MONTREAL, June 30 /PRNewswire-FirstCall/ -- Avensys Corporation (OTC Bulletin Board: AVNY), ("Avensys" or the "Company"), a leading manufacturer of high-end fiber optic components, and a distributor and integrator of environmental and process monitoring systems, announced today that it has notified the Securities and Exchange Commission (the "SEC") of its intent to voluntarily deregister its common stock under the Securities Exchange Act of 1934 (the "Exchange Act") and to cease filing reports with the SEC.
The decision to voluntarily deregister the common stock is a cost savings step that will reduce by approximately $400,000 the expenses associated with Avensys' compliance with SEC reporting requirements, which include legal, accounting and other administrative fees. The Company's common stock is thinly traded and the Company does not believe the benefits of having its common stock listed and registered outweigh the burden of those annual costs. Management believes that the expense reductions created by deregistering the Company's shares will benefit Avensys and its shareholders, and ultimately will serve to maximize the value of the Company.
The Company has filed a Form 15 to deregister its common shares under Section 12(g) of the Securities Exchange Act of 1934. Upon 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, will immediately be suspended. The Company expects that the deregistration of its common stock will become effective ninety days (90) after the date of filing of the Form 15 with the SEC. Following this time, the stock will trade on the pink sheets.
John Fraser, President and Chief Executive Officer of Avensys Corporation, commented: "I want to make it clear that this is purely a cost saving measure that is related to the size of the company today. If, at some point in the future, for whatever reason, it becomes worthwhile to bear again the cost of fulfilling our SEC filing obligations, we will comply."
The Company intends to provide unaudited financial information to its shareholders. This financial information will describe the Company's financial situation and its progress towards fulfillment of business objectives. The information will be posted on our Web site at http://www.avensyscorporation.com/.
About Avensys Corporation
Avensys Corporation operates Avensys Inc., its wholly-owned core subsidiary. Avensys Inc., through its manufacturing division Avensys Technologies, designs, manufactures, distributes, and markets high reliability optical components and modules as well as FBGs for the telecom market, and high power devices and sub-assemblies for the industrial market. Avensys Technologies is also a pioneer in the development of packaged fiber-based sensors and possesses licences in regards to leading edge intellectual property. Avensys Solutions, the other division of Avensys Inc., is an industry leader in providing instrumentation and integrated solutions for the monitoring of industrial processes and environmental surveillance applications for air, water and soil in the Canadian marketplace. To find out more about Avensys Solutions, please visit our website at http://www.avensyssolutions.com/. For Avensys Corporation company news and updates you can also visit http://www.avensyscorporation.com/.
Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
For more information, please contact: Ms. Sherine Attia Avensys Corporation Tel: 1.877.904.6030
Avensys Corporation
CONTACT: Ms. Sherine Attia of Avensys Corporation, 1-877-904-6030
Web Site: http://www.avensyscorporation.com/
