TAMPA, Fla., Feb. 8, 2012 /PRNewswire/ -- nFinanSe (OTC:
NFSE – www.nFinanSe.com) announced today that its Board of
Directors has approved the filing of a Form 15 with the U.S.
Securities and Exchange Commission to voluntarily deregister its
common shares under the Securities Exchange Act of 1934. The
Company is eligible to deregister its common shares because it had
fewer than 300 holders of record of its common stock at the
beginning of its fiscal year. 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, will immediately be suspended.
In addition, following the de-registration, it is expected that the
Company's common shares will be traded on Pink Sheets. The Company
expects that the de-registration of its common shares will become
effective 90 days after the date of the filing of the Form 15 with
the SEC.
The Company made this decision after careful review of the costs
and benefits of being a reporting company. The Company believes
that the incremental cost of compliance with SEC reporting
requirements in connection with its publicly traded common stock
does not provide any discernible benefit to the Company and its
small number of shareholders and cannot be justified. The savings
derived from this change are expected to be financially meaningful
and deregistration is expected to allow management to focus
additional attention to delivering shareholder value.
"Safe Harbor" Statement under Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
based on nFinanSe Inc.'s, or, the Company's current expectations,
forecasts and assumptions that involve risks and uncertainties.
Forward-looking statements include statements regarding the
Company's expectations, beliefs, intentions or strategies regarding
the future and can be identified by forward-looking words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," and "would" or similar words and include
statements regarding the anticipated benefits of the Company's
products and the anticipated roll out of the Company's products.
Forward-looking statements in this release are based on information
available to the Company as of the date hereof. The Company's
actual results may differ materially from those stated or implied
in such forward-looking statements due to risks and uncertainties
associated with the Company's business, which include the Company's
ability to execute its business strategy and the other risk factors
disclosed in the Annual Report on Form 10-K for the year ended
January 2, 2010 on file with the
Securities and Exchange Commission. The Company assumes no
obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise.
About nFinanSe Inc.
nFinanSe Inc. (OTC Bulletin Board: NFSE) is an innovative
financial services company and provider of stored value and prepaid
card solutions headquartered in Tampa,
Florida. nFinanSe has developed the nFinanSe Network™, a
secure, reliable value load and activation platform that connects
with retail merchants and other value load stations located
throughout the United States. For
more information, visit www.nFinanSe.com
SOURCE nFinanSe, Inc.