Monday, June 10, 2013 12:06:55 PM
HOUSTON, May 30, 2013 /PRNewswire/ -- Texas Oil and Minerals Inc. (PINKSHEETS: TOMI.pk) is pleased to announce that CEO and President Tom Gouger has issued the following statement concerning TOMI."TOMI is working with its accounting advisers in preparing the necessary financial documents to meet requirements for TOMI to reach an OTC 'current' status. This requires the company to follow the Alternative Reporting Standard or the International Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Pink Basic Disclosure Guidelines, designated as OTC Pink Current Information. OTC Markets provides disclosure statements and has created OTC Pink Basic Disclosure Guidelines in order to assist issuers with understanding their disclosure obligations under the Alternative Reporting Standard."
In addition, corporate securities counsel is working with company financial advisers to provide current requirements as well. A company that follows the Alternative Reporting Standard and posts a quarterly Attorney Letter, pursuant to the Attorney Letter Guidelines, will be classified in the 'Current Information' tier."
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