Universal Apparel and Textile Co. (DKGR)

[goldbarren58]

Better buy quick



(Reuters) - OTC Markets, the operator of three U.S. over-the-counter equity markets, is rolling out tighter reporting standards and eligibility requirements for its venture-stage market to crack down on stock scams and bolster transparency, the company said on Wednesday.

OTC Markets will introduce a new minimum 1 cent bid price requirement on May 1 for its OTCQB market and will require the company's chief executive or chief financial officer to certify that its reporting obligations are current and that disclosures about shareholdings, officers and corporate profile are correct.

The bid requirement, in which stocks must have been quoted for at least 1 cent daily over a 30-day period or be dropped from the market, aims to ferret out companies that fall prey to dilutive stock fraud schemes and promotions, OTC Markets said.

Greater scrutiny of management, directors and shareholders would help reduce fraud in micro-cap stocks, which has been a focus of the Securities and Exchange Commission, according to Cromwell Coulson, president and chief executive of OTC Markets.
http://www.reuters.com/article/2014/03/26/otcmarkets-reforms-idUSL1N0MN25Y20140326