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TRX Announces Voluntary Suspension Of SEC Reporting Obligations
Jan 09, 2013 (04:01 PM EST)
ATLANTA, Jan. 9, 2013 /PRNewswire/ -- TRX, Inc. (www.trx.com) (OTCQB: TRXI), a global leader in travel data and technology, today announced that it has filed a Form 15 with the United States Securities and Exchange Commission ("SEC") to voluntarily suspend 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 suspended.
TRX expects the registration of its common stock will be terminated 90 days after such filing, in accordance with SEC regulations. Upon termination of the registration of its common stock, 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.
"The Company's board of directors approved the filing of the Form 15 after careful consideration of the recent changes arising out of the JOBS Act and the advantages and disadvantages of continuing its SEC reporting obligations," said TRX President & Chief Executive Officer David Cathcart. "This is a positive change for TRX. Suspending the SEC reporting obligations will allow the Company to eliminate the substantial expenses associated with SEC reporting and compliance, and reinvest those resources elsewhere in the business. It will also enable management to focus more of its time and effort driving business performance and enhancing shareholder value. We will continue to focus on strengthening our industry leading products and delivering exceptional value to our customers in 2013 and beyond."
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements are predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. TRX, Inc. cautions investors that any forward-looking statements we make are not guarantees or indicative of future performance.
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