Credit Store Refiles Its Form 10.Business Editors SIOUX FALLS Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort , S.D.--(BUSINESS WIRE)--Feb. 24, 2000 The Credit Store, Inc. (EBB: PLCRE, PLCR) said today that it refiled its Registration Statement on Form 10. The refiled Form 10 responds to comments from the Securities and Exchange Commission (SEC), which is conducting its review of the Form 10. Once the SEC completes its final review of the Form 10 and declares the Form 10 effective, The Credit Store will become a publicly reporting company. As previously disclosed, the 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. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) is requiring all companies that wish to remain publicly traded via the Electronic Bulletin Board to become publicly reporting companies. The NASD established various dates for compliance. The Credit Store's deadline for compliance is March 8, 2000. While The Credit Store continues to work with the SEC to meet the March 8 deadline, the Company also intends to work with its market makers to help ensure that the Company's Common Stock remains publicly traded either on the Electronic Bulletin Board or, on a temporary basis if the Form 10 is not declared effective prior to March 8, via the National Quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. Bureau's "Pink Sheets." The Credit Store, Inc. is a technology based, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that provides credit card products to consumers who may otherwise fail to qualify for a traditional unsecured bank credit card. The Company reaches these consumers by acquiring portfolios of non-performing consumer receivables and offering a new credit card to those consumers who agree to pay all or a portion of the outstanding amount due on their debt. The new card is issued with an initial balance and credit line equal to the agreed repayment amount. After appropriate seasoning, the Company seeks to sell or securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. the credit card receivables generated by this business strategy. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk and uncertainties. Future trends or results may differ materially from those discussed in this press release. |
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