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Company Elects to Terminate Quotation of Its Common Stock on the Bulletin Board and Its Duty to File Reports With the Securities and Exchange Commission in Order to Focus Its Resources on Product Market Opportunities
US Global Nanospace, Inc. ("USGN") (PINKSHEETS: USGA) today announced that the Company has filed a Form 15 with the Securities and Exchange Commission. As a result of filing the Form 15, the Company will no longer be required to file annual and quarterly reports with the Securities and Exchange Commission. The Company took this action in order to focus its resources on marketing its unique technologies. These technologies include the Modular Autonomous Perimeter Security and Non-Lethal Defense System, commonly known as MAPSANDS, All-Clear™ chemical and biological decontamination foam and NanoFilterCX™ filters.
"An overwhelming amount of resources have been expended over the past several years for auditing, filing and legal expenses in the desire to maintain a bulletin board listing," said Pat Scorzelli, President and Director of USGN. "We are now going to focus all of our energies and resources on the promotion of our unique and timely technologies. We believe that, at this stage of our operations, using our resources to build our business better serves the interests of our shareholders. We intend to issue press releases when significant events occur."
About US Global Nanospace, Inc.
US Global Nanospace, Inc. is a solutions-oriented research and development company that specializes in identifying, developing, and commercializing new and emerging technologies and products for integration into the security, defense and health and safety markets. USGN uses cross-discipline knowledge in the areas of science, engineering, nanotechnology and nanomaterials to develop products that address high-performance issues. USGN has focused its commercial efforts on identifying strategic partnership companies that have the resources to manufacture market or integrate its products on a commercial scale. USGN's products include MAPSANDS™, All-Clear™ Chem/Bio Decontamination Foam, G-Lam line of variable threat armor solutions, NanoFilters for HVAC, NanoFilterCX, BlastX, and Radomes. More information is available at http://www.usgn.com and http://www.mapsands.com .
This announcement contains express or implied forward-looking statements about US Global Nanospace's future financial and operating results, products and business relationships. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to, reliance on the manufacturing, sales and marketing efforts of a third party over which US Global Nanospace has no direct control, enforceability, and validity of proprietary rights, ability to raise sufficient capital or borrow sufficient funds to fund future operations, ability to develop future products, technology shifts, potential technical or manufacturing difficulties that could delay products, competition, pricing pressures, the uncertainty of market acceptance of new products by customers, the outcome of pending or future litigation, ability to obtain and maintain regulatory approvals for products, general economic factors and other risks. US Global Nanospace disclaims any intent or obligation to update those forward-looking statements, except as required by law.
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US Global Nanospace, Inc.
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