ATLANTA, May 18, 2009 (GLOBE NEWSWIRE) -- Legal Access Technologies, Inc. (Pink Sheets:LGAL), d/b/a UnderSea Recovery Corporation, www.UNSR.com, announced today that it is raising capital in a combination of debt and equity to be used in part to engage its accountants to complete current financial statements which will be made available to the investing public and to prepare other informational documentation and filings required in order for the Company to upgrade to a Pink Sheets Current Information Company. The Pink OTC Market Guidelines for Providing Adequate Current Information, which the Company will follow, are detailed at http://www.pinksheets.com/content/doc/ps/Disclosure/Guidelines/2.pdf. The Company agrees fully with the assessment published by Pink Sheets on its web site that "companies that provide disclosure see more investor participation," and is taking this action to increase brokerage coverage and investor participation. According to the Pink Sheets web site, the average dollar trading volume for Current Information Companies was more than twice that of Limited Information Companies and almost 12 times that of No Information Companies during the second quarter of last year.
The Company also announced plans to register its common stock later this year or early next year with the Securities and Exchange Commission in order to list on the OTC Bulletin Board.
In making this announcement, Herbert Leeming, CEO, commented: "We are taking this action to increase the Company's exposure to both investors and market makers and provide a high level of liquidity and transparency for shareholders and institutions and create enhanced credibility for our common stock."
Forward-Looking Statements Caution:
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.