Accufacts Pre-Employment Screening, Inc. announces approval of its Form 10-SB filing by the Securities and Exchange Commission.NEW YORK--(BUSINESS WIRE)--Aug. 30, 1999-- Accufacts Pre-Employment Screening, Inc. announced today that it has been informed by the Securities and Exchange Commission ("SEC") that there will be no further comments regarding its form 10-SB filing. As such, it has become a fully reporting company, and is in full compliance with SEC reporting rules. The Company has thus qualified under the new rules of the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). (National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. ) o maintain its listing on the electronic OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. (R) ("OTCBB OTCBB See OTC Bulletin Board (OTCBB). "). The NASD has informed the Company that its ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors will return to APES by Thursday, September 2, 1999, and that it will maintain its listing on the OTCBB. Philip Luizzo, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Accufacts Pre-Employment Screening, Inc., stated, "We are quite pleased to be one of the 40-50 percent of companies to satisfy SEC reporting requirements, and thus qualify under the new NASD rules to maintain our OTCBB listing. The NASD's decision to limit OTCBB listing to those companies which comply with SEC rules enhance the OTCBB as a reliable source of information about quality smaller companies for interested investors." Under the New NASD rules, which will be fully implemented by June 2000, any domestic company that does not file periodic financial reports with the SEC will be eliminated from the OTCBB. In connection with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, the Company wishes to caution readers that this news release contains certain forward-looking statements made by or on behalf of the Company, and that such forward-looking statements involve risk and uncertainties; and as such, could affect actual results and could cause results to differ materially from those expressed in such forward-looking statements. "Forward-looking statements" are defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specifically, all statements other than statements of historical facts included in this press release regarding the Company's financial position, business strategy and plans and objectives of management, as well as assumptions made by the information currently available to the Company's management. |
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