TAMPA, Fla., Feb. 8, 2012 /PRNewswire/ --nFinanSe (OTC: NFSE - www.nFinanSe.com) announced today that its Board of Directors has approved the filing of a Form 15 with the U.S. Securities and Exchange Commission to voluntarily deregister its common shares under the Securities Exchange Act of 1934. The Company is eligible to deregister its common shares because it had fewer than 300 holders of record of its common stock at the beginning of its fiscal year. 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, will immediately be suspended. In addition, following the de-registration, it is expected that the Company's common shares will be traded on Pink Sheets. The Company expects that the de-registration of its common shares will become effective 90 days after the date of the filing of the Form 15 with the SEC.
The Company made this decision after careful review of the costs and benefits of being a reporting company. The Company believes that the incremental cost of compliance with SEC reporting requirements in connection with its publicly traded common stock does not provide any discernible benefit to the Company and its small number of shareholders and cannot be justified. The savings derived from this change are expected to be financially meaningful and deregistration is expected to allow management to focus additional attention to delivering shareholder value.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements based on nFinanSe Inc.'s, or, the Company's current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words and include statements regarding the anticipated benefits of the Company's products and the anticipated roll out of the Company's products. Forward-looking statements in this release are based on information available to the Company as of the date hereof. The Company's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with the Company's business, which include the Company's ability to execute its business strategy and the other risk factors disclosed in the Annual Report on Form 10-K for the year ended January 2, 2010 on file with the Securities and Exchange Commission. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
About nFinanSe Inc.
nFinanSe Inc. (OTC Bulletin Board: NFSE) is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network', a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nFinanSe.com
SOURCE nFinanSe, Inc.
