LAS VEGAS, March 1, 2011 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL), a creator of various financial products and services for businesses and individuals, has decided to cease actively pursuing quotation on the Over-the-Counter Bulletin Board (OTCBB).
"Two years ago, we set out on a path to become a fully reporting company intent on uplisting to a senior quotation service or exchange that better reflected our success," stated Ben Larsen, CFO. "However, during the lengthy course of going effective with the SEC, we have determined that the OTCBB is not the best destination for our equity at this time. According to several brokers who have been watching the situation carefully and advising Ideal, there is currently a strong migration of companies moving to the OTC Markets (formerly Pink Sheets) system for fully reporting companies. OTC Markets is electronic-based, has an easier interface for brokers and has several new classification tiers for differentiating companies, including one for fully reporting companies such as ours (OTCQB). And according to the OTCBB website's Historical Annual Statistics, the OTCBB has seen its roster of companies decrease from 3,535 to 3,136 from 2009 to 2010 and a decrease of Average Daily Positions from 26,004 to 12,630 for the same periods.
"It became clear to us in the process of acquiring a sponsoring broker for the OTCBB that the effort and expense of being quoted on the OTCBB would be wasted unless there was a very specific reason for doing so," Larsen added. "In fact, most brokers recommended that we focus on the OTCQB where our fully reporting status affords us the benefits described above. Since our primary goal in seeking to uplist was to attract institutional investors, and these institutions were recommending the OTCQB, it seemed an obvious choice to focus on the QB and to try and cultivate that institutional interest."
"Certainly, this process has been imperfect as the appeal of the OTCBB changed during the process and the OTCQB rose to prominence, but we do believe that in the end we have a situation that fits the needs of the company best," said Larsen. "We believe that we can now put this 'transitional phase' relative to our listing behind us and increase our efforts to grow revenue and profitability as well as attract institutional investors."
"We are also aware of the possible change in ownership at the OTCBB from FINRA to Rodman & Renshaw. If these changes result in an improved Bulletin Board exchange that better suits our needs, we will review the possibility of dual listing," Larsen stated. "But for now, it's quite clear that the OTCQB is a better option for Ideal Financial Solutions."
About Ideal Financial Solutions
Based in Las Vegas, Nevada, Ideal Financial Solutions (www.idealfsi.com) provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in debt relief services, Ideal uses its automated CashFlow Management© tools (www.myifs.com) and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view more information on Ideal's new humanitarian program soon to be launched please visit www.idealgoodness.com. To view a short video demo of our services go to: http://www.youtube.com/watch?v=GFTKoRkByu0
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Forward Looking Statements. This release may contain forward-looking statements as well as historical information. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include, without limitation, the risk that the company will not be able to obtain a listing on the OTCQB and that, even if it obtains such listing, demand for the company's common stock will not increase among institutional investors or other because of the price point of its common stock, the company's current and prospective operations or market factors generally. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.