Online Internet Network Files Form 15
SAN DIEGO--(BUSINESS WIRE)-- Online Internet Network, Inc. ("ONIN") (OTCQB: ONIN) (http://www.onlineinternetnetwork.com) announced today that the Company filed a Form 15 with the Securities and Exchange Commission (the "SEC") on May 24, 2013, to terminate the registration of its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company is eligible to terminate its registration by filing a Form 15 because it has fewer than 300 common stock shareholders of record at the beginning of its fiscal year.
As a result of filing the Form 15, the Company will no longer be required to file reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. The Company expects that deregistration will become effective 90 days after the filing of the Form 15 with the SEC.
ONIN's Board of Directors authorized the termination of registration of the ONIN's common stock after careful consideration of the advantages and disadvantage of being an SEC reporting company. The Board concluded that the consequences of remaining an SEC-reporting company, which includes significant costs associated with regulatory compliance, outweighed the current benefits of remaining registered with the SEC.
ONIN's board of directors intends to consider possible future actions that would be in the best interests of ONIN.
ABOUT ONLINE INTERNET NETWORK, INC.
Online Internet Network, Inc., is a leader in business listing optimization, reputation management, website design, social media campaigns and advertising solutions.
This press release contains or may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually," or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstance, various factors, and other risks identified in a company's annual report on Form 10-K and other filings made by such company.
Online Internet Network, Inc.
KEYWORDS: United States North America California
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