Remodel Auction(TM) Begins Trading Under the Symbol REMD
10 Agosto 2009 - 10:26AM
PR Newswire (US)
CHARLOTTE, N.C., Aug. 10 /PRNewswire-FirstCall/ -- Charlotte, NC
based Remodel Auction, Inc. (OTC:REMD), an online marketplace for
home improvements, announced today the Company began trading its
common stock Over the Counter at http://www.pinksheets.com/ under
the symbol ("REMD"). Pink OTC Markets is the leading inter-dealer
electronic quotation and trading system for more than 5,000
companies whose shares are regulated and trade on the
over-the-counter securities market. Pink Sheets displays quotes,
last-sale prices, and volume information for thousands of
companies. REMD currently has nine market makers quoting its stock.
A market maker is a registered broker dealer that has made an
investment decision to trade the stock for its own account or as an
agent for the account of others. Remodel Auction selected the Pink
Sheets OTC Disclosure and News Service to post current information,
financial statements, and the required attorney opinion letter. The
requirements for achieving "Current Information" on OTC Pink Sheets
includes subscribing to the service; publishing disclosure that
complies with the guidelines contained in "Pink OTC Markets'
Guidelines for Providing Adequate Current Information," including
the posting of quarterly and annual financial statements;
publishing the opinion of an attorney licensed to practice before
the SEC stating the issuer's disclosure meets specified
requirements and identifies who is responsible for the preparation
of the financial statements; and maintaining an SEC registered
transfer agent. The quarterly and annual financial statements must
be prepared in accordance with U.S. GAAP requirements but are not
required to be audited. Remodel Auction sold, in a private
placement of its common stock, restricted shares to a group of
private investors under an exemption from the registration
requirements under Rule 506 of Regulation D. The restricted common
stock in the company held by these private investors cannot be sold
until, or unless, a registration statement is filed allowing the
resale of the stock, or one year after the Company files full Form
10 information and is current in its reporting requirement with the
SEC. This restriction includes all shares held by insiders and
affiliates associated with and working for the company. Remodel
Auction carefully considered three possible alternatives to begin
trading which included filing the registration statement with the
SEC now, going public on an OTC market by having a market maker
file a Form 211, which the company did not yet meet the
requirements to do, or by merging into an existing publicly traded
OTC company. Considering the timing of the recent recession, a
group of experienced advisors were consulted and various economic
factors were taken into consideration in choosing the current path.
The company will take final steps to register shares for these
private investors as the company's business and market conditions
advance. Instead of postponing, management embraced this
opportunity for the company to begin trading now and take advantage
of the economic rebound as a publicly traded company.
Alternatively, to begin trading without the merger, FINRA requires
a minimum number of shareholders with stock aged one year, which is
necessary in their opinion to create a valid trading market to
issue a Ticker Symbol in response to a market maker's filing of a
Form 211. The company believed it could have met these requirements
in October 2009, followed by submission by a market maker of the
Form 211 which could take up to an additional 90 - 120 days for
approval to begin trading. As is, due to recent amendments to SEC
Rule 144 adding Rule 144(i) regarding restrictions on resale of
restricted stock by a company that has ever been a shell company,
Remodel Auction's shares will trade without any selling of shares
owned by shareholders of Remodel Auction during the initial launch.
Any registration statement filed in the future for these private
investors will be preceded by public notice via press release and a
public filing at that time. Remodel Auction(TM) is a proprietary
online marketplace that empowers homeowners to put their remodeling
projects up for competitive bid. Remodel Auction has facilitated
approximately 200 remodeling projects in Charlotte and Raleigh
prior to launching the auction site. Founded in February 2005,
Remodel Auction is a publicly traded Delaware corporation
headquartered in Charlotte, North Carolina that provides analysis
and helps detect and manage pricing differences when planning a
remodeling project. Remodel Auction puts actionable information
into the hands of property owners who need it, when they need it,
while planning common remodeling projects, such as weatherization,
solar systems, window replacement, siding installation, and custom
trim work. Remodel Auction's proprietary technology is designed to
help property owners gain competitive advantage when choosing the
best cost versus value for their home improvements. Forward Looking
Statements There is a great deal of risk associated with ownership
of the shares of stock in Remodel Auction. This news release
contains statements of a forward-looking nature relating to future
events, such as timing of an investment in the company's common
stock on the OTC Pink Sheets and the company's business. Such
statements entail a number of risks and uncertainties, including
but not limited to: Remodel Auction's ability to obtain additional
funding to continue its operations; its reliance on third parties,
including users of the website and municipalities for
weatherization, solar and other targeted sectors; the ability of
Remodel Auction to commercialize and successfully market the online
marketplace; including certain risk factors listed in the company's
prospectus REGDEX under the caption "Risk Factors." Any
forward-looking statements or projections are based on the limited
information currently available to Remodel Auction, which is
subject to change. Although such forward-looking statements or
projections and the factors influencing them will likely change,
Remodel Auction undertakes no obligation to update the information.
Such information speaks only as of the date of the release. Actual
events or results could differ materially and one should not assume
the information provided in the release is still valid at any later
date. Source: http://www.remodelauction.com/ 1-888-269-0782
DATASOURCE: Remodel Auction, Inc. CONTACT: Clinton F. Walker, CEO,
+1-888-269-0782 Web Site: http://www.remodelauction.com/
Copyright