Business
CGE Energy Releases Shareholder Update and Exchange Up-list Plans
CGE Energy Releases Shareholder Update and Exchange Up-list Plans.
About this update from Cge Energy, Inc.
[{"type":"text","content":"\n\n BRIGHTON, Mich., July 13, 2016 (GLOBE NEWSWIRE) -- Dear shareholders:\n On June 15th, we announced the engagement of independent registered public accounting firm Zwick & Banyai, PLLC to perform a certified audit of fiscal years ending March 31, 2015 and March 31, 2016. This was an important strategic move to create greater opportunity for our long-time shareholders and attract new retail and institutional investors by providing transparency. Two years of certified audited financials is required to qualify for full-reporting status and the Company’s planned up-list to the OTCQB Marketplace. The OTCQB is considered by the SEC as an \"established public market\" for the purpose of determining the public market price when registering securities for resale with the SEC. OTC Pink, our current exchange, is not considered as such and some broker dealers may not trade or recommend OTC Pink stocks. Because the OTCQB dramatically increases transparency, reporting standards, management certification and compliance requirements, the majority of broker dealers trade stocks on the OTCQB. Historically this has resulted in greater liquidity and awareness for companies that reach the OTCQB tier. This decision represents our continued commitment to our shareholders, and management believes that trading on the OTCQB will enhance CGEI liquidity, transparency, broaden our shareholder base and continue to increase market adoption of our integrated energy solutions business model. In recent months, we have been aware of issues regarding the CGEI stock being shorted and price manipulated by the misreporting of the stock sales price. In addition to reporting these activities to FINRA, OTC and the SEC, by up-listing to the OTCQB, we will minimize these future predatory practices and activities. We will not tolerate this disrespect of our loyal, “long” shareholders. Due to the timing of our in-process certified audits, it has caused a delay in our March 31st, 2016 fiscal year end financial statement and subsequent June 30th, 2016 quarterly financial statement. Upon their timely completion, the audited financial statements will be properly filed and delivered in the format the SEC requires for full-reporting status and the OTC Markets stop sign will be cleared. On behalf of the CGE Energy, Inc Management, thank you for your ...