Science & Technology
Science and Technology
Science and Technology
Mon, July 27, 2009
Fri, July 24, 2009 eDOORWAYS Corporation: eDOORWAYS Corporation Provides Update Concerning Pre-Launch Presentation
AUSTIN, TX--(Marketwire - July 24, 2009) - eDOORWAYS Corporation (
SEC Counsel for the web-based Consumer 3.0 gateway has advised that the company's twin goals of protecting its proprietary platform technology while providing shareholders with a pre-launch walk-through might be in conflict with the U.S. Securities and Exchange Commission's (SEC) October 23, 2000, ruling regarding [ selective disclosure and insider trading ]. The FD (Full Disclosure) rule is "designed to promote the full and fair disclosure of information by issuers and to clarify, and enhance existing prohibitions against insider trading."
The company has been strongly advised that if the company is to remain compliant and protect its shareholders, the planned walkthrough should be reevaluated. While eDOORWAYS therefore regrets that it will be unable to provide a pre-launch walkthrough to all its shareholders, the company diligently worked to devise another solution.
An independent, unpaid shareholder board committee will be formed to review the platform and report back to all other shareholders and the public. This committee will be comprised of shareholders who are willing to sign extensive non-disclosure agreements (NDA) and abide by the SEC Reg FD rulings. While these shareholders will not become "insiders" by joining this board, their ability to trade (i.e., buy and sell in the open market) will become significantly limited and in most cases prohibited. Until the information the committee reviews (deemed "material information") becomes public, all future investments made by these shareholders, sitting on the board committee, can only occur directly with eDOORWAYS.
Shareholders interested in joining the committee are invited to submit their request by filling out the request information form found at the following link: Shareholder Board Committee Request (also located on the Home Page of the eDOORWAYS website). Only those persons who are shareholders by market close today, Friday, July 24, 2009, may be eligible for consideration. The committee does not have a membership limit and will consist of as many qualifying shareholders who are willing to submit to the legal conditions and implications denoted. All submission requests must be accounted for by market close Monday, July 27, 2009.
Once all submissions are cross-referenced and verified, an instruction letter, NDA, and any and all other appropriate documents will be forwarded to those qualifying shareholders. Shareholders will then have to execute and submit all requested information within the timeframe indicated in the eDOORWAYS' correspondence. Following this, the committee will be immediately formed, the pre-launch presentation will be given at a date the newly formed board committee decides, and the committee will report back to shareholders and the public at large through an independent news release.
"We would like to underscore our commitment to making this presentation available to as many shareholders as possible without posing unnecessary risk to our proprietary technology or running afoul of vital SEC regulations," said eDOORWAYS Chairman and CEO Gary Kimmons. "eDOORWAYS prides itself on being a fully compliant company, and in our current climate the importance of being rigorous with this kind of internal oversight cannot be overstated. We believe the formation of this committee is the most practical solution toward making the presentation available to shareholders prior to our October 1, 2009, soft launch date."
About eDOORWAYS Corporation
For more information on eDOORWAYS Corporation and/or the "eDOORWAYS" initiative, please e-mail a package request to [ info@edoorways.com ]. You can also visit the website at [ www.edoorways.com ], make comments via the corporate blog ([ www.edoorways.wordpress.com ]) or call toll free at (866) 482-3829.
Safe Harbor
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
