Transtech Industries, Inc. Announces Decision to Deregister On or About May 13, 2010
April 16 2010 - 4:05PM
Business Wire
Robert V. Silva, President and Chief Executive Officer of
Transtech Industries, Inc. (OTC BULLETIN BOARD: TRTI) has announced
that the Board of Directors has decided to discontinue filing
period reports with the U.S. Securities and Exchange Commission
("SEC") (a procedure known as a “Deregistration”), to be effective
with the filing of a Form 15 with the SEC on or about May 13,
2010.
The text of the letter issued to shareholders describing the
decision follows:
THIS LETTER IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A
REQUEST FOR A PROXY OR SHAREHOLDER’S VOTE
April 16, 2010
Dear Fellow Shareholder:
We write to share with you a difficult decision which has been
made by the Company’s Board of Directors. The Company intends to
discontinue filing periodic reports with the United States
Securities and Exchange Commission (“SEC”). The Company plans to
file a Form 15 with the SEC on or about May 13, 2010 at which time
the Company will no longer be required to file its periodic
reports.
As is always the case with a decision of this magnitude, it was
based on a number of factors. One of the most significant was the
continuing legal and environmental liabilities from the Company's
prior operations in waste handling and solvent recovery. These
claims, both actual and contingent, have made it infeasible to use
the public markets to raise debt or equity capital to fund the
Company’s growth or acquisitions. Thus, a major benefit of filing
periodic reports with the SEC is not available for the Company.
Also, the expense of preparing the periodic reports has been
draining more and more of the Company’s financial and human
resources in order to comply with the ever-increasing SEC reporting
requirements. The Sarbanes-Oxley Act of 2002 ( “SOX”) ushered in
many new reporting requirements for public companies, some of which
had been deferred for small reporting companies like Transtech.
However, those deferrals have lapsed, and now the smaller reporting
companies must comply with the expanded disclosure requirements of
SOX.
In addition to the increased costs of reporting, the trading
market for the Company’s stock has been very limited. Shares of the
Company’s stock currently trade on the Over The Counter Bulletin
Board (the “OTCBB”) which is an electronic market that requires the
sponsorship of one or more market-makers. The price of the stock
has drifted downward from a high of $.12 during the first quarter
of 2009 to as low as $.03 in the fourth quarter of 2009. There were
only 23 trades of the Company’s stock for all of 2009, in which a
total of 132,742 of the 2,979,190 shares outstanding were traded,
down from 218,527 shares traded in 41 trades during 2008.
Therefore, the Board of Directors has decided that the Company
will file a Form 15 on or about May 13, 2010, thereby ending its
reporting obligations.
Trading of the Company’s common stock on the OTCBB will
discontinue with the filing of the Form 15. However, trading may
continue on another market through the OTC known as the Pink
Sheets, but only if a market maker continues to support the
stock.
For more information on what this process may mean to you please
see the Company's web site (www.Transtechindustries.com) for a list
of answers to questions you may have.
As previously disclosed, three of the Company’s subsidiaries
have been embroiled in litigation regarding certain significant
properties owned by them. The Company is engaged in settlement
discussions but is uncertain of the outcome and the timing of such
efforts. This uncertainty has impacted the Company’s ability to
sell these properties at an appropriate value. It is hoped that the
sale of these dormant properties in the future will provide the
Company the liquidity to continue its operations, to settle its
obligations as they become due and to pursue other business
opportunities. However, there are no guarantees.
The Company filed its Annual Report on Form 10-K for the year
ended December 31, 2009 with the SEC on March 31, 2010. A copy of
the report may be down-loaded from the SEC’s website (SEC.gov), the
Company's website or may be obtained by request from the Company.
We urge you to read this report carefully.
Sincerely, Robert V. Silva Andrew J.
Mayer, Jr. Chairman, President and Vice President-Finance Chief
Executive Officer Chief Financial Officer and Secretary
This news release may contain forward-looking statements as
defined by federal securities laws, that are based on current
expectations and involve a number of known and unknown risks,
uncertainties and other factors that may cause the actual results,
levels of activity, performance or achievements to differ
materially from results expressed or implied by this press release.
Such risks and uncertainties include among others, the following:
general economic and business conditions; the ability of the
Company to implement its business strategy; the Company’s ability
to successfully identify new business opportunities; changes in the
industry; competition; the effect of regulatory and legal
proceedings. The forward-looking statements contained in this news
release speak only as of the date of release; and the Company does
not undertake to revise those forward-looking statements to reflect
events after the date of this release.
Transtech Industries (CE) (USOTC:TRTI)
Historical Stock Chart
From Apr 2024 to May 2024
Transtech Industries (CE) (USOTC:TRTI)
Historical Stock Chart
From May 2023 to May 2024