IN BRIEF.VALLEY INDEX FALLS: Shares of most companies in the Daily News Index were lower Friday, led by Foundation Health Systems Inc. of Woodland Hills, which dropped 56.25 cents to $9.0625. Daily News SITESTAR ON OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : Shares of Encino-based Sitestar Corp. will be listed temporarily on the over the counter market, the company announced Friday. The action was taken after 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. Inc. enacted a new rule requiring issues quoted on the 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. to become reporting issuers with the Securities and Exchange Commission or cease being listed. Sitestar has filed the required Form-10SB with the government and is awaiting SEC approval, the company said in a statement. Sitestar is a holding company that participates in emerging segments of the Internet such as e-commerce. Daily News DIGS WANTS UPGRADE: Encino-based Digs Inc., which provides multimedia and Internet communications solutions for public companies, has filed an application to move its listing to the Nasdaq Small Cap market, the company announced Friday. Digs is listed on the OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market , which is less regulated and has fewer traders. Daily News NEW CHARTER: Pacific Crest Bank, a subsidiary of Agoura Hills-based Pacific Crest Capital, has received the necessary regulatory approvals and has changed its charter to a California State Bank Charter. The change took effect Wednesday. Pacific Crest said it will begin offering full-service checking accounts next year, will provide online banking services and become a member of the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and to expand the bank's funding flexibility. Daily News SPATIALIZER CONVERTS: Woodland Hills-based Spatializer Audio Laboratories, which develops technologies for consumer electronics, said holders of the company's Series A preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. have had their shares converted into common stock. The announcement marks the full liquidation of the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issued last year in a private placement. Henry R. Mandell, the company's interim chief executive officer, said in a statement the move will make Spatializer more attractive to potential institutional investors and will provide the company with adequate working capital to capitalize on several opportunities. Daily News |
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