The latest
October 23, 2006
To the Shareholders of Globe Staff Consulting Corporation:
Our company, formerly known as Powersource Corp., was out of business from 2002
until it was acquired by Sure Trace Security Corporation (“SSTY”) in April 2006. Management
of SSTY began operating the company at that time, but because of our inability to obtain basic
financial and corporate information from the prior management and directors of Powersource
until very recently, we were unable to file required reports with the Securities and Exchange
Commission (8-Ks and 10-Qs). As a result, the SEC Staff informed our counsel last week of the
intention to seek a revocation of the registration of our common stock. We have consented to that
action. The revocation became effective on, October 20, 2006.
In this letter we will provide you information about this action, as well as our plans for
the future.
Q: Why did the Commission revoke the registration of our stock?
A: Because we had not filed reports required under section 13 of the Exchange Act.
Q: Was the Commission’s action authorized under the law?
A: The SEC is authorized to revoke a company’s registration in the case of a
violation of law. This is not the usual remedy for a simply violation, but the Commission has
instituted a policy of revoking the registration of many companies that are “delinquent filers”,
i.e., not current in their reporting responsibilities.
Q: What are the practical effects of the revocation?
It will be not be possible to affect a purchase or sale of the stock through a broker-dealer
until the stock is re-registered. The law states: “No member of a national securities exchange,
broker, or dealer shall make use of the mails or any means or instrumentality of interstate
commerce to effect any transaction in, or to induce the purchase or sale of, any security the
registration of which has been and is suspended or revoked.” The revocation will also likely limit
our ability to raise money through non-public offerings. It should have no effect on our ability to
conduct operations, assuming adequate financing is available.
Q: Why did the company consent to the revocation?
A: Prevailing in a proceeding over whether a revocation is proper would have been
time-consuming and expensive, and very difficult to achieve. Moreover, it is unnecessary to
achieve the company’s long-term objectives, as set forth below.
Q: What does the company intend to do about this situation?
A: We intend to establish firm procedures going forward designed to ensure that our
future public communications are fully adequate and in conformity with SEC regulations.
Specifically, as soon as possible, we expect to file a new registration statement under section 12
of the Securities Exchange Act (a Form 10SB) for our common stock. Under the law, the
registration statement becomes effective sixty (60) days after filing with the Commission or
within such shorter period as the Commission may direct. At that point, trading of our stock
through brokers can recommence, and the market for our stock should become more liquid, as
broker-dealers would then be able to rely on our publicly-filed reports with the SEC as a basis
for their publishing quotations on our stock.
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