CAPE CORAL, Fla., March 4, 2011 /PRNewswire/ -- Tigrent Inc. (OTC
Bulletin Board: TIGE) (the "Company") announced today that it has
determined to effect a termination of the registration of its
common stock under Section 12(g) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and suspend its reporting
obligations under Section 15(d) of the Exchange Act, by filing a
Form 15 with the Securities and Exchange Commission ("SEC") on
March 18, 2011.
The Board of Directors has approved this action as a cost
reduction measure. Suspending and, ultimately, terminating the
Company's SEC reporting obligations will allow it to reduce the
substantial legal, accounting and other expenses associated with
reporting compliance and make those savings available for continued
operation of the business.
"We expect that the Company will realize significant savings by
taking these steps, as we continue our efforts to control costs as
part of the difficult work we have undertaken to restructure the
business," said Charles F. Kuehne,
Interim Chief Financial Officer of the Company.
The Company is eligible to suspend its reporting obligations and
deregister its common stock because it has fewer than 300 record
holders of its common stock. Immediately upon the filing of
the Form 15, certain reporting obligations of the Company, such as
its obligation to file Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, will
immediately be suspended. For a period of ninety (90) days
after the filing of the Form 15, the Company will still be subject
to proxy rules, Section 16 reporting obligations, and certain
provisions of the Williams Act. The filing of the Form 15
will not affect the Company's obligation to file its Annual Report
on Form 10-K for the year ended December 31,
2010, which is expected to be filed by the Company in
March 2011. Upon suspension of
its reporting obligations, the Company currently intends to provide
at least limited financial information to allow for public trading
of Company securities on the OTC Pink Sheets, although there can no
assurances that the Company will undertake to provide, or continue
to provide, such limited information, or that any trading market
for Company securities will exist, after the Company has filed Form
15.
About Tigrent Inc.
Tigrent Inc. (OTC Bulletin Board: TIGE) is a provider of
educational training seminars, mentoring and e-learning programs
that help students become financially literate. The Company
provides students with instruction in real estate and financial
instruments investing, personal finance, and entrepreneurism in
the United States, United Kingdom, and Canada. Additional information can be found at
www.tigrent.com.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements
that are based upon Tigrent's current expectations and involve a
number of risks and uncertainties. Those forward-looking statements
include all statements that are not historical statements of fact
and those regarding the intent, belief or expectations of the
Company, including, without limitation, Tigrent's termination of
the registration of its common stock and suspension of its
reporting obligations, and its ability to realize significant
savings as a result thereof; the timing of the filing of its Annual
Report on Form 10-K; and the Company's intention to provide limited
financial information subsequent to the termination of its
reporting obligations. In order for Tigrent to utilize the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, investors are hereby cautioned that certain
factors may affect these forward-looking statements, including but
not limited to the SEC issuing no objection to Tigrent's
deregistration of its common stock, Tigrent's ability to manage its
existing cash adequately and to maintain its business and effect
its strategies, the timing of completion of Tigrent's audited and
unaudited financial statements, and additional risks which
are identified in the Company's SEC filings, including but not
limited to Tigrent's Annual Report on Form 10-K for the year ended
December 31, 2009, and its subsequent
Quarterly Reports on Form 10-Q.
SOURCE Tigrent Inc.
