Techlabs To Be Traded on OTC Pink Sheets
Thursday April 26, 4:15 pm ET
JENSEN BEACH , Fla., April 26 /PRNewswire-FirstCall/ -- Techlabs, Inc. (OTC Bulletin Board: TELAE - News) announced today that it has been notified by the NASD that pursuant to rule 6530(e), the Company's common stock is ineligible for continued quotation on the OTC Bulletin Board due to a failure to file timely reports three times over a 24 month period. The Company was further notified that its common stock will be ineligible for quotation on the OTC Bulletin Board for a period of one year. Accordingly, effective April 27, 2007, the Company's common stock will trade under its symbol TELA. The Company noted that it is presently current in all of its filings with the Securities and Exchange Commission and intends to continue to be a reporting company under all applicable SEC rules and regulations.
The Company further noted the recent four day delay in filing it's 10-KSB for the year ended December 31, 2006 was due to material events that occurred subsequent to the year end and which were fully reported in Note 12, as contained in that filing. Because the Company does not believe that the pending change in the quotation of its common stock to The Pink Sheets will impair trading in its securities or its future plans, it does not intend to pursue its right of appeal concerning the matter but would rather concentrate on its current efforts and make application to the OTC Bulletin Board again in one year.
Techlabs is a developer of emerging businesses. The Company's primary focus is centered on developing business opportunities in the Caribbean basin and South America.
For further information regarding the company, contact Techlabs, Inc. at (267) 350-9210.
This press release contains forward-looking statements, some of which may relate to Techlabs, Inc. and which involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Techlabs, Inc.'s filings with the Securities and Exchange Commission.
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