Alaska Pacific Energy Commits to Upgrading to an OTCQB
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SOURCE Alaska Pacific Energy Corp.
MIAMI, Feb. 28, 2013 /PRNewswire/ -- Alaska Pacific Energy Corp. (OTCPINK: ASKE) announced today that it has concluded its fact finding regarding whether or not it makes sense to become a reporting company again. Since new management took over in December of last year the company completed all the necessary tasks to once again regain its status of "OTC Pink Current Information" on the OTC Market. At that point Company President Dominick Falso indicated that "... it just makes sense for the company to determine whether continuing the remediation of the company's OTC status back to the QB. is a fiscally sound idea."
As an "OTC Pink Current Information" company, the company is required to post quarterly and annual financial and disclosure reports on the OTC Markets site. This information is then available for the public (investors) to examine. As an OTCQB company, the company is required to have its financial reports audited by a Public Company Accounting Oversight Board Accounting Firm (PCAOB). These financial reports as well as disclosure and other reports are filed with the Securities Exchange Commission. http://www.otcmarkets.com/companies-advisors/otcqb.
There are pros and cons that needed to be considered. Many companies have voluntarily downgraded to save the money they were spending to maintain transparency. On the other hand there are benefits that many industry experts believe outweigh or at least justify the expense of reporting to a U.S. Regulator such as the SEC. Not the least of which is that a reporting company has more funding options available to it than a non-reporting company; options that could have a positive effect on shareholder value.
The company is actively engaged in searching for oil and gas properties to develop. The acquisition of these properties will include the company's plan to use restricted stock as leverage for the right deal. The transparency that comes from becoming a reporting company should open up acquisition opportunities that may otherwise not be available. The company has agreed in principal with a Public Company Accounting Oversight Board Accounting Firm and Securities Law Firm to handle the project. The company will publish the names of these firms upon execution of the engagement letters which should occur early in March of 2013.
In July of 2011, the company filed a form 15 with the SEC, voluntarily becoming delisted from the QB. In order to become upgraded back to the QB the company will have to undergo an audit of its last two years books and records. "There is additional expense in becoming and maintaining QB ranking," said Mr. Falso. "I have examined the options...it is time to act... It appears that the return to a reporting status is within our reach and a worthwhile project...I will keep you posted."
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 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
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