Anglo Swiss Resources Approves Intention to Terminate SEC Reporting
Anglo Swiss Resources Inc. today announces that the Board of Directors has unanimously approved the voluntary filing of the Form 15F with the United States Securities and Exchange Commission (“SEC”) to terminate its SEC reporting obligations and the registration of its common shares under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Under SEC rules, a foreign private issuer such as the Company may deregister a class of its securities under the Exchange Act, and terminate the associated reporting obligations, if, among other conditions, the average daily trading volume of the class of securities in the United States for a recent 12 month period has been no greater than 5% of the average daily trading volume of that class of securities on a worldwide basis.
The Company believes that the costs associated with continuing the registration of its common shares under the Exchange Act, including the costs associated with complying with the requirements of the Sarbanes-Oxley Act of 2002, far outweigh the benefits received by the Company from maintaining its registration.
The Company expects that termination of the registration of its common shares will become effective 90 days after the date of filing of the Form 15F with the SEC. However, as a result of the filing of a Form 15F, the Company’s obligation to file certain reports with the SEC will be immediately suspended. The Company is in the process of submitting an application for its common shares to be quoted on the OTCQX to provide continuity to its US shareholders.
The Company will continue to meet its Canadian continuous disclosure obligations through filings with the applicable Canadian securities regulators. All of the Company’s filings can be found at the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. The Company is currently up-to-date with all of its filings in both Canada and the United States and is currently in full compliance with the internal control and related provisions of Canadian securities laws.