Organic To Go (OTCBB: OTGO) announced today that on March 20, 2009, it intends to file a Form 15 with the Securities and Exchange Commission (SEC) to deregister its common stock and terminate its reporting obligations under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company’s obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately cease. In addition, the Company’s shares will no longer be listed on the Over The Counter Bulletin Board.
Jason R. Brown, CEO, says that, “After thoroughly evaluating and discussing the options before us, the Company’s Board of Directors has determined that the financial costs associated with the increasing regulatory requirements of a public company are currently an excessive burden. The Board has concluded that during these challenging economic times, the Company and its stockholders will be better served by applying its financial resources to continue to support and execute the Company’s business plan. This will ultimately allow us to more fully capitalize on the significant long-term growth potential of the organic foodservice market and the Organic To Go business model. The Board believes that by taking these measures, it will provide the Company additional resources to execute its strategic plans and optimize the Company’s potential–allowing Organic To Go, when the macro economic climate and overall economy improve, to once again actively seek to maximize its growth.”
The Company anticipates that its shares will be traded over the counter on the “Pink Sheets,” but can make no assurances that any broker will make a market in the Company’s common stock. The Pink Sheets is a centralized quotation service that collects and publishes market maker quotes in real time, primarily through its Web site, pinksheets.com/. The Company intends to continue to report to its stockholders in accordance with Delaware law. In addition, the Company presently intends to report its quarterly financial results on its Web site as well as in press releases.