NeoMedia Technologies, Inc (NEOM)

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404,
During 2001 NASDAQ began negotiating with the SEC to become an exchange. At the same time they planned to replace the OTCBB with a new system having some corporate governance standards plus defined listing standards compliant with the newly enacted Sarbanes-Oxley Act. In July 2003 NASDAQ discontinued these plans.

However, this does not mean that OTCBB companies can ignore Sarbanes-Oxley! Although they are exempt from some of the requirements, they must live up to most of them. As of July 15, 2005 the smaller companies must comply with the toughest part -- Section 404, which requires that a company demonstrate sound financial controls and test those controls regularly. As this can be costly, some emerging companies can no longer afford to report to the SEC or have decided to spend the money on developing their product instead. These companies either go private or decide to continue trading on the Pink Sheets.

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