Spooz, Inc. Retains Firm for Preliminary Compilation; Plans Regarding Audit, Fully Reporting Status and Listing of SPZI Stock
CHICAGO, Jul 11, 2006 (BUSINESS WIRE) -- Spooz, Inc. (Pink Sheets:SPZI) announced today that recent activities, including the terms of its most recent financing agreement and increased interest in the Company's trading software SpoozToolz, have compelled the Company to implement the necessary actions to become a fully reporting company. Spooz has retained The Adler Group, LLC of Chicago to perform a preliminary compilation of its books; a certified audit will immediately follow.
While the plan is for Spooz, Inc. to regularly report its financials to the SEC to be filed in the EDGAR system, the Company is currently exploring a number of options regarding the listing of its stock, post-audit. These include the OTCQX, AIM and the possibility of listing SPZI stock on a regional stock exchange.
"We are continually witnessing a trend of companies down-listing to the Pink Sheets from the OTC BB due to costs associated with Sarbanes-Oxley compliance. We believe this trend is justified," commented Paul Strickland, CEO of Spooz. "It is a possibility that we will remain a fully reporting Pink Sheet company until we make a listing decision. Listing is a critical for Spooz in particular, considering the global prospects for the company. Our goal is to create maximum shareholder value for each dollar spent, and with increasing exchange consolidation on the horizon, Spooz has ever increasing options to accomplish that goal."
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of Forward-Looking Statements: This news release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements.
About Spooz, Inc.
Spooz, Inc., a publicly traded company based in Chicago, provides a suite of solutions designed to simplify financial trading for traders and hedgers alike. SpoozToolz(TM) and its modules, the Company's flagship products, add built-in trading capabilities to the popular Microsoft(R) Excel software application, combining a customizable interface, streaming quotes, charts, technical analysis, a comprehensive historical database, and electronic trade execution into a simple add-in that becomes part of the Excel tool bar.
SOURCE: Spooz, Inc.
