Auri, Inc. Files Form-15 with SEC
Company to Focus on Licensing Business Model
LAGUNA BEACH, Calif., April 3, 2012 /PRNewswire/ -- Auri, Inc. (OTCBB: AURI.OB) announced today that on March 29, 2012 it filed a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily de-register its common stock, par value $0.001 per share under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company expects that the de-registration of its common stock will become effective 90 days after the date of filing of the Form 15 with the SEC. Thereafter, the Company will no longer be subject to the SEC's public reporting requirements.
In addition, because the Company was once a "shell company," holders of the Company's restricted common stock may not rely upon Rule 144 under the Securities Act of 1933, as amended, in connection with any transfers of such shares. Shareholders who hold shares of restricted common stock should contact their investment advisor and/or legal counsel regarding the manner in which they may be able to transfer these.
"We have expended a significant amount of financial and other resources over the past year, including significant legal and accounting expenses, in order to maintain the Company's status as a reporting company under the Exchange Act and to maintain the ability of the Company's shares to be traded on the OTCBB," stated Ori Rosenbaum, Chief Executive Officer of the Company. "The decision to voluntarily de-register our common stock was made after carefully considering the advantages and disadvantages of continuing as a reporting company. The costs and administrative burdens associated with being a public company are significant. We determined that the costs of SEC compliance outweigh the benefits received from maintaining such a status. The filing of the Form 15 will immediately reduce operating expenses, avoid higher future expenses and enable management to focus more time and resources on strategic opportunities aimed at enhancing shareholder value," added Mr. Rosenbaum. In that regard, the Company plans to dissolve its footwear brand and licensed footwear manufacturing and distribution business to focus solely on technology licensing opportunities.
About Auri, Inc.
W*RKS(TM) by AURI is a proprietary system of patented and patent pending technologies, advanced materials and innovative designs, engineered to seamlessly integrate into fashion footwear. W*RKS(TM) is engineered to integrate across a broad spectrum of styles, constructions and manufacturing needs. For more information, please visit www.aurifootwear.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation, Auri Inc.'s ability to license its technologies with partner brands are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Auri, Inc. could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of Auri, Inc. to successfully negotiate licensing agreements with fashion brands and retailers; Auri, Inc.'s ability to attract sufficient capital; the ability of Auri, Inc. to attract and retain talented individuals; adverse economic and market conditions; and other events, factors and risks previously disclosed in Auri, Inc.'s filings with the Securities and Exchange Commission.
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