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MIDLAND, Mich., Aug. 12, 2019 (GLOBE NEWSWIRE) -- HPIL Holding (OTC PINK: HPIL) has filed a Form 15 CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 on 8/12/19.
Upon the filing of the Form 15, HPIL’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 HPIL, 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 disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service as an alternative reporting company. However, the Company cannot guarantee that trading in its common stock will continue on OTC Markets or any other forum.
The annual cost of the various requirements of a fully reporting company can easily exceed $200,000. For an emerging growth company such as HPIL the costs are prohibitive. HPIL’s Board of Directors has decided to instead focus our “time, energy and resources" on continuing to develop the HPIL business model at this time in the life cycle of the company. HPIL intends to file unaudited financial statements with OTC Markets shortly. When appropriate HPIL intends to return to full reporting status.
HPIL Management plans on utilizing the savings during this time to pursue the agenda for advancing the various HPIL subsidiaries. HPIL management is dedicated to utilizing our existing resources to initiate and grow revenues, generate new customers and proactively build the awareness of who we are and what we do. 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.
HPIL values our shareholders and strives to constantly improve our communications with them. HPIL intends to keep our shareholders informed as the business proceeds and events warrant. HPIL 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, http://www.hpilholding.com/news/news.php , as well as through other distribution methods it may identify.
The official channels HPIL communicates exclusively through are official Press Releases, our official Twitter feed https://twitter.com/hpilhold and our official corporate website http://hpilholding.com/news/news.php . Shareholders can find the latest news and updates from HPIL from these sources.
The company does not authorize any other references or discussions or blogs.
HPIL Holding (http://hpilholding.com) is a diversified holding company listed on OTC Markets. HPIL Holding is focused on investing in both private and public companies in differing business sectors. HPIL Holding does not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, acquires various types of businesses. HPIL Holding also evaluates the acquisition of intellectual properties and technologies.
Safe Harbor / Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "plan," "potential," "seek," and "intend," among others. These forward-looking statements are based on the Company's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
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Tel: +1 (989) 252-8433