IRVINE, CA / ACCESSWIRE / August 9, 2017 / Ubiquity, Inc. (OTC PINK: UBIQ) ("Ubiquity" or the "Company"), is a vertically integrated, technology-focused media company. Ubiquity's 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 June 30, 2016.
Chris Carmichael, installed as interim CEO in late June, continues to drive the company's initiative towards financial reporting compliance. Carmichael said, "We continue to work towards compliance as our number one concern."
Since resuming the role as Interim CEO less than two months ago, the company has begun the process of becoming compliant in its financial reporting, filing its 10K for the period ending December 31, 2015 and its 10Q for the period ending March 31, 2016 and now its 10Q for the period ending June 30, 2016. In addition, Ubiquity successfully resolved a 7.7 million dollar default judgment levied by Gerald D.W. North in Illinois. The case against Ubiquity was dismissed for lack of personal jurisdiction over the defendant. Ubiquity argued that the court in Illinois, where the suit was filed, had no jurisdiction, as the contract was entered into in California. In a related matter, a default judgment in the matter entitled Gerald D.W. North v. Ubiquity, Inc., et al, Case Number CV 2014-093859 in the Superior Court of the State of Arizona, in and from the County of Maricopa (the "Arizona Action") was also vacated by the court based on a stipulation of all the parties.
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), virtual and augmented reality products and services
About Ubiquity
Based in Irvine, CA, Ubiquity is a vertically integrated, technology-focused media company. Ubiquity's portfolio of patents and intellectual property covering virtual, augmented, mixed and immersive reality as well as the Internet-of-Things.
Forward-Looking Statements
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.
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SOURCE: Ubiquity Inc.