LAGUNA BEACH, Calif.,
April 3, 2012 /PRNewswire/ -- Auri,
Inc. (OTCBB: AURI.OB) announced today that on March 29, 2012 it filed a Form 15 with the
Securities and Exchange Commission (the "SEC") to voluntarily
de-register its common stock, par value $0.001 per share under the Securities Exchange
Act of 1934, as amended.
Upon the filing of the Form 15, the Company's obligation to file
certain reports with the SEC, including Forms 10-K, 10-Q and 8-K,
was immediately suspended. The Company expects that the
de-registration of its common stock will become effective 90 days
after the date of filing of the Form 15 with the SEC. Thereafter,
the Company will no longer be subject to the SEC's public reporting
requirements.
In addition, because the Company was once a "shell company,"
holders of the Company's restricted common stock may not rely upon
Rule 144 under the Securities Act of 1933, as amended, in
connection with any transfers of such shares. Shareholders who
hold shares of restricted common stock should contact their
investment advisor and/or legal counsel regarding the manner in
which they may be able to transfer these.
"We have expended a significant amount of financial and other
resources over the past year, including significant legal and
accounting expenses, in order to maintain the Company's status as a
reporting company under the Exchange Act and to maintain the
ability of the Company's shares to be traded on the OTCBB," stated
Ori Rosenbaum, Chief Executive
Officer of the Company. "The decision to voluntarily
de-register our common stock was made after carefully considering
the advantages and disadvantages of continuing as a reporting
company. The costs and administrative burdens associated with being
a public company are significant. We determined that the costs of
SEC compliance outweigh the benefits received from maintaining such
a status. The filing of the Form 15 will immediately reduce
operating expenses, avoid higher future expenses and enable
management to focus more time and resources on strategic
opportunities aimed at enhancing shareholder value," added Mr.
Rosenbaum. In that regard, the Company plans to dissolve its
footwear brand and licensed footwear manufacturing and distribution
business to focus solely on technology licensing opportunities.
About Auri, Inc.
W*RKS(TM) by AURI is a proprietary system of patented and patent
pending technologies, advanced materials and innovative designs,
engineered to seamlessly integrate into fashion footwear. W*RKS(TM)
is engineered to integrate across a broad spectrum of styles,
constructions and manufacturing needs. For more information, please
visit www.aurifootwear.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
With the exception of historical information, the matters
discussed in this press release, including without limitation, Auri
Inc.'s ability to license its technologies with partner brands are
forward-looking statements that involve a number of risks and
uncertainties. The actual future results of Auri, Inc. could differ
from those statements. Factors that could cause or contribute to
such differences include, but are not limited to, the ability of
Auri, Inc. to successfully negotiate licensing agreements with
fashion brands and retailers; Auri, Inc.'s ability to attract
sufficient capital; the ability of Auri, Inc. to attract and retain
talented individuals; adverse economic and market conditions; and
other events, factors and risks previously disclosed in Auri,
Inc.'s filings with the Securities and Exchange Commission.
Contact:
Ori Rosenbaum, Chairman and CEO -
Auri, Inc.
OTCBB: AURI.OB
Phone: (949) 793-4045
Email: ori@aurifootwear.com Web: www.aurifootwear.com
SOURCE Auri, Inc.