Kelyniam Global, Inc. (OTCBB: <a href="http://finance.yahoo.com/q?s=KLYG.OB&d=t">KLYG</a>),
today announced that it intends to voluntarily deregister its common
stock under the Securities Exchange Act of 1934, as amended, by filing a
Form 15 with the Securities and Exchange Commission. Kelyniam Global,
Inc. is eligible to deregister because it has fewer than 300 holders of
record of its common stock.
Deregistration of the Company’s common stock
was initially approved at a meeting of the Company’s
Board of Directors on August 4, 2008, after consultation with management
and deliberation regarding the advantages and disadvantages of
continuing SEC registration and listing on the Over-the-Counter Bulletin
Board. The Board of Directors determined that deregistration was in the
best interest of the Company and its stockholders after consideration of
several factors, including, (i) the high financial costs associated with
preparing and filing periodic reports and other filings with the SEC in
comparison to the size of the Company; (ii) the demands placed on
management to comply with SEC reporting obligations, which detract from
time available for overseeing the operation and growth of the Company;
and (iii) the limited public trading volume of the Company’s
common stock.
Upon the filing of the Form 15, the Company’s
obligation to file certain reports with the SEC, including Forms 10-KSB,
10-QSB, and 8-K, will immediately be suspended. The Company expects that
the deregistration of its common stock will become effective not more
than 90 days after the date of filing the Form 15. In addition, as a
result of the decision to deregister, the Company’s
common stock will cease to be eligible to trade on the OTCBB effective
soon after filing the Form 15.
The Company expects, but cannot guarantee, that its common stock will
continue to be quoted on the Pink Sheets after it is deregistration.
There is no assurance that any brokerage firm will continue to make a
market in the Company’s common stock after
deregistration. The Pink Sheets is a centralized quotation service that
publishes market maker quotes for securities primarily through its
website, www.pinksheets.com.
The Company will continue to provide its stockholders with periodic
financial and operational information through its website: www.kelyniam.com.
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