SARS Corp. Updates Trading Status
SEATTLE--([ BUSINESS WIRE ])--SARS Corp. ("SARS" or the "Company") (OTCBB: SAROE), a development stage company and provider of satellite-based, remote management of fixed and mobile assets anywhere in the world, today confirmed its continuing efforts to bring its public filing current, including the filing of its September 30, 2008 annual report and December 30, 2008 quarterly report. In January 2009, the Company received an "E" on its trading symbol, changing the trading symbol from SARO.OB to "SAROE.OB." The "E" appended to SARS' trading symbol means that, upon the expiration of a 30-day grace period ending on or around February 15, 2009, its common stock could be suspended from trading on, and subject to removal from, the OTCBB unless SARS becomes current in its public reporting obligations pursuant to NASD Rule 6530.
Chris Wain, [ Chief Executive Officer ], explained, "We emphasize that we are committed to bringing SARS current in its reporting obligations. Regrettably, we experienced delays in preparing our 10-K, which we expect will also delay the filing of our 10-Q, due to the termination of our relationship with Andronics, Ltd., which required material revisions to our financial statements, and due to our cash shortfall, preventing the Company from adequately compensating its independent auditors. We recently entered preliminary arrangements for additional financing that, if successful, should enable us to bring the company current within the next three months. We emphasize that SARS remains operational and that we expect the Company to devote substantially all of its resources and efforts to operational activities during 2009."
In addition to financing the cost of its public filings, SARS also intends to finance operations initiatives that management has identified as future revenue generating priorities.
About SARS Corp.
SARS, Inc. ("SARS" or the "Company") designs, manufactures and maintains telemetry equipment and services for web-based remote monitoring/control of equipment, inventory and real-time asset location. SARS provides solution based systems that monitor and control water treatment facilities, effluent treatment facilities, LPG/refined fuel inventory systems, marine vessel tracking and vehicle tracking. Our systems includes a monitoring and alarm service for marine piracy, equipment malfunction, violation of operating parameters (e.g. oil rig moves off station) and consumption based maintenance events. SARS utilizes various off the shelf products together with its own proprietary hardware to develop systems. Our back office systems can communicate with all available satellite systems, GPRS networks and local area networks. We have systems operating in Europe, China, North and South America. To learn more about how SARS is helping companies centralize and leverage asset intelligence, visit [ www.sarscorp.com ].
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Safe Harbor Statement
The contents of this Press Release may contain forward-looking statements which can be generally identified as such because the context of the statement will include the words such as SARS Corp. "expects," "should," "believes," "anticipates" or words of similar import. Such forward-looking statements are subject to certain risks and uncertainties including the financial performance of SARS Corp. which could cause actual results, performance or achievements of SARS Corp. to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute or form any part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. SARS Corp. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by SARS Corp. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) increase revenues, (ii) obtain profitability, (iii) obtain additional financing, (iv) react to actions of our competitors, (v) develop new services and markets for our services, remain in compliance with regulatory rules and regulations and (vi) make necessary changes to our business strategies.