SOURCE: Lightscape Technologies Inc.

September 07, 2010 12:41 ET

Lightscape Technologies Inc. Announces Voluntary Filing of Form 15 to Remove Its Quotation on the OTC Bulletin Board

HONG KONG--(Marketwire - September 7, 2010) -  Lightscape Technologies Inc. (PINKSHEETS: LTSC) today announced that it has voluntarily filed a Form 15 with the Securities and Exchange Commission (the "SEC") to remove its quotation on the OTC Bulletin Board. However, the Company's common stocks continue to be quoted and tradable on Pink Sheets. This trading venue will relieve the Company from very costly mandatory reporting requirements of the SEC. Upon the filing of Form 15, the Company's obligation to file annual, quarterly and current reports including Forms 10-K, 10-Q and 8-K, respectively, was immediately suspended. Relief from the reporting requirements will save the company substantial amount of management time and will substantially reduce professional fees on a quarterly and annual basis. The Company expects the deregistration of its common stock will become effective 90 days after the date of filing of Form 15 on August 23, 2010 with the SEC.

The Board had considered many factors in making this decision, including the followings:

  • The high cost associated with preparing and filing periodic reports and other filings with the SEC;
  • The demands placed on management to comply with SEC reporting obligations, which detract them from the time available for overseeing the Company's operation and growth;
  • Ever since the global financial crisis and slow down of the US economy, the many typical advantages of being a public company are not currently available to the Company, including access to capital, trading liquidity and share price stability.

Bondy Tan, Chief Executive Officer, said, "After careful consideration of its cost and benefit, the Board of Directors had made such necessary decision, and believed it is in the best interest of Company. The significant management time and financial resources could be re-directed to improving and growing the Company's business, This action will allow us to focus our attention and resources on implementing business strategy and improvement work that helps building long-term enterprise value to the benefit of the Company and our shareholders."

About Lightscape Technologies
Lightscape Technologies Inc. (PINKSHEETS: LTSC) is a leading digital media and LED solutions company in Asia. Lightscape is building a digital out-of-home media network in China focused on LED billboards and LCD screens in prime locations. The Company also designs, markets, sells and installs LED systems and provides LED screen rentals. Lightscape is headquartered in Hong Kong, and the Company has offices in China and Macau. For additional information, please visit www.lightscapetech.com.hk.

Cautionary Disclaimer -- Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements include, among others, the estimation, expectation and/or claim, as applicable. Actual results could differ from those projected in any forward-looking statements due to a variety of risks, uncertainties and other factors. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.