International Monetary Systems, Ltd. Files to Deregister
New Berlin, WI, July 1, 2016 (Newswire.com) - International Monetary Systems, Ltd. (the “Company”) filed a Form 15 today, July 1, 2016, with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its common stock. The Company is eligible to deregister because it has fewer than 500 holders of record of its common stock and total assets of less than $10 million at the end of each of the last 3 years. In filing the Form 15, the Company’s obligations to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, are immediately suspended. The Company expects that deregistration of its common stock will become effective within 90 days.
The Company is deregistering because it believes that the incremental cost of compliance and other public company reporting requirements does not provide a discernible benefit to the Company and is not in the best interests of its shareholders. Factors influencing the Board of Director’s decision include the following:
• the high accounting, legal and administrative costs of preparing and filing periodic reports and other filings with the SEC in comparison to the size of the Company;
• the amount of time senior management of the Company is required to devote to matters related to its securities as opposed to time concentrating on the business of the Company;
• the already limited trading volume and liquidity in the Company’s common stock; and
• the fact that the lack of liquidity of the common stock makes it unlikely that the Company can effectively use its common stock to compensate employees, raise capital or make acquisitions.
The Company's stock will continue to be traded on the OTC Pink Sheets market.
About International Monetary Systems
Founded in 1985, International Monetary Systems (IMS) serves 23,000 cardholders in 50 North American markets. Based in New Berlin, Wisconsin, and managed by seasoned industry veterans, IMS is one of the largest barter companies in the world. The company's proprietary transaction clearing software enables businesses and individuals to trade goods and services online using an electronic currency known as trade dollars. The IMS network allows companies to create cost savings and connect to new customers by incorporating barter opportunities in their business models. Further information can be obtained at the company's website at: www.IMSbarter.com.
Contact:
International Monetary Systems, Ltd., New Berlin, WI
John Strabley - CEO
(800) 559-8515
Source: International Monetary Systems, Ltd