Tuxis Corporation Files to Delist and Deregister Its Common Stock
Tuxis Corporation (the "Company") today announced that it has filed a Form 15 with the Securities and Exchange Commission ("SEC") to terminate the registration of its common stock and rights to purchase series A participating preferred stock under the Securities Exchange Act of 1934, as amended ("Exchange Act"). On February 26, 2007, the Company filed a Form 25 to withdraw the listing of its common stock and rights to purchase series A participating preferred stock from the American Stock Exchange ("AMEX") to become effective today.
The Company expects that the termination of registration under the Exchange Act will become effective 90 days after filing the Form 15 with the SEC. As a result of this filing, the Company's obligation to file with the SEC certain reports and forms, including Forms 10-K, 10-Q, and 8-K, was immediately suspended. The Company expects to realize significant savings of both costs and time as a result of being relieved of its SEC periodic reporting requirements. The Company currently intends to provide its stockholders with quarterly earnings announcements and annual audited financial statements.
Although the Company's common stock no longer will be quoted on the AMEX, it is expected that the common stock will be quoted over-the-counter in the Pink Sheets under symbol (Pink Sheets:TUXS). Pink Sheets LLC is an electronic network through which participating broker-dealers can make markets and enter orders to buy and sell shares of issuers. It is a centralized quotation service that collects and publishes market maker quotes in real time primarily through its website, http://www.pinksheets.com, which provides stock and bond price quotes, financial news and information about securities traded.
Tuxis is a real estate development and service company. More information about Tuxis may be found at its web site at www.tuxis.com.
This release contains certain "forward-looking statements" made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. Such risks, uncertainties and other factors include those described in the Company's filings with the SEC. The forward-looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.