Board Approves Stock Buyback in the Open Market up to $0.01 per share
NEWTOWN, CT–(Marketwired – Oct 30, 2017) – Halitron, Inc. (the “Company,” “Halitron”) (OTC: HAON), a multisector holding company, today announced that the Board has approved a stock buyback of Halitron’s common shares in the open market up to a stock price of $0.01.
Management and the Board agree that since the acquisition of The Hopp Companies, Inc, which is a profitable company projecting positive cash flows from operations, these initiatives should allow Management to be able to deploy cash flow in a manner to increase shareholder value by engaging in a stock buyback program to place shares back into treasury.
Previously, Management had announced the efforts to complete an audit to up list to the OTC Markets QB level. To complete the OTC QB application, the following must be achieved:
Step 1: Determine Eligibility
- Audited annual financials prepared in accordance with U.S. GAAP by a PCAOB auditor. (Regulation A Companies are exempt from the initial requirement).
- Be Alternative Reporting.
- Have a minimum bid price of $0.01 as of the close of business for each of the last 30 calendar days.
- May not be subject to bankruptcy or reorganization proceedings.
- Must have an SEC registered Transfer Agent.
- Meet Corporate Governance Standards: a) Have a board of directors that includes at least two Independent Directors; and b) Have an Audit Committee, a majority of the members of which are Independent Directors on board independence (Alternative Reporting only).
Step 2: Submit OTCQB Application Materials along with an application Fee ($2,500).
Step 3: Upload Documents through http://www.otcmarkets.com/services/companies/otcqb/apply
- Alternative Reporting Companies: Disclosure must be posted through www.OTCIQ.com for the prior two years pursuant to the OTCQB Standards along with Verified Company Profile and CEO/CFO Certification document.
Step 4: Submit the Annual Fee ($10,000).
Step 5: Begin Trading on OTCQB.
After reviewing the guideline issued by OTC Markets on an Alternate Reporting Pink to up list to the QB, Management feels that following the guidelines rather than filing an expensive Super Form 10-K or Form 10 with the SEC, will be more efficient and less time consuming. Management is hoping to complete all of these requirements by the end the first quarter of 2018.
About Halitron, Inc.
Halitron, Inc., a multisector holding company, is focused on acquiring sales, marketing, and manufacturing businesses, and then rolling them into an efficient, low-cost operating infrastructure. Management targets operating entities that can either benefit from current operating infrastructure or operate autonomously and offer an additional product or service to scale existing operations. For more information on Halitron, Inc., please visit: www.halitroninc.com.
Halitron is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron is not registered with FINRA or SIPC.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control. Halitron, Inc is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron, Inc. is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron, Inc. is not registered with FINRA or SIPC.