NorStar Group, Inc. Confirms Reporting Status.FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 13, 1999-- NorStar Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NSTG NSTG Nuclear Science and Technology Group (University of Nevada - Las Vegas) ) confirmed today that the Company has already been in the process of taking steps to become a fully reporting company as part of its strategy to build shareholder value in the Company. "NorStar's goal is to build a solid Internet company, of which our shareholders will be proud, and becoming a fully reporting company is only one part of that goal," said Jay Sanet, NorStar's Director of Corporate Development. Sanet went on to say: "As NorStar achieves its business objectives we anticipate that the Company will meet the listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of more prestigious exchanges within the financial marketplace. NorStar expects to become fully reporting, which will bring it into compliance with 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. eligibility rules eligibility rules, n.pl the conditions that define who may be entitled to dental benefits, when persons first become entitled to such benefits, and any provisions that determine how long an individual remains entitled to benefits. long before the NASD's schedule for the Company's category becomes an issue." "NorStar Group, Inc. is in full support of the steps 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. is taking to insure more accurate financial information is available to all investors," added Sanet. Rules 6530 and 6540 of the National Association of Securities Dealers, Inc. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) have been amended and approved by the Securities and Exchange Commission (SEC). These amendments require that companies whose securities are quoted on the OTC Bulletin Board must report their current financial information directly to the SEC. Companies not in compliance would no longer be quoted on the OTC Bulletin Board (OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) which is operated by the NASD. The OTC Bulletin Board is a quotation service that displays real-time quotes, last-sale prices, and volume information for approximately 6,500 domestic and certain foreign securities which include national, regional, and foreign equity issues; and warrants, units, and American Depositary Receipts (ADRs) not listed on any other U.S. national securities market or exchange. Over half the companies currently quoted on the OTCBB do not file any public reports. Prior to the present amendments, there was no requirement for an issuer quoted on the OTCBB to make current, publicly available reports with the SEC or other regulator. Through selective acquisitions and partnering alliances, NorStar Group, Inc. (OTC BB:NSTG) is positioning itself to be a leading provider of interactive, virtual reality, entertainment, educational, and business products and services. NorStar is also the co-developer and sole marketer of a proprietary lightweight, comfortable and affordable virtual reality headgear headgear, n the apparatus encircling the head or neck and providing attachment for an intraoral appliance in use of extraoral anchorage. headgear, radiologic, n a device that is used to protect the head from injury by radiation. , The Cybervisor(TM), which is designed for home and school. Safe Harbor: Certain statements contained in this press release, including but not limited to information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company's management and the Company's assumptions regarding such performance and plans, are forward-looking in nature. Many factors and conditions could cause actual results to differ from the forward-looking information contained in this release. |
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