Idle Media Announces Temporary Cessation of Voluntary Reporting With the SEC
23 Mars 2012 - 9:01PM
Marketwired
Idle Media, Inc. (PINKSHEETS: IDLM) -- On March 8, 2012, the
Company filed a Current Report on Form 8-K announcing that the
Board of Directors resolved to cease voluntary reporting in lieu of
filing audited financial statements and that the Company has filed
a Form 15 with the SEC. The Form 15 will be the Company's last SEC
filing until the Company files the Form 10 to commence filing SEC
reports. The Company intends to file the Form 10 and the
accompanying audited financial statements after completion of the
audits for the fiscal years ended September 30, 2010 and 2011.
Additionally, the Company intends to submit a Form 2-11 with a
Market Maker for purposes of sponsoring its quotation on the
Financial Industry Regulatory Authority (FINRA) - OTC Markets QB
(OTCQB). The Company intends to file its Form 2-11 after the filing
of the Form 10. Upon receipt of comments from FINRA, and submission
of the Company's responses, FINRA may include the Company's symbol
for quotation on the OTCQB.
About Idle Media, Inc.
Music Sites Headquartered in Leesport,
Pennsylvania, Idle Media, Inc. (PINKSHEETS: IDLM) IDLM continues to
move forward with its plans to grow its music and urban sites and,
as a result, has seen an expansion of its target base. The Company
recently launched ClipCartel and plans to continue new launches.
The Company plans to focus on realizing additional revenue from its
current websites while creating new revenue streams with the
introduction of new ones.
Games The Company sees the popularity of
gaming increasing in the future and continues to work toward
expanding this realm. The Company is working to increase its
footprint from current game platforms and plans to release new ones
in the near future. The goal is to establish a network of
revenue-generating "base" sites and then branch out from there.
Mobile applications will also factor heavily into the Company's
strategy.
Mobile Applications In addition, the
Company plans to continue to provide mobile experiences for its
online websites as they provide value to its users. The Company
plans to develop mobile applications that will complement its
growing music and gaming base.
Forward-Looking Statement: Statements such as "the Company
intends to file the Form 10 and accompanying audited financial
statements," "realizing additional revenue from its current
websites while creating new revenue streams with the introduction
of new ones," involve risks and uncertainties, including, but not
limited to its ability to furnish adequate information to compile
the audited financial statements, or general economic conditions
which would hinder its ability to operate effectively.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual outcomes
may vary materially from those indicated. Important factors that
could cause actual results to differ materially from the
forward-looking statements we make in this news release include
market conditions, its ability to build additional value in the
Company, and those set forth in reports or documents we file from
time to time with the SEC. We undertake no obligation to revise or
update such statements to reflect current events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Idle Media (CE) (USOTC:IDLM)
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