LINDON, UT--(Marketwire - Dec 4, 2012) - ZYTO Corp (
ZYTO Corp, a Utah-based biotech company specializing in biocommunication applications, today announced that it has voluntarily filed a Form 15 with the Securities and Exchange Commission (SEC). Upon such filing, the Company's duty to file certain reports with the SEC will be immediately suspended. These reports include annual, quarterly, and current reports on Forms 10-K, 10-Q and Form 8-K. The filing of the Form 15 also will result in the termination of the registration of the Company's Common Stock with the SEC, 90 days following the filing of the Form 15.
The Company's Board of Directors made this unanimous decision after a thorough review of the associated costs and benefits of being a full reporting company with the SEC.
"The costs incurred each year to be a full reporting company were several hundreds of thousands of dollars, and the Board felt that at this stage in the Company's development, that money would be better spent on initiatives that strengthen and accelerate core business, rather than on investor relations activities," said Chairman and Chief Executive Officer, Dr. Vaughn R Cook. "This decision will enable us to focus on expanding our business without the burden of SEC public reporting obligations."
"Over the past two years, the stock price has remained relatively flat irrespective of efforts to create more transparency and to interest a larger share of the investment community," said Kami J. Howard, President and COO. "Prior to filing the Form 10 to become a fully reporting company, our stock was quoted in the OTC Pink Market (formerly known as the Pink Sheets). We have not seen an appreciable difference between the Pink Sheets and the OTCBB, and we anticipate that the filing of Form 15 will return us to the OTC Pink Market. The decision to file Form 15 was made after carefully considering the advantages and disadvantages of continuing as a reporting company. Our Board determined that the costs of SEC compliance outweighed the benefits we are receiving."
As noted, management anticipates that the Company's shares will be eligible for trading on the OTC Pink Market.
About ZYTO Corp
ZYTO Corp was founded by its CEO Dr. Vaughn R Cook, OMD. The company designs and builds computer biocommunication technology to facilitate decision making about healthcare and wellness options.
For more information, visit www.ZYTO.com or contact their Headquarters at 801-224-7199.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to marketing and sales activities by ZYTO's marketing partners, ZYTO product development launches, future growth and research, and enhanced value for ZYTO's stockholders are forward-looking statements. Such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the U.S. Securities and Exchange Commission. ZYTO disclaims any obligation or intention to update any forward-looking statement contained in this release.
Contact Information:
Contact info:
Kami J. Howard
President/COO