SPOKANE, WA / ACCESSWIRE / July 14, 2020 / The Board of Directors, Regi U.S., Inc. ("REGI" or "RGUS" or "the Company") (OTC PINK:RGUS) and its wholly owned subsidiary, RadMax Technologies, Inc., announce the Board of Directors directive to down list from the OTC: QB to the OTC: Pink reporting standards, effective July 14, 2020. In addition, REGI will cease reporting to the SEC reporting standards as they require public audits and other quarterly obligations.
The economic consequences of dealing with the Covid-19 virus and its far reaching effect on the company's business model dictate responsive actions that place the company in the best position to continue its objective of reaching early commercialization by 2021.
"The costs of maintaining SEC reporting and the OTC: QB compliance standards require a huge financial burden on the company's operations and far exceed any benefit to its business objectives. Up to 30% of our cash flow over the last three years has been required for these reporting requirements. All existing resources need to be reserved for further prototype development and continued field trials," said Paul W. Chute, CEO
All future news will be distributed via the OTC company news and RadMax web site.
"Through these troublesome times, we seek the best use of our resources," offers Mr. Chute.
We encourage all investors and interested parties to follow our progress routinely posted on our website radmaxtech.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Regi U.S., Inc.
Paul Chute
CEO
CONTACTS:
(509) 474-1040, x-101
[email protected]
520 N. Market St. STE # 10
Spokane, WA. 99217-7800
ABOUT REGI U.S., INC.
RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is developing for commercialization multiple improved axial vane type rotary devices using our Patented RadMax™ Rotary Technology. This Technology allows for revolutionary designs of lightweight and high efficiency engines, compressors pumps and other devices. For more information, please visit radmaxtech.com
READER ADVISORY
Statements in this press release regarding the business of and REGI U.S, Inc. (together the "Companies'") which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including management's expectation on closing the second tranche of the private placement, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
SOURCE: REGI U.S., Inc.