HENDERSON, Nev., Aug. 31, 2021 /PRNewswire/ -- EVIO Inc. (OTC: EVIO) announced today the Company has subscribed to the OTC Disclosure and News Service and intends to qualify its common stock for the Pink Current Information Tier. The Company will file its OTC Markets disclosure statement and unaudited financial statements for the annual period ended September 30, 2020 and subsequent quarterly reports, OTC Markets background check form, shareholders list, and required attorney letter. The Company was previously a "voluntary filer" under the Exchange Act.
The Company simultaneously filed Form 15 with the United States Securities and Exchange Commission to terminate the registration of its common stock under Section 12(g) Securities Exchange Act of 1934, as amended and suspend its SEC reporting obligations under Section 15(d) of the Exchange Act. Upon the filing of the Form 15, EVIO's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. Despite the termination of registration, the Company expects that shareholders will be able to continue to trade the outstanding common shares of EVIO, and the Company intends to maintain a public listing on the OTC Pink Sheets market or other exchange as it may determine appropriate. The Company plans to disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service as an alternative reporting company.
Lori Glauser, CEO, stated, "High costs and lengthy delays of our audits led us to evaluate the best alternatives available to the Company to return to Pink current status as soon as possible. After careful consideration, weighing the advantages and disadvantages of being an Exchange Act reporting company and alternatives to maintaining a Pink Sheet quote on the OTC Markets Group, the decision was made to file a Form 15." Going forward the Company will file its management prepared Annual and Quarterly Financial Statements through the OTC Markets Alternative Reporting Standard (ARS) and News Service."
The Company expects its common stock to continue trading on the OTC Markets Pink Sheets under the symbol: EVIO. Companies trading on the OTC Markets Pink Sheet that do not report to the SEC may publish continuous disclosure documents under the ARS pursuant to OTC Markets' Pink Basic Disclosure Guidelines. To qualify for the Pink Current Information Tier ongoing, companies must upload reports through OTC Markets on the following schedule:
- Quarterly Report within 45 days of the quarter end
- Annual Report within 90 days of the fiscal year end
- Attorney Letter within 120 days of the fiscal year end.
Details on the public availability of current information is found at https://www.otcmarkets.com.
EVIO, Inc. is a provider of analytical testing services for cannabis, hemp, and CBD products. EVIO maintains full-service, licensed and accredited laboratory operations in California, Oregon, and Canada. EVIO also provides clients with quality analytical R&D and consulting services to help them produce the best, compliant products.
For more information, visit www.eviolabs.com.
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact may be considered forward-looking statements pertaining to anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only, and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the Company's ability to complete product testing and launch product commercially, the acceptance of product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in Company reports led with the Securities and Exchange Commission, available at www.sec.gov or www.eviolabs.com.
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