Sky440 to Become a Full Reporting Company
26 Februar 2009 - 7:19PM
Business Wire
Sky440, Inc. (Pink Sheets: SKYF) (�Sky440�) announced today that
it is taking steps to become a fully reporting company in order to
achieve current information status with Pink Sheets and to provide
shareholders with more detailed information on a quarterly and
annual basis.
There are 1,722,922,087 shares outstanding with 643,708,963
shares in the float. Management owns more than 50% of the common
stock. The company has secured funding commitments through private
transactions. As a result, the company is contractually prohibited
from reversing the stock for a period of time following each
tranche. Because of the low stock price, the company has been
limiting the amount and frequency of the tranches, with the funds
received going to acquisition and administrative costs, operations
and payables.
As the acquisitions move forward, the company will need to
increase its authorized. The majority of the shares to be issued
are expected to be privately held by management or issued in
connection with acquisitions. Management does not expect shares
issued to it or acquisition shares to enter the market in the
foreseeable future.
The company recently filed its updated 15C211 Issuer Disclosure
Statement, which is considered �Limited Information�. To achieve
full reporting status and the �Current Information� designation,
the company needs to prepare what is in essence a registration
statement, including complete current and historical financial
statements, managements� discussion, analysis and plan of
operation, and other information included in a registration
statement. This type of document can take anywhere from 30 to 90
days to prepare and file, depending upon audit and regulatory
review requirements, availability of historical information and
costs associated with this type of filing.
The private funding transactions are based in part on the price
of the stock, and as a result it is in the best interest of the
company to have a higher stock price. When shareholders purchase
stock in the public market, none of those funds go directly to the
company. They go to the seller of the stock. As a result, the
company must meet its funding requirements through a secondary
public offering, private transactions or operational revenues.
The company has no control over the price of the stock, or who
buys or sells the stock in the public market. At present, the
company does not have any arrangements with investor relations or
public relations companies or individuals. The company is concerned
about shareholder value and plans to provide shareholder value
through making sure the business has the opportunity to be
successful. Building a business takes time and capital. To achieve
success, it is not a sprint; it is a long distance run.
About Sky440
Sky440, Inc., based in Laguna Hills, California, distributes new
products and operates in the electronic hardware and computer
component industry. Distributing networking hardware and other
computer related components, Sky440 plans to distribute technology
products from more than 100 world-leading IT OEM suppliers to more
than 2,000 resellers throughout North America. More information
about Sky440, Inc. can be found at www.sky440.com.
Notes about forward-looking statements:
Except for any historical information contained herein, the
matters discussed in this press release contain forward-looking
statements that involve risks and uncertainties.
Certain Statements contained in this release that are not
historical facts constitute forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995,
and are intended to be covered by the safe harbors created by that
Act. Reliance should not be placed on forward-looking statements
because they involve unknown risks, uncertainties and other factors
which may cause actual results, performance or achievements to
differ materially from those expressed or implied. Forward-looking
statements may be identified by words such as "estimates,"
"anticipates," "projects," "plans," "expects," "intends,"
"believes," "may," "should" and similar expressions and by the
context in which they are used. Such statements are based upon
current expectations of the company and speak only as of the date
made. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after
the date when they are made.
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