VANCOUVER, June 17 /CNW/ - International KRL Resources Corp. (TSX-V:IRK) today announced that it has filed a Form 15F with the United States Securities and Exchange Commission (the "SEC") to voluntarily terminate its reporting obligations under the United States Securities Exchange Act of 1934, as amended. International KRL expects the termination to take effect no later than ninety days after filing the Form 15F. As a result of the filing of the Form 15F, International KRL will immediately cease to file certain reports, including Form 20-F and Form 6-K, with the SEC.
The Company's administrative burdens and costs associated with being a U.S. reporting company, particularly with respect to the SEC Sarbanes-Oxley requirements, have increased materially in the past few years. International KRL maintains these burdens and costs outweigh any benefits derived from the Company's foreign issuer status with the SEC, particularly as the great majority of International KRL shareholder base is Canadian.
As a TSX Venture Exchange listed reporting issuer, International KRL will continue to meet its Canadian continuous disclosure obligations through filings with the applicable Canadian securities regulators. The Company's filings can be found on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. For more information on the property portfolio and International KRL Resources Corp. please visit the Company's website - www.krl.net.
ON BEHALF OF THE BOARD
"Seamus Young"
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Seamus Young
President and CEO
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.