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PCHW: Finra deleted symbol. Company acquired.
http://otce.finra.org/DLDeletions
all out of now...
without any clarification on future plans for going to pinks this one is dead IMO.
8K filed - company director resigning...
share price getting hit - questions and red flags are rising - risk of holding is jumping up. Need to clarify future status on Pinks and maybe a good PR on earnings can lead to recovery - other than that - continued weakness. What a turn - bummer. Was hoping they would actually try for the Amex or Naz.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
On November 20, 2006, Haruo Miyano resigned his position as a director of the Company. One of Mr. Miyano’s primary objectives as a director of the Company, among others, was to assist the Company in obtaining financing through its status as a reporting company. It had become apparent to the Company as well as Mr. Miyano that it was not in the best interests of the Company to pursue such financing opportunities.
A letter from Mr. Miyano to the Company agreeing with this reason for his resignation is attached to this current report on Form 8-K as Exhibit 99.1.
ITEM 8.01 OTHER EVENTS
On November 20, 2006, the Board of Directors voted to approve a press release announcing its intent to deregister the Company’s common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on or about December 22, 2006. As a result of deregistering its common stock and suspending its reporting obligations the Company’s common stock will no longer be eligible for trading on the Over-the-Counter Bulletin Board.
A copy of the related press release is attached to this current report on Form 8-K as Exhibit 99.2.
ITEM 8.01 OTHER EVENTS
Effective immediately, the Company’s address of record in the United States has been changed to:
c/o Toshiki Hara
10 Campanero East
Irvine, CA 92620
Tel. 714-878-9189
The information included in this Current Report on Form 8-K, including the exhibits hereto, shall not be deemed “filed” for purposes of, nor shall it be deemed incorporated by reference in, any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:
Exhibit
Number
99.1 Letter from Haruo Miyano to Pachinko World dated November 20, 2006
99.2 Press Release issued November 22, 2006
Pachinko World, Inc. Announces Intention to Voluntarily Deregister Common Stock
PR Newswire - November 22, 2006 16:00
Company Elects to Save the High Cost and Administrative Burden of Registration to Focus on Operations and Shareholder Value
HUNTINGTON BEACH, Calif., Nov 22, 2006 /PRNewswire-FirstCall via COMTEX/ -- Pachinko World, Inc. (OTC Bulletin Board: PCHW), an owner and operator of stores in Japan offering pachinko gaming entertainment, announced today that it intends to file a Form 15 with the Securities and Exchange Commission (SEC) on or about December 22, 2006 to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Pachinko World is eligible to deregister and suspend its reporting obligations by filing a Form 15 because it has fewer than 300 common stock shareholders of record. As a result of deregistering its common stock with the SEC and suspending its reporting obligations, the Company's common stock will no longer be eligible for trading on the Over-the-Counter Bulletin Board (the "OTCBB").
Pachinko World's Board of Directors believes that deregistering and suspending its reporting obligations will result in accounting, legal and administrative expense reductions for Pachinko World and enable Pachinko World management to focus more time and resources on Company operations and enhancing shareholder value. The Pachinko World Board of Directors determined to deregister Pachinko World's common stock and suspend its reporting obligations after carefully considering the advantages and disadvantages of continued registration. These considerations include a significant increase in cost and administrative burden associated with public status in light of the Sarbanes-Oxley Act of 2002 and the adoption of new rules by the SEC. Other factors considered as part of this decision were: (i) Pachinko World's common stock is very thinly traded and (ii) Pachinko World receives no capital raising benefit from its being a reporting company. The Pachinko World Board of Directors determined that rising compliance costs, together with the substantial demands of SEC filing requirements on management time and resources, outweigh the benefits Pachinko World receives from maintaining its status as a registered company.
Upon filing the Form 15, Pachinko World's obligation to file certain reports with the SEC, including Forms 10-KSB, 10-QSB and 8-K, will immediately be suspended, and accordingly, Pachinko World does not intend to file its Form 10-KSB for the year ended May 31, 2007 with the SEC.
Pachinko World expects that the deregistration of its common stock will become effective 90 days after the date of filing the Form 15 with the SEC.
About Pachinko World
Pachinko World (formerly Exam USA, Inc.), through its subsidiaries, primarily engages in the ownership and operation of stores in Japan offering pachinko gaming entertainment. As of May 31, 2006, the Company operated seven stores, comprising 3,392 pachinko and pachislo machines. Its stores are located in the Aichi prefecture and Tochigi prefecture in the north of Japan's greater Kanto area. Founded by Yoneji Hirabayashi in 1956, the Company is headquartered in Huntington Beach, California.
This press release contains forward-looking statements based on the Company's current expectations. In some cases, these statements can be identified by terminology such as 'may', 'should', 'plans', 'believe', 'will', 'anticipate', 'estimate', 'expect', or 'intend', including their opposites or similar phrases or expressions. Readers should be aware that these statements are projections or estimates as to future events and are subject to a number of factors that may tend to influence the accuracy of the statements. These forward-looking statements should not be regarded as a representation by the Company or any other person that the events or plans of the Company will be achieved. Actual results may differ materially from these forward-looking statements.
To gain a better understanding of the risk factors that may tend to influence the accuracy of the Company's forward-looking statements, the Company recommends that readers consult the risk factors identified in the Company's Annual Reports on Form 10-KSB and other filings with the U.S. Securities and Exchange Commission. Although management believes that the risks described in the most recently filed Form 10-KSB represent all material risks currently applicable to the Company, additional risks and uncertainties not presently known to the Company or that are currently not believed to be important may also affect actual future results and could harm the Company's business, financial condition and results of operations.
SOURCE Pachinko World, Inc.
Toshiki Hara of Pachinko World, Inc., +1-714-878-9189; or Sean Collins, Senior
Partner of CCG Investor Relations and Strategic Communications, +1-310-477-9800, for
Pachinko World, Inc.
closed for the week at .50...
on good volume for most of the week - nice steady climb up with clear skies ahead once breaks .70.
nice move up on good volume...
hard to ask for more as momentum building for breakout.
back in 04 she spiked up...
to around $11 - no idea why. Do know that its gaining momentum and with the low float could easily spike again - although anywhere near 11 is highly unlikely.
With outlook positive, newer facility generating higher profits, and a brand new facility slated for near future - could be a good long term hold as well as a good play for a big spike.
getting some volume today...
lets see if can hold gains. Sooner or later should shoot up and hold.
Japanese stocks don't have the same stigma...
as Chinese stocks - do they? Nope.
In and will look to add...
on dips. Believe she may have some legs. Love the low float and accelerating earnings - right up my alley.
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