AVP, Inc. Announces Intent to Deregister Common Stock With Securities and Exchange Commission
December 12 2008 - 1:07PM
PR Newswire (US)
LOS ANGELES, Dec. 12 /PRNewswire-FirstCall/ -- AVP, Inc. (OTC:AVPI)
(BULLETIN BOARD: AVPI) , a lifestyle sports entertainment company
focused on professional beach volleyball, today announced that it
intends to voluntarily deregister its common stock on or about
December 19, 2008. On or about that date, the Company will file a
Form 15 with the Securities and Exchange Commission (the "SEC") to
voluntarily deregister its common stock under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). AVP is
eligible to deregister by filing a Form 15 because it has fewer
than 300 holders of record of its common stock. Upon the filing of
the Form 15, AVP's obligation to file certain reports with the SEC,
including Forms 10-K, 10-Q, and 8-K, will immediately be suspended.
AVP expects that the deregistration of its common stock will become
effective 90 days after the date of filing of the Form 15 with the
SEC. The Company anticipates that its shares will no longer be
quoted on the OTC Bulletin Board. Further, there can also be no
assurance that any brokerage firms will continue to make a market
in the common stock after the delisting. Leonard Armato, the
Company's Chief Executive Officer, stated, "Our Board of Directors,
upon the recommendation of our management, unanimously determined
to delist the Company after carefully considering the advantages
and disadvantages of continuing registration. The costs associated
with being a public company have significantly increased,
particularly in light of the adoption of new rules by the SEC in
response to the Sarbanes-Oxley Act. Our Board has determined that
the costs of compliance, as well as the significant demands on
management time and resources required by the compliance
requirements, outweigh the benefits the Company receives from
maintaining its registered status. The Board believes that
deregistering will result in significant reductions in our
accounting, legal and administrative expenses and enable our
management to focus its time and resources on the operation of our
company and the growth and development of our sport." About AVP,
Inc. AVP, Inc. is a leading lifestyle sports entertainment company
focused on the production, marketing and distribution of
professional beach volleyball events worldwide. One of the fastest
growing entities in the sports world, the AVP operates two of the
industry's most prominent national outdoor touring series, the AVP
Pro Beach Volleyball Tour (1983) and the AVP Hot Winter Nights
Indoor Tour (launched in 2008). The AVP is set to stage more than
30 events throughout the United States in 2009 and features more
than 150 of the top men and women competitors in the sport. AVP
athletes won both the women's and men's gold medals at the 2008
Games in Beijing, marking the first sweep of Olympic beach
volleyball gold medals by a single country. AVP is headquartered in
Los Angeles, Calif., and the company's stock trades under the
symbol AVPI on the OTC Bulletin Board. For more information, please
visit http://www.avp.com/. Forward-Looking Statements Some of the
information in this press release may contain projections or other
forward-looking statements regarding future events or the future
financial performance of the Company. We wish to caution you that
these statements involve risks and uncertainties and actual results
might differ materially from those in the forward-looking
statements, if we receive less sponsorship and advertising revenue
than anticipated, or if attendance is adversely affected by
unfavorable weather. Event-related expenses, such as for the
stadium, transportation and accommodations, or security might be
greater than expected; or marketing or administrative costs might
be increased by our hiring, not currently planned, of a
particularly qualified prospect. Additional factors have been
detailed in the Company's filings with the Securities and Exchange
Commission, including our recent filings on Forms 10-KSB and
10-QSB. DATASOURCE: AVP, Inc. CONTACT: Investor Relations of AVP,
Inc., +1-310-426-7177, or Media, Matt Paulson of AVP | Brener
Zwikel & Associates, +1-818-462-5609, Web site:
http://www.avp.com/
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