Business
Update to Shareholders
Update to Shareholders.
About this update from Yippy Inc
[{"type":"text","content":"Shareholders,Yesterday and today I have been inundated with calls from shareholders due in part to the OTC Market closure yesterday. The market closure was corrected during the trading day due to technical difficulties which was out of the control of the OTC Markets Group. I apologize for any inconvenience this has caused, but know I have complete faith and confidence in the OTC Markets Group and their technical team.I have had many calls regarding our update on the audit and those who are requesting information on the Fortune 100 company that Yippy has under contract. I would like to take the time now to answer both of those questions so all shareholders may have this information to view over the weekend.First, Yippy will not publish audited financials until after January 2014. The reason for this is simple. The Board of Directors wants to close the only loophole for the conversion of Restricted 144 stock into free trading stock under Rule 4(1). Rule 4(1) states that if a shareholder has held stock (warrants and options included) in a company for more than 2 years and is not a officer, director or affiliate and the company has adequate (audited) financial statements on file, then restricted stock legend may be removed under this rule per the SEC guidelines. I have been in contract with our transfer agency regarding this issue and we are both in perfect agreement. There will be no legal opinion allowed under Rule 4(1) without the Company having audited financial statements on file with the OTC Markets Group. This means no new stock coming into the market, and Yippy's free trading float will remain the same as stated in our last financial report through the end of our fiscal third quarter unless we file a Form 10. The current float as of the date of this release is 9,180,000 shares. Yippy does have a Fortune 100 company under contract which we have billed in the six figures as of the date of this release. We are in the second phase of development with this customer and at some point we will release the name and the total contract value (TCV) of this deal to the shareholders. It is important to understand that when dealing with customers of this size, the time of transition from one system to another is lengthy.&...