From the INXR Shareholder Letter PR
2. We filed out 15c-211 in November 2006 as the first step to be a fully reporting company with a view towards a listing on a more visible exchange.
This explains a 15c-211 and the process
http://searchwarp.com/swa53428.htm
The basic idea behind designing Rule 15c211 was to provide fully reporting public companies an easy way to have their securities quoted on the National Association of Securities Dealers' Over-the-Counter Bulletin Board (NASD OTC/BB). A company intending to obtain a quotation for its securities has only to file in some simple disclosures through form 15c211, commonly known as form 211, with NASD, and once approved, it will be able to trade its stock on the OTC/BB.
Nowadays, going public has become an appealing proposition for most entrepreneurs due the advantages, as attracting more potential investors and more capital, it offers. There are basically two ways for a private company to become a public company, first, is the Initial Public Offering (IPO) method, and second is the reverse merger method. Due to benefits as higher valuation, easier capital formation, inexpensive acquisitions, and lesser costs and risks, most capitalists prefer reverse merger method for going public.
In the reverse merger method, the shareholders of a private company sell all their shares in the private company to a public company. The public company, then issues a large number of shares, which are acquired by the former shareholders of the private company. The public company is finally merged with the private company. In this way, the private company ends up controlling the public company.
As soon as the reverse merger process is completed, two tasks are performed:
1. The private company gives its name to the newly formed public company.
2. An information statement called 8-K, which includes the information about the newly formed company, its new officers and directors and its stocks, and a full description of its business and financial statements audited to US GAAP standards, is filed within 4 days of the merger.
The basic reason behind reverse merger was to be able to trade publicly, and for this to happen, the newly formed public company must register with the Securities and Exchange Commission (SEC). The company can use SB-1, SB-2, or Form 10 for registration. After about three to four months, SEC will declare the registration statement effective and thereafter, the new public company will become a reporting company.
The newly formed public company, which is also a reporting company, must also have a symbol. To obtain the symbol, the company would have make an application to the NASD, which requires filling of Form 15c211. Only a market maker who is the member of the NASD can fill Form 15c211.
Although there are no stringent financial requirements to be listed on the OTC/BB, but NASD ensures that the company’s affairs are in order, and there are at least 40 to 50 shareholders and sufficient float before approving Form 15c211. The entire process takes about three to six months. Once, NASD approves Form 15c211, the company can have its securities quoted on the NASD OTC/BB.
Nia Stefany
Managing partner
http://xnergy.biz
The Board of Directors of iFinix Corporation Announces Shareholder Update
The Board of Directors of iFinix Corporation (PINKSHEETS: INXR) today issued the following shareholder update.
Dear Valued Shareholders:
With 2006 coming to a close, it is an excellent time to review the milestones the company has achieved this year, which the management believes positions iFinix for significant growth in 2007.
1. We obtained interim financing to stabilize operations and streamlined expenses, and at the same time maintaining a moderate level of dilution.
2. We filed out 15c-211 in November 2006 as the first step to be a fully reporting company with a view towards a listing on a more visible exchange.
3. The company reached significant milestones in the development and proprietary design of the Phoenix Suite of Products. We have launched our first product, Phoenix Analyst, which will be available to individual investors, broker dealers, and institutions. We are confident that we will achieve significant market penetration thru the distribution channels we are currently putting into place.
The Company is in the process of implementing the following for 2007:
1. Securing sales agreements with brokerage companies;
2. Securing joint venture agreements with broker dealers;
3. Listing the company on OTCBB and with Standard & Poor's;
4. Creating a brand name for iFinix in the financial industry;
5. Consumate acquisitions of target companies with whom we are currently negoiciating.
Despite the usual obstacles that typically present themselves to growing companies, we have maintained our resiliency and used all of our industry opportunities for the Company's strongest possible fundamental progress. At this time I would like to thank our shareholders for your continued support and loyalty. It is the management's mandate to deliver a strong and viable company and to enhance shareholder value in 2007.
Sincerely,
Drew Budhu, Chairman
About iFinix:
iFinix is a diversified information technology services and solutions company. Our people combine expertise in systems integration, outsourcing, infrastructure, server technology and consulting with precision thinking and relentless execution to help clients. iFinix is a leading global provider of financial and business information to professionals and active individual investors. Building on a 20-year legacy of delivering time-sensitive financial information, Phoenix Provides streaming, real-time market data, news and analytics. The company's suite of products includes Phoenix Pro, the Phoenix Market Scanner, Phoenix Analyst and efinix.
Legal Notice Regarding Forward-Looking Statements:
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of iFinix Corporation to be materially different from the statements made herein.
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