GeckoSystems, a Mobile Robot Co., Traded on OTC Stock Exchange with Current Status.
CONYERS, Ga., July 14, 2011 /PRNewswire/ -- GeckoSystems Intl. Corp. (Pink Sheets: GOSY | http://www.geckosystems.com/) announced today that its stock is now quoted in the U.S. over-the-counter (OTC OTC
See over-the-counter market (OTC). ) markets, on the Pink OTC Current Information tier, under the ticker symbol GOSY. GeckoSystems is a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service(tm)."
"We are pleased to announce that GeckoSystems has been upgraded from the "Pink Sheets Limited Information to Current Information" rating by the widely used Pink OTC quotation service upon acceptance of the Company's most recent financial statements and other requested supplemental information," remarked R. Martin Spencer, President/CEO, GeckoSystems Intl. Corp.
Current Information Status is reserved for companies disclosing adequate, mainly financial, company information publicly that increases transparency so investors can make informed decisions.
As a result of having its securities available for trading under Current Information status on the Pink OTC market, GeckoSystems is able to offer its shareholders ease of trading through regulated broker-dealers, while providing transparency to its investors, business partners, and customers.
"By making more company information publicly available as to stock structure, beneficial owners, etc, GeckoSystems is attempting to foster an efficient secondary trading market and provide greater understanding of our business model for investors, advisors, and regulators in the OTC market. We hope that our meeting the Current Information guidelines will allow us to better satisfy the needs of our stakeholders by providing high quality disclosure to investors via Pink Sheets.
"We have long expressed and demonstrated our commitment to increasing stockholder value. At the beginning of this year we bought back 185,000,000 shares that reduced our issued and outstanding over 25 percent. Our second buyback this year of 40,000,000 shares reduced our issued and outstanding by more than 7 percent. Our recent third buy back of more than 6.6 percent of all issued and outstanding has been completed and gives continuing substance to that commitment. With this completed stock buy back, over 250,000,000 GOSY shares have been purchased since the beginning of this year and will reduce the issued and outstanding to 466,160,675 of which 128,864,235 shares are in the public float. These three stock buy backs present many benefits to our large shareholder base, just as a stock dividend would," said Spencer.
The term "OTC securities" is a catchall phrase for any equity security that is not listed on a U.S. stock exchange. The OTCQX and Pink OTC marketplaces constitute, by dollar volume, the third largest U.S. liquidity pool for trading public company shares, after The NASDAQ Stock Market Nasdaq stock market
The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ) and The New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE
See: New York Stock Exchange ).
Due to the need for equity financing for high growth firms, GeckoSystems has worked for over ten years to become fully reporting as soon as financially viable. In fact, the Company has been successfully audited twice, for two year periods each, and found to be fully compliant under thorough outside financial audits prepared by SEC certified CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. firms with the Financial Accounting Standards Board's (FASB's) generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.
Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). ).
"Due to the level of risk inherent in high tech, emerging market Development Stage firms such as ours, especially during this post Great Recession era, we understand clearly that only equity (not debt) instruments can provide sufficient return on investment (ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). ) for investors to assume the risk of purchasing any high tech, emerging market stock such as GOSY stock. Hence our long time efforts in this regard, and determination to continue our move upward to not only a more pronounced domestic stock exchange, but also those with international reach, such as OTCQX," observed Spencer.
GeckoSystems received their Pink OTC trading symbol from FINRA FINRA Financial Industry Regulatory Authority (formerly Securities Industry Regulatory Authority) as a result of satisfying all of their due diligence requirements from the filing of a Form 15c2-11. The Company has never been a "shell" and has no unaccounted for, or otherwise missing, shares. "We worked for nearly a year in preparing our initial 15c2-11 submission to, and addressing the comments of, FINRA prior to their issuance of our trading symbol. We received our trading symbol from FINRA in September of 2007. In order to enable electronic stock transfers we became DTC DTC
See: Depository Transfer Check
See: Depository Trust Company
See Depository Trust Company (DTC). eligible in January of 2008. As a DRS DRS Drives (street suffix)
DRS Dispute Resolution Service
DRS Department of Rehabilitative Services
DRS Direct Registration System (securities)
DRS Department of Rehabilitation Services Participant, the ability to transfer GOSY stock electronically is even more streamlined, efficient, transparent, and reliable," stated Spencer.
DRS provides for the electronic direct registration of securities in an investor's name on the books of the transfer agent or issuer. It allows shares to be transferred between a transfer agent and a broker electronically through the industry's DRS Profile Systems. Historically, investors hold their shares either in "street name" with their broker, or they are "registered shareholders" and have a certificate. Consequently, the Company is in a position, as a DRS participant, to readily identify those parties engaging in "naked short selling Naked short selling, or naked shorting refers to the practice of selling a stock short without first borrowing the shares or making an "affirmative determination" that the shares can be borrowed. " of GOSY stock.
"We are very pleased to be able to offer our stockholders this new, heightened level of corporate transparency and greater ease in their transfers of their GOSY holdings trading in the Pink Sheets in the Current Information tier.
"We wish to assure our stockholders that this greater efficiency in the marketplace for our stock will further enhance the value and liquidity of GOSY stock and increase the ROI for them as we continue in our efforts to move upward to more pronounced domestic and international stock exchanges," reflected Spencer.
About OTC Markets Group:
Pink OTC Markets Inc. is a financial information and technology services company that operates the leading electronic quotation and trading system in the Over-the-Counter (OTC) securities market. The OTCQX and Pink Sheets marketplaces that they operate constitute, by dollar volume, the third largest U.S. liquidity pool for trading public company shares, after The NASDAQ Stock Market, Inc. and The New York Stock Exchange. Pink OTC technology platform provides a comprehensive suite of information products and trading services for OTC market participants.
About the Company:
Since 1997, GeckoSystems has developed a comprehensive, coherent, and sufficient suite of hardware and software inventions to enable a new type of home appliance (a personal companion robot) the CareBot(tm), to be created for the mass consumer marketplace. The suite of primary inventions includes: GeckoNav(tm), GeckoChat(tm) and GeckoTrak(tm).
The primary market for this product is the family for use in eldercare, care for the chronically ill, and childcare. The primary distribution channel for this new home appliance is the thousands of independent personal computer retailers in the U.S. The manufacturing infrastructure for this new product category of mobile service robots is essentially the same as the personal computer industry. Several outside contract manufacturers have been identified and qualified their ability to produce up to 1,000 CareBots per month within four to six months.
The Company is market driven. At the time of founding, nearly 14 years ago, the Company did extensive primary market research to determine the demographic profile of the early adopters of the then proposed product line. Subsequent to, and based on that original market research, they have assembled numerous focus groups to evaluate the fit of the CareBot personal robot into the participant's lives and their expected usage. The Company has also frequently employed the Delphi market research methodology by contacting and interviewing senior executives, practitioners, and researchers knowledgeable in the area of elder care. Using this factual basis of internally performed primary and secondary market research, and third party research is the statistical substance for the Company's sales forecasts.
Not surprisingly the scientific statistical analyses applied revealed that elderly over sixty-five living alone in metropolitan areas with broadband Internet available and sufficient household incomes to support the increased costs were identified as those most likely to adopt initially. Due to the high cost of assisted living, nursing homes, etc. the payback for a CareBot is expected to be only six to eight months while keeping elderly care receivers independent, in their own long time homes, and living longer due to the comfort and safety of more frequent attention from their loved ones.
The Company's "mobile robot solutions for safety, security and service(tm)" are appropriate not only for the consumer, but also professional healthcare, commercial security and defense markets. Professional healthcare require cost effective, timely errand running, portable telemedicine, etc. Homeland Security requires cost effective mobile robots to patrol and monitor public venues for weapons and WMD WMD
white muscle disease. detection. Military users desire the elimination of the "man in the loop" to enable unmanned ground and air vehicles to not require constant human control and/or intervention.
The Company's business model is very much like that of an automobile manufacturer. Due to the final assembly, test, and shipping being done based on geographic and logistic realities; strategic business-to-business relationships can range from private labeling to joint manufacturing and distribution to licensing only.
Several dozen patent opportunities exist for the Company due to the many innovative and cost effective breakthroughs embodied not only in GeckoNav, GeckoChat, and GeckoTrak, but also in additional, secondary systems that include: GeckoOrient(TM), GeckoMotorController(TM), the GeckoTactileShroud(TM), the GeckoImager(TM), and the GeckoSPIO(TM).
Mr. Spencer received his Masters in Business Administration from the J. Mack Robinson College of Business The J. Mack Robinson College of Business is one of the six colleges at Georgia State University in Atlanta, Georgia. Robinson’s premier programs - the Flex M.B.A., Executive M.B.A. and undergraduate program - are all ranked among the best in the nation. The Flexible (part-time) M.B. , Georgia State University History
Georgia State University was founded in 1913 as the Georgia School of Technology's "School of Commerce." The school focused on what was called "the new science of business. , Atlanta, Georgia, in 1987. Consequently he is formally trained and educated for the professional management of publicly traded domestic and international corporations.
YouTube: Kinect Enabled Personal Robot video: http://www.youtube.com/watch?v=kn93BS44Das
In this video one will observe static and dynamic obstacle avoidance into and back out of a cluttered and narrow "gauntlet alley." One may determine that the movements are smoother than what most people could do using a joystick, human controlled mobile platform. One will witness three low levels of obstacle avoidance: reactive, proactive, and contemplative. No prior mapping or path planning was performed before or during the demonstration run. GeckoNav, the AI savant sa·vant
1. A learned person; a scholar.
2. An idiot savant.
[French, learned, savant, from Old French, present participle of savoir, to know doing the guiding, controls all mobile activities during this demo. You will witness subsumptive sub·sump·tion
a. The act of subsuming.
b. Something subsumed.
2. Logic The minor premise of a syllogism. AI behaviors occurring as obstacle avoidance subsumes way point seek and vice versa with an emergent behavior expressed as errand running down a cluttered hallway and back without any human intervention.
"One CareBot, One Family" http://www.youtube.com/watch?v=xxK46chfP6A&feature=mfu_in_order&list=UL
Mobile Robot Navigates Dining Room & Kitchen http://www.youtube.com/watch?v=S_jd9_0W9mE&feature=mfu_in_order&list=UL
Telephone: Main number: 1-866-CAREBOT (227-3268) International: +1 678-413-9236 Fax: +1 678-413-9247
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in 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 intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE GeckoSystems Intl. Corp.