Z4,
Yes.
The situation speaks for itself. Inclusive of nothing having occurred/not occurred that had the relevant Board up in arms. Frantically seeking redress.
The timing issue being just a coincidence.
We can't stretch too far and still remain credible. The Form 15 filing being a voluntary situation.
And...
'ALPHARETTA, Ga., Jun 26, 2009 (BUSINESS WIRE) -- Pipeline Data Inc. (OTCBB:PPDA ) today announced its Board of Directors unanimously approved the voluntary termination of the registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended. In accordance with the resolutions adopted by its Board of Directors, Pipeline Data Inc. will file a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission (SEC) to effect this termination. The Company is eligible to deregister its common stock as it had fewer than 300 holders of record of its common stock at the beginning of its fiscal year.
Upon the filing of Form 15, the Company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q, and 8K, will be immediately suspended. Pipeline Data expects that the deregistration of its common stock will become effective 90 days after the date of filing of Form 15 with the SEC.
While no longer required by the SEC after deregistering, Pipeline Data plans to continue to provide quarterly, annual and other information regarding the Company's performance to its shareholders through its email database and website. In addition, the Company anticipates that trading will continue in the Company's common stock on the Pink Sheets.
In reaching its decision, the Board of Directors of Pipeline Data evaluated the advantages and disadvantages of continuing to operate as a reporting company in light of such factors as the costs and expenses of compliance with the Sarbanes-Oxley Act of 2002, the ongoing burden associated with the preparation and filing of periodic and current reports with the SEC and the substantial diversion of management's time and efforts from the tasks required to grow the Company's business and shareholder value. The Board of Directors also considered the current turmoil in the public markets.
Randy McCoy, Chief Executive Officer of Pipeline Data said, "Our focus is on shareholder value and corporate success. The current market conditions, auditing, legal and other expenses required to maintain the SEC reporting requirements, plus the time and attention required by management to focus on public reporting instead of company growth combine to make it untenable to continue to be a 'reporting' company. Pipeline intends to continue to share quarterly, annual and other Company information with our stakeholders."'
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