BAKERSFIELD, Calif., Dec. 16, 2009 (GLOBE NEWSWIRE) -- Cheyenne Resources Corp. (Pink Sheets:CYRSE) today reported to shareholders that late filing of two quarterly reports by the company's predecessor organization, Intelli-Home, as well as one by Cheyenne, prompted the Financial Industry Regulatory Authority (FINRA) to delist the company from the Over the Counter Bulletin Board to the Pink Sheets.
FINRA initially informed Cheyenne that the 'E' was appended to the company's ticker symbol to indicate that the company has been late in its most recent quarter. It then notified Cheyenne that this was the third time in 24 months that these reports were late. According to FINRA Rule 6530, three late filings in a 24 month period triggers immediate ineligibility for continued quotation on the Over the Counter Bulletin Board.
The removal of Cheyenne from the OTCBB quotation system has not halted the tradability of the company's stock. For instance, as with many OTCBB quoted companies, Cheyenne is also quoted and trades on the OTC system. Moreover, removal from the OTCBB quotation system does not prohibit the company from qualifying and moving to a higher trading exchange.
Cheyenne continues to be a fully reporting company in accordance with the periodic financial reporting requirements of the United States Securities and Exchange Commission (SEC). The company is committed to ongoing full financial reporting both for the sake of transparency, as well as in a continuing effort to graduate to a national exchange.
"We were unaware that the prior management had twice been tardy in its quarterly filings," said Cheyenne President & CEO Tom Cunningham. "Nevertheless, this development has only renewed and accelerated our focus to be able to graduate to the NYSE AMEX as rapidly as possible."
Cunningham said nothing has changed in the business plan the company is pursuing. "We have already been assured by a funding source that the change in trading venue will not hamper our ability to obtain the money needed to execute our strategy to seek out and develop low risk oil and gas projects, as well as increasingly higher risk-reward undertakings, driven by steadily increasing cash flow from reworked wells.
"As far as Cheyenne is concerned, it's business as usual, and we are committed to enhancing the company's visibility and valuation, as well as enabling our shareholders to fully share in our future success," the CEO said.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products; pricing and new technology; changes in consumer preferences and tastes; effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production; and other factors as those discussed in the company's reports filed with the Securities and Exchange Commission from time to time, available at www.sec.gov. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.