NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Zevotek, Inc., (OTCBB:ZVTK) and (Frankfurt:T5V2), 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 March 15, 2011. Zevotek's shares are currently listed on the OTCQB, a 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. markets and sells a range of innovative personal and home care items. Zevotek has a license to sell the Ionic Bulb, a patented air purifier that silently emits negative ions using a microchip placed inside a 10,000-hour energy saving compact fluorescent light bulb (CFL). One Ionic Bulb is an eco-easy maintenance-free inexpensive alternative that cleans the air in a 100 square foot area. Outfitting lamps and ceiling lights with the Ionic Bulb rids a living room, kitchen, bedroom, children's playroom, workout area and office space of unpleasant odors and indoor air pollutants that you breathe. Zevotek sells the Ionic Bulb through specialty retail shops, TV commercials, Amazon.com and newionicbulb.com, and markets the Ionic Bulb to major U.S. retail stores.
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.