Stratos Renewables Corporation Announces Its Intent to Deregister Its Stock
March 16 2010 - 1:57AM
Business Wire
Stratos Renewables Corporation (OTCBB: SRNW) (“Stratos”) today
announces that we intend to file, on March 19, 2010, a Form 15 with
the Securities and Exchange Commission (SEC) to deregister our
shares of common stock under the Securities Exchange Act of 1934.
We expect that the deregistration of our shares will become
effective 90 days after the filing of the Form 15. As a result of
the filing, our obligation to file certain reports and forms with
the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately
suspended.
The decision to deregister our shares was made in connection
with our closing of a $1,850,000 debt and equity financing (the
“Financing”) with I2BF Biodiesel, Ltd. and Blue Day Limited, each
of whom, prior to the Financing, were existing shareholders who had
previously provided significant funding to Stratos. Of the
$1,850,000 investment, $885,077 was made on March 4, 2010, and the
remainder will be made in monthly installments subject to our
achievement of certain operational and financial milestones. The
proposed deregistration of our shares was a condition to the
consummation of the Financing. Further details of the Financing are
set forth in the Form 8-K filed with the SEC on even date
herewith.
We believe that the Financing allows us to maintain Stratos as a
going concern and allows us to avoid imminent liquidation. We also
believe that deregistration will allow the Company to save
substantial time and costs of public company reporting and
compliance, and will allow management to work to further increase
shareholder value by dedicating more time, attention and resources
on existing plans to generate revenue including, among other
things, the continued development of our ethanol production
facility and operations in Peru. The decision to deregister and to
conduct the Financing was unanimously approved by our Board of
Directors.
About Stratos Renewables Corporation
Stratos Renewables Corporation intends to be a vertically
integrated sugarcane ethanol player in Peru, committed to becoming
the lowest cost producer of ethanol globally. We believe that Peru
is an attractive location for the cultivation, processing,
distribution, and use of alternative fuels. We are currently a
development-stage company with no revenues from operations.
For information about Stratos Renewables Corporation, please visit:
www.stratosrenewables.com.
Forward-Looking Statements
This document contains forward-looking statements that involve
risks and uncertainties, as well as assumptions, that, if they
never materialize or prove incorrect, could cause the results of
the company to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements
generally are identified by the words "expects," "anticipates,"
"believes," "intends," "estimates," "should," "would," "strategy,"
"plan" and similar expressions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Accordingly, we cannot give assurance
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of the company. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company’s periodic reports filed from time
to time with the Securities and Exchange Commission and available
at www.sec.gov.
Stratos Renewables (PK) (USOTC:SRNW)
Historical Stock Chart
From Mar 2025 to Apr 2025
Stratos Renewables (PK) (USOTC:SRNW)
Historical Stock Chart
From Apr 2024 to Apr 2025
