Avensys Announces Intent to Voluntarily Deregister its Common Stock
June 30 2009 - 4:56PM
PR Newswire (US)
MONTREAL, June 30 /PRNewswire-FirstCall/ -- Avensys Corporation
(OTC Bulletin Board: AVNY), ("Avensys" or the "Company"), a leading
manufacturer of high-end fiber optic components, and a distributor
and integrator of environmental and process monitoring systems,
announced today that it has notified the Securities and Exchange
Commission (the "SEC") of its intent to voluntarily deregister its
common stock under the Securities Exchange Act of 1934 (the
"Exchange Act") and to cease filing reports with the SEC. The
decision to voluntarily deregister the common stock is a cost
savings step that will reduce by approximately $400,000 the
expenses associated with Avensys' compliance with SEC reporting
requirements, which include legal, accounting and other
administrative fees. The Company's common stock is thinly traded
and the Company does not believe the benefits of having its common
stock listed and registered outweigh the burden of those annual
costs. Management believes that the expense reductions created by
deregistering the Company's shares will benefit Avensys and its
shareholders, and ultimately will serve to maximize the value of
the Company. The Company has filed a Form 15 to deregister its
common shares under Section 12(g) of the Securities Exchange Act of
1934. Upon 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,
will immediately be suspended. The Company expects that the
deregistration of its common stock will become effective ninety
days (90) after the date of filing of the Form 15 with the SEC.
Following this time, the stock will trade on the pink sheets. John
Fraser, President and Chief Executive Officer of Avensys
Corporation, commented: "I want to make it clear that this is
purely a cost saving measure that is related to the size of the
company today. If, at some point in the future, for whatever
reason, it becomes worthwhile to bear again the cost of fulfilling
our SEC filing obligations, we will comply." The Company intends to
provide unaudited financial information to its shareholders. This
financial information will describe the Company's financial
situation and its progress towards fulfillment of business
objectives. The information will be posted on our Web site at
http://www.avensyscorporation.com/. About Avensys Corporation
Avensys Corporation operates Avensys Inc., its wholly-owned core
subsidiary. Avensys Inc., through its manufacturing division
Avensys Technologies, designs, manufactures, distributes, and
markets high reliability optical components and modules as well as
FBGs for the telecom market, and high power devices and
sub-assemblies for the industrial market. Avensys Technologies is
also a pioneer in the development of packaged fiber-based sensors
and possesses licences in regards to leading edge intellectual
property. Avensys Solutions, the other division of Avensys Inc., is
an industry leader in providing instrumentation and integrated
solutions for the monitoring of industrial processes and
environmental surveillance applications for air, water and soil in
the Canadian marketplace. To find out more about Avensys Solutions,
please visit our website at http://www.avensyssolutions.com/. For
Avensys Corporation company news and updates you can also visit
http://www.avensyscorporation.com/. Forward-Looking Statements:
Except for historical information contained herein, the statements
in this news release are forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause a
company's actual results, performance and achievement in the future
to differ materially from forecasted results, performance, and
achievement. These risks and uncertainties are described in the
Company's periodic filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof, or to reflect the occurrence of
unanticipated events or changes in the Company's plans or
expectations. For more information, please contact: Ms. Sherine
Attia Avensys Corporation Tel: 1.877.904.6030 DATASOURCE: Avensys
Corporation CONTACT: Ms. Sherine Attia of Avensys Corporation,
1-877-904-6030 Web Site: http://www.avensyscorporation.com/
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