Interep Files To Deregister Stock
February 9, 2006 at 6:20 AM (PT)
INTEREP is filing with the SEC for a suspension of its common stock.
Chairman/CEO RALPH GUILD said in a press release that "the company's Board of Directors has decided to file with the Securities Exchange Commission for deregistration as part of its overall program of cost reduction and focus on growing the company's business. In the current market environment, the advantages of trading on the OTC Bulletin Board are outweighed by the significant accounting, legal and administrative costs associated with the SEC's reporting requirements. Deregistering will reduce the costs associated with these requirements, and allow management to focus more fully on growing the core business."
The company's stock will continue to trade on the "Pink Sheet" OTC system.