Critical Care, Inc. Files Form 15.DEL MAR Del Mar is the name of several places in the United States of America:
See OTC Bulletin Board (OTCBB). :CTCCE), a healthcare advisory and disease-management firm, announced today that it has filed a Form 15 with the Securities and Exchange Commission, electing to become a "non-reporting" company. Ernest B. Remo, Chairman 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. noted that "After substantive analysis of the costs involved in maintaining ourselves as a fully reporting company, it became clear that it places an undue financial burden on the company to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. the reporting requirements at this stage of its life cycle. Critical Care feels that this is the only realistic decision to be taken at this time." The costs of being fully reporting and subject to Sarbanes-Oxley audit requirements were substantively onerous on·er·ous adj. 1. Troublesome or oppressive; burdensome. See Synonyms at burdensome. 2. Law Entailing obligations that exceed advantages. in terms of the monetary outlay. Furthermore, compliance with these requirements represented a significant drain on the resources of the company management in terms of the time required to monitor this process. Mr. Remo continued, "The Company is aware that this will result in a movement to the Pink Sheets. However, it remains Critical Care's intention to continue to produce and release quarterly and annual financial statements on a voluntary basis." The Company intends to use the funds previously spent on these prior requirements, which exceed several hundred thousand dollars per year, to expanding the scope of its recently acquired Body Mass Solutions as well as other projects the Company has identified in the obesity obesity, condition resulting from excessive storage of fat in the body. Obesity has been defined as a weight more than 20% above what is considered normal according to standard age, height, and weight tables, or by a complex formula known as the body mass index. , diabetes and renal care fields. Critical Care has retained a Manhattan based financial advisory firm to advise the Company in its strategy including identifying new acquisitions and consulting on mechanisms whereby the financing needed to execute the Company's business plan might be obtained. |
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