IRVINE, CA / ACCESSWIRE / August 24, 2017 / As disclosed in the Form 8-K filed on August 24, 2017 by Ubiquity, Inc., a Nevada corporation (the "Company" or "Ubiquity") (OTC PINK: UBIQ), on August 10, 2017, the Securities and Exchange Commission ("SEC") and the Company jointly submitted a signed settlement offer to the SEC that would provide that pursuant to section 12(j) of the Securities Exchange Act of 1934 (the "Exchange Act"), the registration of the Company's common stock and any other class of securities will be revoked. On August 22, 2017 the SEC approved the settlement proposal submitted by the Company as a result of which, the registration of the company common stock and any other class of securities registered pursuant to Section 12 of the Exchange Act was revoked.
The Company intends to undertake a Restructuring Plan described in the March 31, 2017 8-K in order 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. The Company will then seek to relist its securities under Section 12 of the Exchange Act, by filing a registration statement under either the Securities Act of 1933, as amended, or the Exchange Act.
Mr. Carmichael stated "As a part of our restructuring plan, we believe this measure is in the best interest of our shareholders. As we have publicly stated and have advised the SEC, we will do everything reasonably necessary to become compliant and to relist the company. We sincerely appreciate everyone's continued indulgence and support."
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.
To find out more, visit our website at www.ubiquitycorp.com.
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.
Contacts:
Brenden Garrison
Chief Financial Officer
(949) 489-7600
SOURCE: Ubiquity, Inc.