Salon City Files Form 15 to Terminate SEC Reporting Obligations
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BEVERLY HILLS, CA, May 18 (MARKET WIRE) --
Ewire -- Salon City, Inc. (OTCBB: SALN), an emerging media company,
lifestyle brand and independent marketing network, announced today that
on May 14, 2009 it voluntarily filed a Form 15 with the United States
Securities and Exchange Commission to terminate the company's SEC
reporting obligations.
Upon the filing of the Form 15, the company's obligation to file periodic
and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, will
be immediately terminated. As a result of deregistration, the company's
securities will not be eligible for trading on any national exchange or
the OTC Bulletin Board; however, the company's securities may be eligible
for quotation on the Pink Sheets by broker dealers.
Salon City's Board of Directors voted unanimously to file the Form 15
after careful consideration of the advantages and disadvantages of
continued reporting to the SEC. Terminating the company's SEC reporting
obligations will allow it to avoid the substantial expenses associated
with reporting compliance and make those savings available for continued
investment in the business, while also enabling management to focus more
of its time and efforts on operating the company and enhancing
shareholder value. Salon City intends to update its shareholders with
annual financial information and interim communications covering
important developments.
Steven G. Casciola, Salon City's President and Chief Executive Officer,
said, "These decisions are extremely difficult but both appropriate and
necessary given the company's current financial condition and status as a
young public company. The extraordinary nine-month delay and eventual
termination of an exclusive funding relationship, along with the chain
reaction of challenges the delays created, directly impacted our actions.
It is our opinion that terminating our reporting status will lower our
overhead and provide the company with 'breathing room' while we adjust and
continue to focus on executing our business plan."
In straightforward language, Casciola stated, "After the delay, I simply
could not allow shareholder value and the company to be drowned with
regulatory accounting and legal debt. We had to stop the bleeding to move
ahead."
For the full release please follow this link:
http://www.ewire.com/display.cfm/Wire_ID/5238
CONTACT:
Investor Relations
310-402-2801
Email Contact
Media Relations
888-522-3263
Email Contact
www.saloncity.com
Copyright 2009, Market Wire, All rights reserved.
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