MIAMI, Feb.
28, 2013 /PRNewswire/ -- Alaska Pacific Energy Corp.
(OTCPINK: ASKE) announced today that it has concluded its fact
finding regarding whether or not it makes sense to become a
reporting company again. Since new management took over in December
of last year the company completed all the necessary tasks to once
again regain its status of "OTC Pink Current Information" on the
OTC Market. At that point Company President Dominick Falso indicated that "... it just
makes sense for the company to determine whether
continuing the remediation of the company's OTC status back to the
QB. is a fiscally sound idea."
As an "OTC Pink Current Information" company, the company is
required to post quarterly and annual financial and disclosure
reports on the OTC Markets site. This information is then available
for the public (investors) to examine. As an OTCQB company, the
company is required to have its financial reports audited by a
Public Company Accounting Oversight Board Accounting Firm (PCAOB).
These financial reports as well as disclosure and other reports are
filed with the Securities Exchange Commission.
http://www.otcmarkets.com/companies-advisors/otcqb.
There are pros and cons that needed to be considered. Many
companies have voluntarily downgraded to save the money they were
spending to maintain transparency. On the other hand there are
benefits that many industry experts believe outweigh or at least
justify the expense of reporting to a U.S. Regulator such as the
SEC. Not the least of which is that a reporting company has more
funding options available to it than a non-reporting company;
options that could have a positive effect on shareholder value.
The company is actively engaged in searching for oil and gas
properties to develop. The acquisition of these properties will
include the company's plan to use restricted stock as leverage for
the right deal. The transparency that comes from becoming a
reporting company should open up acquisition opportunities that may
otherwise not be available. The company has agreed in principal
with a Public Company Accounting Oversight Board Accounting Firm
and Securities Law Firm to handle the project. The company will
publish the names of these firms upon execution of the engagement
letters which should occur early in March of 2013.
In July of 2011, the company filed a form 15 with the SEC,
voluntarily becoming delisted from the QB. In order to become
upgraded back to the QB the company will have to undergo an audit
of its last two years books and records. "There is additional
expense in becoming and maintaining QB ranking," said Mr. Falso. "I
have examined the options...it is time to act... It appears that
the return to a reporting status is within our reach and a
worthwhile project...I will keep you posted."
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 that are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including statements as to the future
performance of the company and the risks and uncertainties detailed
from time to time in reports filed by the company with the
Securities and Exchange Commission. Although the company believes
that the expectations reflected in its forward-looking statements
are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct.
Factors that could cause results to differ include, but are not
limited to, the company's ability to raise necessary financing,
retention of key personnel, timely delivery of inventory from the
company's contract manufacturers, timely product development,
product acceptance, and the impact of competitive services and
products, in addition to general economic risks and
uncertainties.
CONTACT: Alaska Pacific Energy Corp.
Dominick Falso, President (954)
793-0657
www.alaskapacificenergy.com (web site under revision; not
totally up to date.)
info@Alasksapacificenergy.com
SOURCE Alaska Pacific Energy Corp.