WASHINGTON, Sept. 27, 2004 (PRIMEZONE) -- CEO Council representatives from CorpHQ Inc. (Pink Sheets:COHQ), Cybertel Capital (OTCBB:CYBT) and Investrend Communications today reported on the results of last week's meetings in Washington DC with Members of Congress and Senior Staff Members of the Securities and Exchange Commission.
The CEO Council attended the 3rd Annual SEC Small Business Forum on September 20, 2004, at SEC Headquarters. During that meeting, the Council's reform agenda was adopted by the Forum and will be placed in its minutes for submission to the Commissioners. The agenda was as follows:
1. Extend Safe Harbor for Small Business Issuers on Sarbanes
Oxley Section 404 Compliance.
2. Improve Disclosures for Non-Reporting Companies and
Streamline Regulation 15c2-11 Process.
3. Redefine Accredited Investor Designation.
4. Reg. D-504 Exempt Offering Reforms.
5. License and Legitimize Capital "Finders."
6. Remove Loopholes from Current Naked Short Sale Regulations.
On September 23, 2004, James A. "Drew" Connolly represented the CEO Council and Steve Crane, CEO of CorpHQ Inc. in "Small Business Oversight" testimony before the U.S. House Financial Services Subcommittee on Oversight and Investigations chaired by Rep. Sue Kelly (NY). The hearing, entitled, "Encouraging Small Business Growth and Access to Capital," was held to spotlight hurdles small public companies face in meeting regulatory requirements on the way to capital formation.
In his testimony, Mr. Connolly stated, "Investor protection and small business capitalization need not be mutually exclusive. Hopefully this dialog today will add to the efforts expended by many of us who are deeply concerned about both regulatory changes and creating a more fully informed investor base." The complete transcript of Mr. Connolly's testimony can be found at www.ceocouncil.net.
Chairwoman Kelly granted the CEO Council an additional thirty days for pertinent information to be added to the Congressional record.
All small public company executives, directors and professionals operating within the small public company community are urged to provide their recommendations on regulatory reform and capital formation to the CEO Council for inclusion in this submission.
About the CEO Council:
The mission of the CEO Council is to provide a common voice and platform for officers and directors of public companies, and enable them to more effectively interpret and participate in the corporate governance and regulatory process to ensure compliance, to safeguard shareholder value and to clearly demonstrate a dedication to fair and ethical business practices.