LAGUNA BEACH, Calif., April 3, 2012 /PRNewswire/ -- Auri, Inc. (OTCBB: AURI.OB) announced today that on March 29, 2012 it filed a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily de-register its common stock, par value $0.001 per share under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company expects that the de-registration of its common stock will become effective 90 days after the date of filing of the Form 15 with the SEC. Thereafter, the Company will no longer be subject to the SEC's public reporting requirements.
In addition, because the Company was once a "shell company," holders of the Company's restricted common stock may not rely upon Rule 144 under the Securities Act of 1933, as amended, in connection with any transfers of such shares. Shareholders who hold shares of restricted common stock should contact their investment advisor and/or legal counsel regarding the manner in which they may be able to transfer these.
"We have expended a significant amount of financial and other resources over the past year, including significant legal and accounting expenses, in order to maintain the Company's status as a reporting company under the Exchange Act and to maintain the ability of the Company's shares to be traded on the OTCBB," stated Ori Rosenbaum, Chief Executive Officer of the Company. "The decision to voluntarily de-register our common stock was made after carefully considering the advantages and disadvantages of continuing as a reporting company. The costs and administrative burdens associated with being a public company are significant. We determined that the costs of SEC compliance outweigh the benefits received from maintaining such a status. The filing of the Form 15 will immediately reduce operating expenses, avoid higher future expenses and enable management to focus more time and resources on strategic opportunities aimed at enhancing shareholder value," added Mr. Rosenbaum. In that regard, the Company plans to dissolve its footwear brand and licensed footwear manufacturing and distribution business to focus solely on technology licensing opportunities.About Auri, Inc.