DANVERS, MA--(Marketwired - Apr 6, 2017) - MobiCard Inc. fka Peer to Peer Network (OTC PINK: PTOP) www.mobi.cards, a provider of a SaaS based proprietary mobile business card solution, today announced that on April 5, 2017 it voluntarily filed a Form 15 with the United States Securities and Exchange Commission (the "Commission" or "SEC") to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company cited the significant cost, limited benefit and very limited trading of its stock as some of its reasons in taking this step.
As a result of the filing of Form 15 with the Commission, the Company will no longer be required to file certain reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. Other filing requirements will terminate upon the effectiveness of deregistration, which is expected to occur 90 days after the filing of the Form 15 with the Commission.
The Company will follow the OTC Market Group Alternative Reporting Standard making material information publicly available to investors pursuant to Federal securities laws, including Rule 10b-5 under the Exchange Act and pursuant Rule 144(c)(2) under the Securities Act.
The Company has also retained accountant Richard Edelson, founder of www.getOTCcurrent.com that specializes in working with OTC issuers in preparing and reviewing financial and disclosure statements that are then posted through OTCIQ on www.otcmarkets.com.
Mr. Edelson has over 20 years' experience in accounting for hedge funds and their portfolio companies. He has estimated that the Company financials should be completed in the current month of April 2017, which should pave the way for the Company to re-file its various corporate actions with www.finra.org that include a Company name change, stock symbol change and capital restructure reverse stock split by 1-400 ratio that had already received majority shareholder vote and Board of Directors approval.
The Company Board of Directors voted unanimously to both file Form 15 and to retain Mr. Edelson for his services. The Company's Board of Directors considered many elements in reaching their decision, including: the substantial costs, both direct and indirect, associated with the preparation and filing of periodic reports with the SEC, the current level of analysts coverage, the minimal liquidity for the Company's common stock, the additional outside legal and accounting resources required, the amount of time management spends on reporting documents, the uncertainty across the broader public market for public stocks, as well as the nature and extent of the trading of the Company's common stock.
About MobiCard Inc.:
MobiCard Inc. fka Peer to Peer Network ("PTOP") owns and markets its core technology, a SaaS mobile solution branded c2a MobiCard, a scalable mobile business card software platform that enables users to create a customized web based personalized mobile app that is sharable by text, email and social media. Subscribers are able to track card opens, views and shares all while validating and analyzing new leads and referrals in real time
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.