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Published in Stocks and Investing on Thursday, February 26th 2009 at 10:37 GMT, Last Modified on 2009-02-26 10:38:29 by Market Wire
LAGUNA HILLS, Calif.--([ 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.
