SAN FRANCISCO, March 19, 2013 /PRNewswire/ -- Colombia Energy
Resources, Inc. (OTCBB: CERX.OB; OTCQB: CERX), (the "Company" or
"CERX") announced today that the Company intends to voluntarily
file a Form 15 with the Securities and Exchange Commission (the
"SEC") on or about March 29, 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.
CERX's Board of Directors authorized the termination of
registration of CERX'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.
CERX's board of directors intends to consider possible future
actions that would be in the best interests of CERX. The Company
also intends to maintain its OTC Markets trading platform but
anticipates the quotation of its stock on the OTC Bulletin Board
will be dropped. The Company will focus its use of its
limited financial and management resources on its assets and
operations in Colombia and on
potential strategic alliances or sale of such assets.
Company Contact: Daniel
Carlson
Email:
dcarlson@colombiaenergyresources.com
Telephone +1 (415) 460-1165
www.colombiaenergyresources.com
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SOURCE Colombia Energy Resources, Inc.