Danville, CA, June 20, 2017 (GLOBE NEWSWIRE) -- Cytta Corp. (OTCPINK:CYCA), a leading provider of mobile monitoring, compression and broadband solutions, today announces that it had voluntarily filed a Form 15 with the United States Securities and Exchange Commission (the "Commission" or "SEC") to allow the Company to elevate its status on the OTC Markets Group - Pink Open Market to the “Current Information” disclosure category.
"In today’s challenging microcap environment, there is a high cost to being an SEC reporting issuer without any appreciable benefit. Embracing our new non-reporting status, will allow our management team to focus on our ongoing growth and building the long-term value of our Company. We are not an isolated case, as 8174 companies are now traded on the OTC Pink Open Market Alternative Reporting Standard, with only 944 remaining as SEC reporting issuers on the OTCQB. This seismic shift in the marketplace is a fallout of the market crash of 2008 and the expense and difficulties of maintaining SEC reporting obligations, without corresponding microcap market opportunity and/or benefit. " stated CEO Gary Campbell.
The Form 15 also provided notice of the statutory deregistration its common stock and elimination of its SEC reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This allows Cytta to file unaudited management prepared Financial Statements, instead of the far more onerous and expensive Sarbanes-Oxley Audited Financial Statements. Cytta will be disclosing its management prepared Annual and Quarterly Financial Statements through the OTC Markets Alternative Reporting Standard (ARS) and News Service. Cytta currently trades on the Pink Open Market with seven broker dealers currently acting as market makers.
With the filing of Form 15 with the SEC, the Company gives notice that it is no longer required to file certain reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. Despite the termination of its SEC reporting obligations, the Company may continue to voluntarily file Form 8-K’s with the Commission to disclose material events and provide better information dissemination.
Cytta’s Board of Directors voted unanimously to file Form 15 after deliberation and consideration of the advantages and disadvantages of being an SEC reporting company. The Company's Board of Directors considered many elements in reaching their decision, including; the substantial costs, both direct and indirect, associated with the preparation and filing of periodic reports with the SEC, the current level of analysts coverage, the minimal liquidity for the Company's common stock, the additional outside legal and auditing resources required, the amount of time management spends on reporting documents, the uncertainty across the broader public market for microcap reporting stocks, as well as the advantages and disadvantages of the trading of the Company's common stock on the OTCQB versus the OTCPINK marketplace.
About Cytta Corp.( www.Cytta.com)
Cytta Corp.’s business model entails developing and/or securing disruptive technologies, building industry specific business models utilizing the technology and licensing or partnering with enterprise level organizations able to implement the technology into their specific industry segments. Specifically, Cytta Corp. develops and integrates technologies in the smartphone, compression and mobile broadband space. Cytta has developed Proprietary Android Control Interface (PACI) which it has implemented as an IoT remote monitoring connectivity system through its VeriSmartPhone™ platform. This platform is a highly scalable and secure IoT two-way real time monitoring android control interface initially deployed in a Doctor Direct/EvrCare™ healthcare solution which is being licensed. The Cytta VeriSmartPhone™ technology consists of an ‘intelligent’ android smartphone reprogrammed at the operating system level as an IoT control interface. The Cytta Connect technology automatically connects all remote monitoring devices to the Cloud/IoT platform creating real time communication for all IoT market segments. To their PACI technology they have added the CIFF Compression System which provides compression features and capabilities that are unattainable by any other image/video compression technology. CIFF is paradigm shifting technology that, in many important areas, exceeds current day compression and decompression technologies. The Cytta mobile broadband technology is currently being assessed and evaluated.
Safe Harbor Statement/ Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate", "believe", "estimate", "expect", "may", "objective", "plan", "possible", "potential", "project", "will", and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward looking statements, whether as a result of future events, new information, or otherwise.