SEATTLE, Dec. 4, 2014 (GLOBE NEWSWIRE) -- Baristas Coffee Company, Inc. (OTCPK:BCCI), via GlobeNewswire, a Nasdaq Company, announced today that it has filed to uplist to the OTCQB as an interim step towards trading on the Nasdaq Capital Markets. The uplisting to the OTCQB is anticipated to be effective by year's end 2014.
The OTCQB is considered by the SEC as an "established public market" for the purpose of determining the public market price when registering securities for resale with the SEC. The Pink Sheets are not and most broker dealers will not trade or recommend Pink Sheet stocks. Because the OTCQB dramatically increases transparency, reporting standards, management certification, and compliance requirements, the majority of broker dealers will trade stocks on the OTCQB. Historically this has resulted in greater liquidity and awareness of companies that reach the OTCQB tier. Companies trading on the OTCQB also provides investors with better informed and more efficient trading with Premium Level 2 Quotes via www.otcmarkets.com, a video portal for company presentations, and gain improved dissemination of current/archived news and press releases.
Barry Henthorn CEO stated; "This is a very important step in providing value to our shareholders. We have made tremendous strides over the past year and we believe that taking this step by listing on the OTCQB now that we believe we have met the criteria, will be rewarding to our current and future shareholders. Moving forward with this interim step speaks to our commitment to trade on a senior exchange and to improving shareholder communication and transparency. As a result Baristas is operating more efficiently than at any time in our history."
To be listed on the OTCQB, a company has to be fully reporting to the SEC. thus, all information on the company is reported every quarter to the SEC and is posted on EDGAR. In addition, they must register the company with the Securities and Exchange Commission and keep the registration current to remain listed on the OTCQB market. Companies also must provide financial information to the SEC incorporating state's banking or insurance regulator periodically and must comply with SEC regulations and the corporate governance provisions of the Sarbanes-Oxley Act.
The OTCQB has replaced the Financial Industry Regulatory Authority (FINRA)-operated OTC Bulletin Board (OTCBB) as the main market for trading OTC securities that report to a U.S. regulator. All broker-dealers that trade OTCQB securities have to be FINRA members and registered with the SEC. All Companies that trade OTCQB have to be FINRA members and registered with the SEC; they are also subject to state securities regulations.
The application for BCCI to trade on the Nasdaq Capital Markets is current and moving forward. Baristas has completed its audits, filed and gone effective with its Form 10 registration statement becoming a fully reporting company, and made strong strides in meeting the corporate governance requirements.
About Baristas Coffee Company (BCCI): Headquartered in the Seattle, Washington area, Baristas Coffee Company, Inc. was formed to create a national brand of drive-thru espresso stands. BCCI is accomplishing this by acquiring established businesses that fit its model, opening new locations, and by franchising. Baristas has separated itself from the competition with its "theme" of joining attractive female baristas in entertaining costumes preparing the finest beverages available on the market. Baristas is also the subject of "Baristas Grounded in Seattle" a reality TV show that premiered Oct. 11 2014 on WE tv (and can be viewed for a short time at http://youtu.be/NnTP58vbc1k that takes and unprecedented and brutally honest look into the lives behind the scenes of girls from a variety of backgrounds who work in the Baristas stands. Baristas can currently be found in six greater Seattle area locations as well as in Florida, and Montana. Your state, Coming Soon!
For more information on this fascinating concept please visit us at www.baristas.tv