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Imperial Ginseng Deregisters OTC Stock
VANCOUVER - Aug 23/04 - SNS -- Imperial Ginseng Products Ltd. has filed with the United States Securities and Exchange Commission (SEC) to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934. The Form 15 filing should become effective within 90 days.
The company said it wants to deregister trade in the stock on exchanges in the United States because it is thinly traded and the costs of meeting its obligations under the Sarbanes-Oxley Act of 2002 are too great.
"In addition to the significant time and cost savings resulting from deregistration, this action will also allow the Company's management to focus its attention and resources on the Company's business and operations, particularly with an expected ginseng root price adjustment," Imperial Ginseng said in a statement about the Form 15 filing.
"The Company believes that it will be better positioned to enhance long-term shareholder value by focusing on its core farming business in Canada."
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