TORONTO, ONTARIO--(Marketwire - July 26, 2012) - BE Resources Inc. (TSX VENTURE:BER) ("BER" or the "Company") announced that it has filed a Form 15 with the Securities and Exchange Commission ("SEC") on July 26, 2012, thereby, voluntarily suspending its reporting obligations under the Securities Exchange Act of 1934.
As a result of filing the Form 15, the Company will no longer be required to file annual and quarterly reports with the SEC. The Company took this action in order to focus its resources on acquiring mineral resource properties of merit.
"The Company's common stock will continue to be eligible for public trading on the TSX Venture Exchange and in the United States through the Financial Industry Regulatory Authority's Over-the-Counter Bulletin Board. The Company will suspend all periodic report filing with the SEC, effective immediately."
"An overwhelming amount of resources have been expended over the past several years for auditing, filing and legal expenses in the desire to maintain reporting in the United States of America," stated Jon Pereira, President of BE Resources Inc. "We are now going to focus all of our energies and resources on acquiring mineral resource properties of merit. We believe that, using our resources for this purpose better serves the interests of our shareholders."
"Our Directors voted for the voluntary deregistration of our common stock after carefully considering the advantages and disadvantages of continuing registration. The costs and administrative burdens associated with being a public company have significantly increased, particularly in light of the Sarbanes-Oxley requirements. Our Board of Directors determined that the rising costs of compliance, as well as the substantial demands on management time and resources, outweigh the benefits we receive from maintaining our registered status. This step will result in reducing expenses, avoiding higher future expenses and will enable management to focus more of its time and resources on strategic long-term growth, operating the Company and enhancing shareholder value", added Pereira.
The Company will continue to comply with its continuous disclosure requirements in Canada through filings under the Company profile on www.sedar.com.
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "should", "likely", "would", "expectation", "targets", "potential", "developing" and similar expressions. In addition, information concerning the interpretation of drilling and survey results and of geology may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined and other risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, BER assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.