do everything in my power so that PTOP will keep
& hold its newly achieved "Pink Current Status". This new
designation of "Pink Current Status" is a big accomplishment for
the company and I do not intend to ever go back to the lower "Pink
Limited Status", or ever go delinquent in our financial filings
like previous CEO's I was commissioned to replace. I will
continue to propel the company higher, and push PTOP in a continued
upward trajectory. We may even see yet another up listing in our
future, but I will speak on that at a later time," commented
Chairmen & CEO Josh Sodaitis.
A lot of shareholders have asked
"what's Changed About The Pink Current And Pink Limited Guidelines
And What Will Those Two Tiers Look Like Moving Forward?"
OTC Markets revised their Pink
Current and Pink Limited guidelines on the information that's
required by companies to qualify for each, which are publicly
available on the otcmarkets.com website.
According to the OTC Markets Group
website: "The Pink Limited tier, and the information
required to be qualified as Pink Limited is more basic — what you
need under Rule 15c2-11.
Pink Current goes above
that. In order to meet those guidelines, you're going to need to
have specific financial information — more than the Pink Limited
guidelines. Both will allow a security to be quoted on an ongoing
basis, but the Pink Current guidelines are more stringent. And with
respect to the impact of being on one tier versus the other,
brokers that are quoting those securities may place restrictions on
the Pink Limited tier that they do not place on Pink
Current.
Companies that trade on
our Market are subject to the Blue Sky laws in the 50 states and
four territories. That also is impacted depending on whether or not
you are Current or Limited. As an example, for companies that come
in Current that are making their information available to us, you
would gain a state like Illinois. It will have an impact not just
on a broker's potential restrictions on trading Limited versus
Current, but also on the Blue Sky status of individual
states." Quote directly from OTC Markets: Rule 15c2-11 Amendments FAQs - OTC
Markets Blog .
This new Pink Current Status for
PTOP means that entire new states like Illinois (as used in the OTC
Markets example above) amongst others, will now have access to
buying shares of PTOP in the open market. This is an obvious
benefit to shareholders and the company.
If you are curious to see the
balance sheet, financial disclosure documents, or other financial
reports we encourage you to view them on the OTC Markets group
website.
PTOP's balance sheet for most
recent 9-30-2021 fiscal year end shows significant improvement in
reducing debt and decreasing stockholder deficit. The liabilities
decreased significantly as well. In 2022 we aim to eradicate 90% of
our liabilities and hope to also get rid of the rest of the
outstanding debt. We encourage the few shareholders with
outstanding debt to allow us to settle it out, so that we can
completely eradicate the debt in the 1st half of the year 2022. In
our opinion this shows a continued path of positive improvement.
With technology assets of over $211,000, and intellectual property
of granted patents also adding value to the bottom line, PTOP's
future continues to look brighter and brighter.
"Next week I will be putting out my
annual CEO letter to shareholders and like I normally do in every
Annual CEO letter to Shareholders, I will review what we
accomplished in the year 2021 and lay out my strategic objectives
that will be on our agenda to accomplish in the year 2022,"
concluded Chairman & CEO Joshua Sodaitis.
Contact
Info:
Joshua Sodaitis, Chairman & CEO
MobiCard, Inc.
45 Prospect Street Cambridge, MA 02139
Phone: 1-617-651-2460
Email: info@freemobicard.com
ABOUT:
Peer to Peer Network aka MobiCard
is the 1st of its kind digital contact/business card. It will
greatly facilitate the ability of individuals and businesses to
share information and more effectively expand their visibility and
brand awareness. Mobicard is a combination of powerful mobile apps
and desktop apps with wide ranging capabilities, including linking
video's, user websites, all forms of contact information, and all
of each user's social media links into one consolidated source. It
is more than just a digital business card; it's a "dynamic digital
footprint." A subscriber can custom create their business card to
include a company logo, profile photo, contact details, website,
audio messaging, social media links and multi-media content. The
platform sharing and alert system enables users to share their card
via text/SMS, e-mail, and global social media sites including
Facebook, Twitter, LinkedIn, etc. The system provides the user
instant text alerts when their card is opened or shared to third
party referrals all while building an invaluable database of
contact leads.
Safe Harbor
Statement:
This release includes
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. The Company invokes
the protections of the Private Securities Litigation Reform Act of
1995. All statements regarding our expected future financial
position, results of operations, cash flows, financing plans,
business strategies, products and services, competitive positions,
growth opportunities, plans and objectives of management for future
operations, as well as statements that include words such as
"anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements. All forward-looking
statements involve risks, uncertainties and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from anticipated
results, performance, or achievements. Factors that may cause
actual results to differ materially from those in the
forward-looking statements include those set forth in our filings
at www.sec.gov. The company is no longer a
fully reporting SEC filing company. We are under no obligation to
(and expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
