sorry i dont agree with that, he is doing things by the book, the last thing we need is another company putting out pr's every day or every few weeks about sales numbers they put out a pr stating they ordered a larger container than the first shipment i'm happy with that!! now one thing i would like to see would be a pr stating our partnership with our european distributor's website for our shareholders overseas, and to clear up this confusion over shipping to canada this needs to be cleared up asap!!
Why sales numbers have not been released! This is an excerpt from a SEC document concerning public copmanies releasing PR's with financial information.
As you can see, due to the Sarbanes-Oxley Act of 2002, there are strict requirments regarding the release of financial information.
Here is a link with more information on form 8-K requirements. The second link is a link to the actual form in case anybody here wants to see just how much work is involved if the company wants to release a PR containg sales figures.
SEC Issues Final Rule on Furnishing Earnings Announcements to the SEC and on Using Pro Forma Financial Information Generally (Effective March 28, 2003)
On January 15, 2003, the SEC adopted a final rule designed to implement Section 401(b), and to begin to implement Section 409, of the Sarbanes-Oxley Act of 2002. The complete text of this rule can be found at www.sec.gov/rules/final/33-8176.htm.
Beginning March 28, 2003, public companies must:
?? furnish a Form 8-K within five business days after issuing any press release or other disclosure about the company’s quarterly or annual financial results that contains material nonpublic information; and
?? comply with new conditions for the use of financial measures that are not calculated or presented in accordance with GAAP (i.e., pro forma financial information).
I. Furnishing Earnings Releases and Other Financial Announcements on Form 8-K
The SEC’s new rule requires public companies to furnish a current report on Form 8-K to report earnings and similar information.
What triggers the new Form 8-K requirement?
The Form 8-K is required whenever a public company makes any public announcement, or issues a press release, disclosing material nonpublic financial information regarding its results of operations or financial condition for a completed quarterly or annual fiscal period. Releasing additional or updated material nonpublic financial information regarding a completed fiscal year or quarter triggers an additional Form 8-K obligation. Repeating financial information that was previously made public does not trigger the need for a Form 8-K, even if the repeated information is in a different form (e.g., a report to shareholders) or accompanied by new information that is not material.
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