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FOR IMMEDIATE RELEASE
Scanvec Amiable Files Form 15 to Deregister Common Stock...Expects Substantial Savings To Result
PHILADELPHIA, PA Scanvec Amiable (OTC BB: SVECF), the recognized global leader in providing complete, professional software solutions from design to production for the sign making and large format digital printing industries, today announced that it had filed a Form 15 with the Securities and Exchange Commission to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934. The Company expects the deregistration to become effective within 90 days of filing with the SEC. As a result of filing the Form 15, the Company’s obligation to file certain reports and forms including forms 10K, 10Q and 8K has been suspended and upon effectiveness will cease.
The Company expects to realize significant reductions in expenses as a result of the suspension of its SEC reporting requirements.
The Company anticipates that its common stock will cease to be eligible for trading on the Over the Counter Bulletin Board (“OTCBB”) no later than April 30, 2005. The common stock may be quoted on the “Pink Sheets” after it ceases to be eligible for trading on the OTCBB. There can be no certainty of such quotation as it will only take place to the extent that market makers decide to make a market in the Company’s shares. There is generally less liquidity and greater stock price volatility on the “Pink Sheets” as compared to the OTCBB.
Mark Blundell, Chairman of Scanvec Amiable, commented, “The Company’s Board of Directors decided to take this action only after careful consideration and deliberation. We believe that the costs and other burdens of remaining a public company outweigh the advantages”.
Among other factors, the Company’s Board of Directors considered the following in making their decision:
1. The significant costs, both direct and indirect, of preparing and filing the reports and forms a public company is required to file with the SEC.
About Scanvec Amiable
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions including, without limitation, expressions using the terminology “may,” “will,” “believes,” “plans,” “expects,” “anticipates,” “predicts,” “forecasts,” and expressions which otherwise reflect something other than historical fact are intended to identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including, but not limited to, product demand and market acceptance risk, impact of competitive products and prices, product development, commercialization or technological delays or difficulties, and trade, legal, social, financial and economic risks and the other factors described in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. No obligation is undertaken to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Scanvec Amiable
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