Under the Symbol:
Ubiquity Inc. Files March 2016 10Q as Chris Carmichael, Interim CEO, Continues Aggressive Steps Towards Compliance and Restructuring the Company
Wednesday, July 12, 2017 5:30 PM
IRVINE, CA / ACCESSWIRE / July 12, 2017 / Ubiquity, Inc. (OTC PINK: UBIQ) ("Ubiquity" or the "Company"), a vertically integrated, technology-focused media company whose portfolio of patents and intellectual property cover virtual, augmented, mixed and immersive reality, as well as the Internet-of-Things, announced today that it has filed its 10Q for the period ending March 31, 2016.
Chris Carmichael, newly installed interim CEO, has his work cut out for him. He continues to drive the Company's initiative towards financial reporting compliance. Carmichael said, "Our audit team, Hall, and Company is working persistently to assist us in becoming compliant in our financial filings. I believe Ubiquity has solved the delays experienced from its foreign vendor's failure to respond to the auditor's many requests for necessary audit confirmations, and that Ubiquity will be fully compliant soon."
Ubiquity intends to undertake a Restructuring Plan to (a) ultimately achieve compliance with its reporting obligation under the Exchange Act, (b) settle all, if not substantially all, of its outstanding litigation, and (c) implement its business plan to commercialize its patent portfolio and provide software as a service (SaaS), mobility as a service (MaaS), and virtual and augmented reality products and services.
Based in Irvine, CA, Ubiquity is a vertically integrated, technology-focused media company whose portfolio of patents and intellectual properties cover virtual, augmented, mixed and immersive reality, as well as the Internet-of-Things.
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," "will," "would," or the negative of these terms or other comparable terminology. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated, including, without limitation, the fact that: we are delinquent in filing our Form 10-K Annual Reports with the SEC and our required quarterly reports since September 30, 2015; our potential inability to raise additional funding as required to execute our business plan; the potential that our common stock may be permanently delisted from trading as a reporting company under the Exchange Act; the possibility that our creditors may sue on defaulted notes in excess of $3.0 million which could cause us to seek relief under the federal bankruptcy law; and the possibility that our common stock may never trade on any recognized securities exchange These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
SOURCE: Ubiquity, Inc.