Oncologix Tech, Inc. (OTC Pink: OCLG) is engaged as a diversified medical holding company. Shares of the medical company are skyrocketing 100%, through early trading on Thursday, August 24, 2017. Over the past month. Oncologix Tech, Inc. has seen average daily volume of 1.31 million shares. However, volume of 66.4 million shares or dollar volume of $26,560, has already exchanged hands on Thursday.
Shares of Oncologix Tech, Inc. are surging today, after the company announced that it has filed Form 15, which suspends the company’s SEC reporting obligations. Obligations will be officially terminated within 90 days of the Form 15 filing. Management says the move was based mostly on cost reduction efforts. Here is the full press release detailing of the filing:
Oncologix Tech, Inc. Press Release:
GRAND RAPIDS, MI—August 23, 2017 – Oncologix Tech, Inc. (OTCPINK:OCLG), a diversified medical holding company with operating divisions in Advanced Medical Products, Healthcare Services and Durable Medical product sales and distribution, announced today the filing of a Form 15 with the Securities and Exchange Commission (the “SEC”). OCLG filed the Form 15 with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to suspend its reporting obligations under Section 15(d) of the Exchange Act.
|Upon the filing of the Form 15, OCLG’s obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company’s duty to|
|file reports with the SEC will be terminated 90 days after the filing of the Form 15. Despite the termination of registration, the Company expects that shareholders will be able to continue to trade the outstanding common shares of OCLG, and the Company intends to maintain a public listing on the OTC Pink Sheets market or other exchange as it may determine appropriate. The Company|
|plans to continue to disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service as an alternative reporting company. The Company anticipates that its common stock will resume quoting on the OTC Markets marketplace, a centralized electronic|
|quotation services for over-the-counter securities, so long as market makers demonstrate an interest in trading the Company’s common stock. However, the Company cannot guarantee that trading in its common stock will continue on OTC Markets or any other forum. OCLG is eligible to suspend its reporting obligations because it has fewer than 300 record holders of its common|
|The Board of Directors has approved this action primarily as a cost reduction measure. Suspending and ultimately terminating the Company’s SEC reporting obligations will allow it to reduce the|
|substantial legal, accounting, and other expenses associated with reporting compliance and make|
|those savings available for continued operation of the business.|
Michael Kramarz, Chairman and Chief Executive Officer commented on the announcement with the following statement, “Our decision to deregister was made after careful consideration of the advantages and disadvantages of being a public company and the increasing expense of compliance with the many SEC, Dodd-Frank and Sarbanes-Oxley requirements. In making its decision, our board took into consideration the small number of Company stockholders and the relatively low level of trading in the Company’s common stock. This decision should result in a benefit to the Company’s stockholders by reducing expenses and permitting management to focus its energies on operating the company and its operating subsidiaries.”
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to timing and completion of the due diligence relating to the Acquisition, the entering into of the Formal Agreement and the completion of the conditions precedent to the Acquisition. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance
|OCLG currently intends to provide quarterly and future earnings releases and other press releases about the Company on the OTC Markets reporting service, its web site, www.oclghealth.com, as well as through other distribution methods it may identify, and to stockholders directly upon|
or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward- looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in the United States and globally; industry conditions, including favorable results in the medical products competitive bid process, governmental regulation of medical reimbursements; unanticipated operating events or performance which can reduce product sales and distribution; failure to obtain industry partner and other third party consents and approvals, and the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; incorrect assessments of the value of acquisition; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
About Oncologix Tech, Inc.
Oncologix is a diversified medical holding company that operates and manufactures Class II medical device products, delivers Personal Health Care Services, and sells and distributes Durable and Home Medical Equipment. For its clients, Oncologix provides FDA approved medical devices, state licensed healthcare services, and medical products and technologies. For its shareholders, Oncologix operates profitable divisions that build, maintain and nourish all shareholder value. The Company’s corporate mission is to be the best small cap medical holding company in North America.