SOURCE: PureSpectrum, Inc.

July 15, 2008 13:28 ET

PureSpectrum, Inc. Engages Hancock Askew & Co., LLP to Perform Full Financial Audit

Publicly Held Technology Company to Move Stock to Over the Counter Bulletin Board Exchange

SAVANNAH, GA--(Marketwire - July 15, 2008) - PureSpectrum, Inc. (PINKSHEETS: PSPM) has taken the first step toward elevating its stock from the National Quotation Bureau Exchange or Pink Sheets to the Over the Counter Bulletin Board Exchange (OTC-BB Exchange) by engaging Hancock Askew & Co., LLP to perform a full financial audit for the past two years.

PureSpectrum president and CEO Lee Vanatta said making the move from the Pink Sheets exchange to the OTC-BB Exchange has always been included in the company's long term planning, and he believes the move reflects the company's commitment to its investors by providing the company with an extra layer of credibility. Vanatta said the required financial reporting required to become a member of the OTC-BB Exchange will make PureSpectrum a full reporting publicly held company and offer additional confidence for shareholders as well as prospective investors.

"From PureSpectrum's inception, we have strived for the utmost corporate transparency," Vanatta said. "As the technology has developed and our business projections have continued to grow based on feedback we have received from the lighting industry, we realize that moving our stock to the OTC-BB Exchange is the next logical step for the company. At a time when many corporations face problems caused by questionable business practices, PureSpectrum will continue to succeed while exemplifying a smart, ethical business model. Our shareholders have always been our first priority, and we know that the time is right for this action in order to maximize the benefits to our shareholders."

PureSpectrum owns several patents and patents pending related to electronic ballast and dimming technology for fluorescent lighting. The company's unique circuitry design enhances dimming performance for fluorescent lighting, and technological developments made during the past year have generated significant interest within the lighting industry.

Hancock Askew & Co., LLP is a regional professional services firm certified by the Public Company Accounting Oversight Board with offices in Savannah, Ga. and Atlanta providing services in audit, tax, internal controls and risk management, transactions, valuation, cost segregation and other areas related to business performance. The firm is an independent member of the BDO Seidman Alliance and provides services to both public and private companies. For more information about Hancock Askew & Co., LLP, please visit www.hancockaskew.com.

Please call (912) 961-4980 for more information about PureSpectrum, Inc. or visit www.purespectrumlighting.com to see a short video featuring PureSpectrum's dimming technology compared to commercially available dimmable CFL bulbs. Please contact Shareholder Development Group at (770) 518-3449 or info@shareholderdg.com for investment information.

ABOUT PURESPECTRUM

PureSpectrum (PINKSHEETS: PSPM) is a publicly traded technology company founded and headquartered in Savannah, Ga. The company's values are grounded in an awareness of the increasing urgency to identify more efficient energy solutions. PureSpectrum currently holds the rights to multiple patents and patent applications related to an electronic ballast design which would produce a soft switching environment during power conversion for artificial lighting. PureSpectrum will continue its commitment to researching, developing and refining ideas that will provide the most energy efficient, cost effective methods for powering artificial light. For more information on PureSpectrum, please call (912) 961-4980 or visit www.purespectrumlighting.com.

Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum's products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.

Contact Information

  • Media Contact
    Stephen Weeks
    (912) 356-5770