NEW YORK, April 28, 2010 (GLOBE NEWSWIRE) -- Zevotek, Inc., (OTCBB:ZVTK) (Frankfurt:T5V1), a worldwide direct marketer and distributor of innovative personal and home care items, today announced that market maker Spartan Securities Group, Ltd. filed an application yesterday to list Zevotek's shares on the Over The Counter Bulletin Board (OTCBB), where Zevotek's shares had been listed until April 26, 2010. Zevotek's shares are currently listed on the OTCQB, a newly created marketplace for U.S. registered and reporting companies that are current on their reporting to the SEC. Shares of many OTCBB listed companies, including Zevotek, were recently delisted from the OTCBB. The widespread OTC delistings resulted from actions taken by market makers to stop making bids on OTCBB company stocks. By rule, delisting from the OTCBB occurs when a company stock does not have a market maker make bids over a four consecutive day period. Spartan Securities Group, Ltd. and many other market makers have recently chosen not to comply with the OTCBB requirement due to the high costs that market makers incur to maintain OTCBB listings as compared to OTCQB listings.
Commenting on the announcement, Zevotek's CEO, Rob Babkie, said, "Spartan Securities is showing its support and commitment to making a market in Zevotek stock by filing to have Zevotek's shares listed on the OTCBB. The OTCBB delisting is not the result of any action taken by Zevotek. The OTC marketplace is undergoing changes that are independent of Zevotek's business and out of our control. We remain committed to being a fully reporting OTC company and are closely monitoring developments in the OTC marketplace."
About the Company:
Zevotek, Inc. plans to market and sell a range of innovative personal and home care items. Zevotek has a license to sell an energy saving compact fluorescent light bulb (CFL) named the Ionic Bulb, a light bulb designed for consumer use by combining the performance features of ionic air cleaning technology with those of a 10,000 hour reduced energy use compact fluorescent light bulb (CFL). The Company sells the Ionic Bulb through TV infomercials and the Internet and plans to market Ionic Bulbs through catalogs, magazines and major U.S. retail and specialty stores. The Company's 1 minute and 2 minute Ionic Bulb TV ads are designed to air on national cable channels, local broadcast channels and TV superstations. Zevotek directly sells the Ionic Bulb to consumers through http://www.newionicbulb.com and www.amazon.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this release with respect to the Zevotek, Inc.'s business, financial condition and results of operations, as well as matters of timing and effectiveness of marketing the Ionic Bulb are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond Zevotek, Inc.'s control with respect to market acceptance of their products by consumers and retailers like CVS, whether financing will be available, the plans for Zevotek, Inc. to market and sell products as well as certain other risk factors which are and may be detailed from time to time in Zevotek, Inc.'s filings with the Securities and Exchange Commission.
This press release contains forward-looking statements. The words or phrases 'may,' 'intends,' 'expects,' 'estimate,' 'indicate,' 'plans,' 'anticipates,' 'could,' 'if,' 'will,' 'should' or similar expressions are intended to identify 'forward-looking statements.' Actual results could differ materially from those projected in forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Zevotek, Inc. cautions readers not to place undue reliance on such statements. Unless otherwise required by applicable law, Zevotek, Inc. does not undertake, and Zevotek, Inc. specifically disclaims any obligation to update any forward- looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.