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PharmStar to Pursue SEC Fully-Reporting Status
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Pharmstar Pharms (PC) (USOTC:PHAR)
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3 Months : October 2011 to January 2012
PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR) (the "Company") announced today that it has started the process of becoming a fully-reporting company under U.S. Securities and Exchange Commission (SEC) regulations, in preparation for listing its shares on the OTC Bulletin Board (OTCBB).
Fully-reporting SEC status will allow PharmStar to pursue a listing on NASDAQ's OTC Bulletin Board, a regulated quotation service that displays real-time quotes, last-sale prices, and market depth and volume information for over-the-counter securities.
"I am committed to continuing our policy of transparency and complete disclosure, and this process is therefore mandatory for us if we are to achieve our goals," stated PharmStar CEO Howard Phykitt. "I believe that a listing on the OTCBB will enhance investor interest and confidence, lower our cost of capital, and make our stock more attractive to institutional investors. As the Company continues to progress toward this listing we will update our shareholders accordingly. As a first step, we have identified our audit firm and have begun organizing our historical corporate operations and financial results. We will then prepare SEC filings in anticipation of transitioning to fully-reporting status and application to the OTCBB early next year."
The Company completed the initial step in the process of becoming fully-reporting by retaining the accounting firm of Labrozzi & Company, P.A. The firm will immediately initiate an audit of PharmStar Pharmaceuticals, Inc. and its operations.
The Company's major milestones include completing its audit (4-6 weeks), the filing of a Form 10 (9-12 weeks) and 15c211, and the probable filing of an S1 registration. The Company's management expects the total process to take approximately 4 to 6 months.
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