I am a belgian shareholder of North Bay Resources and i was wondering why it takes so long for the uplisting to the OTCBB. Can you tell how things are proceeding and when (approx.) we can expect this to happen. I would be very gratefull. Thanks in advance for your answer and keep up the good work.
Thank you for your email. It is always good to hear from shareholders, and I appreciate your interest.
The first and most difficult part of the uplisting process was successfully completed last November with the clearance of our 15c2-11 filings by FINRA.
The next step is a full SEC-compliant audit of our financial statements for the past two years. Since the demise of Enron and the subsequent advent of Sarbannes-Oxley legislation, SEC audits have become very expensive and time-consuming. Once we agree to terms with a certified accounting firm that can do the required work at a more reasonable price than we've been quoted thus far, it will likely take 3 to 6 months for them to complete the audit. My expectation is that the cost factor be reduced after the current tax season in completed in April, which would then target September or October as the most likely timeframe for us to apply to the SEC for full-reporting status. Once that is completed and we are a fully-reporting company, we can then uplist to the OCTBB.
I hope this helps clarify the situation for you. Please don't hesitate to contact us again should you have any additional questions.
All the best,
* P *
Perry Leopold, CEO North Bay Resources Inc. corp@northbayresources.com http://www.northbayresources.com OTC: NBRI T: 215-661-1100 F: 215-661-8959
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