News out:
Monday, August 10 2009 9:26 AM, EST Remodel Auction(TM) Begins Trading Under the Symbol REMD PR Newswire "US Press Releases "
CHARLOTTE, N.C. , Aug. 10 /PRNewswire-FirstCall/ -- Charlotte, NC based Remodel Auction, Inc. (OTC: REMD), an online marketplace for home improvements, announced today the Company began trading its common stock Over the Counter at www.pinksheets.com under the symbol ("REMD"). Pink OTC Markets is the leading inter-dealer electronic quotation and trading system for more than 5,000 companies whose shares are regulated and trade on the over-the-counter securities market. Pink Sheets displays quotes, last-sale prices, and volume information for thousands of companies. REMD currently has nine market makers quoting its stock. A market maker is a registered broker dealer that has made an investment decision to trade the stock for its own account or as an agent for the account of others.
Remodel Auction selected the Pink Sheets OTC Disclosure and News Service to post current information, financial statements, and the required attorney opinion letter. The requirements for achieving "Current Information" on OTC Pink Sheets includes subscribing to the service; publishing disclosure that complies with the guidelines contained in "Pink OTC Markets' Guidelines for Providing Adequate Current Information," including the posting of quarterly and annual financial statements; publishing the opinion of an attorney licensed to practice before the SEC stating the issuer's disclosure meets specified requirements and identifies who is responsible for the preparation of the financial statements; and maintaining an SEC registered transfer agent. The quarterly and annual financial statements must be prepared in accordance with U.S. GAAP requirements but are not required to be audited.
Remodel Auction sold, in a private placement of its common stock, restricted shares to a group of private investors under an exemption from the registration requirements under Rule 506 of Regulation D. The restricted common stock in the company held by these private investors cannot be sold until, or unless, a registration statement is filed allowing the resale of the stock, or one year after the Company files full Form 10 information and is current in its reporting requirement with the SEC . This restriction includes all shares held by insiders and affiliates associated with and working for the company. Remodel Auction carefully considered three possible alternatives to begin trading which included filing the registration statement with the SEC now, going public on an OTC market by having a market maker file a Form 211, which the company did not yet meet the requirements to do, or by merging into an existing publicly traded OTC company.
Considering the timing of the recent recession, a group of experienced advisors were consulted and various economic factors were taken into consideration in choosing the current path. The company will take final steps to register shares for these private investors as the company's business and market conditions advance. Instead of postponing, management embraced this opportunity for the company to begin trading now and take advantage of the economic rebound as a publicly traded company. Alternatively, to begin trading without the merger, FINRA requires a minimum number of shareholders with stock aged one year, which is necessary in their opinion to create a valid trading market to issue a Ticker Symbol in response to a market maker's filing of a Form 211. The company believed it could have met these requirements in October 2009 , followed by submission by a market maker of the Form 211 which could take up to an additional 90 - 120 days for approval to begin trading.
As is, due to recent amendments to SEC Rule 144 adding Rule 144(i) regarding restrictions on resale of restricted stock by a company that has ever been a shell company, Remodel Auction's shares will trade without any selling of shares owned by shareholders of Remodel Auction during the initial launch. Any registration statement filed in the future for these private investors will be preceded by public notice via press release and a public filing at that time.
Remodel Auction(TM) is a proprietary online marketplace that empowers homeowners to put their remodeling projects up for competitive bid. Remodel Auction has facilitated approximately 200 remodeling projects in Charlotte and Raleigh prior to launching the auction site. Founded in February 2005 , Remodel Auction is a publicly traded Delaware corporation headquartered in Charlotte, North Carolina that provides analysis and helps detect and manage pricing differences when planning a remodeling project. Remodel Auction puts actionable information into the hands of property owners who need it, when they need it, while planning common remodeling projects, such as weatherization, solar systems, window replacement, siding installation, and custom trim work. Remodel Auction's proprietary technology is designed to help property owners gain competitive advantage when choosing the best cost versus value for their home improvements.
Forward Looking Statements
There is a great deal of risk associated with ownership of the shares of stock in Remodel Auction. This news release contains statements of a forward-looking nature relating to future events, such as timing of an investment in the company's common stock on the OTC Pink Sheets and the company's business. Such statements entail a number of risks and uncertainties, including but not limited to: Remodel Auction's ability to obtain additional funding to continue its operations; its reliance on third parties, including users of the website and municipalities for weatherization, solar and other targeted sectors; the ability of Remodel Auction to commercialize and successfully market the online marketplace; including certain risk factors listed in the company's prospectus REGDEX under the caption "Risk Factors." Any forward-looking statements or projections are based on the limited information currently available to Remodel Auction, which is subject to change. Although such forward-looking statements or projections and the factors influencing them will likely change, Remodel Auction undertakes no obligation to update the information. Such information speaks only as of the date of the release. Actual events or results could differ materially and one should not assume the information provided in the release is still valid at any later date.
Source: www.RemodelAuction.com
1-888-269-0782
SOURCE Remodel Auction, Inc.
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