LAS VEGAS, Oct. 23, 2018 (GLOBE NEWSWIRE) -- American Retail Group, Inc., a Nevada corporation, today confirmed that the United States Securities and Exchange Commission (the “SEC”) had ordered that trading in its common stock be suspended for the period from 9:30 a.m. EDT on October 22, 2018, through 11:59 p.m. EDT on November 2, 2018. The SEC ordered the suspension due to concerns about the accuracy of information in the marketplace about, among other things, the company’s products and services and certain regulatory approvals, including statements in Company press releases claiming that the Company had partnered with an “SEC qualified institution” to facilitate cryptocurrency transactions and that it was conducting a token offering that was officially registered in accordance to SEC requirements.
The Company further announced that it now understood that although Prime Trust, the entity referenced in its August 16 and August 22, 2018, press releases, stated that it is a “Qualified Custodian,” that statement was not intended to imply that Prime Trust was registered with or regulated by the SEC as was the Company incorrectly stated in its press releases. The Company recognizes that the SEC does not endorse or qualify custodians for cryptocurrency or other forms of currency. The Company has terminated its relationship with Prime Trust.
The Company also announced that it had not registered a public offering of any of its securities or a cryptocurrency with the SEC or any state regulatory authority as stated in its press release of August 22, 2018. Vassili Oxenuk, president of the Company stated that “While it remains a goal of the Company to undertake to register an offering of a security convertible into a cryptocurrency for sale with the Securities and Exchange Commission, it is highly unlikely that the Company would do so in the foreseeable future. Given the inherent risk in cryptocurrencies and the uncertainty surrounding the future of cryptocurrencies, particularly in the United States, it would not be appropriate for the Company to undertake such an offering. “
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Headquarters: 2300 West Sahara, Office 400, Las Vegas, 89102