On November 30, 2016 the Company received a letter from the United States Securities and Exchange Commission Office (the “SEC”) of Enforcement Liaison – Division of Corporate Finance which informed the Company that it was not in compliance with its reporting requirements under the Securities and Exchange Act of 1934 (the “Exchange Act”) and that, as a result, the Company may be subject, without notice, to an administrative proceeding to revoke its registration and suspend trading in the Company’s stock. The Company has not filed the required reports as of the date of this report, however it intends to file such reports as soon as possible. Nevertheless there can be no assurance that trading in the Company’s stock will not be suspended by the SEC at any time. Company counsel is in communication with the SEC staff with respect to this issue.
