GAINESVILLE, FL -- (Marketwired) -- 11/13/13 -- Quick-Med Technologies, Inc. (OTCBB: QMDT) announced today that its board of directors decided to file on or around November 13, 2013, a Certification and Notice of Termination of Registration Under Section 12(g) of the Securities Exchange Act of 1934 or Suspension of Duty to File Reports under Sections 13 and 15(d) of the Exchange Act on Form 15 ("Form 15") with the Securities and Exchange Commission (the "SEC") to voluntarily suspend the Company's reporting requirements under Section 15(d) of the Exchange Act. Upon filing of the Form 15, the Company will no longer be obligated to file certain Exchange Act reports with the SEC, including annual reports under Form 10-K, quarterly reports under Form 10-Q and current reports under Form 8-K unless the SEC denies the effectiveness of Form 15, in which case the Company is required to file all the reports within 60 days of such denial. The Company's board of directors determined, after careful consideration, that suspending reporting is in the overall best interests of the Company. Among other factors, the board of directors considered the cost savings to be realized by the Company by eliminating its obligations to file reports with the SEC.
One of the reasons that the Company is eligible to suspend its reporting obligations is because it has fewer than 300 record holders of its common stock as of the date hereof and it anticipates maintaining such eligibility until the filing of the Form 15.
The Company expects that as a result of the filing of the Form 15 its common stock will be removed from trading on the OTCQB Marketplace. Shares may begin trading on the OTCPink Marketplace, but there can be no assurance that there will be a market for the Company's securities, and the liquidity of such trading market may be very limited.
About Quick-Med Technologies, Inc.
Quick-Med Technologies, Inc. is a life sciences company that is developing and commercializing proprietary, broad-based technologies for the consumer and healthcare markets. The Company's NIMBUS® technology is the first FDA-cleared, non-leaching antimicrobial technology available in a wound dressing. Its Stay Fresh® technology provides highly durable antimicrobial protection for apparel and other textile applications, with consumer applications of Stay Fresh Technology having EPA registration for the treated articles, as well as an FDA clearance for an antibacterial medical textile product. Quick-Med develops antimicrobial technologies to promote public health, safety and comfort. For more information, see: www.quickmedtech.com.
© 2013 Quick-Med Technologies, Inc. All rights reserved. NIMBUS® and MultiStat® are registered trademarks and NimbuDerm™ and Stay Fresh™ are trademarks of Quick-Med Technologies, Inc.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "expect", "plan", "believe", "anticipate", "intend", "could", "would", "estimate", and/or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements involve risks and uncertainties, including those risks that are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"), which may be accessed at the SEC's Edgar System at www.sec.gov.
CONTACT:
Quick-Med Technologies
Bernd Liesenfeld, President
(352) 379-0611
bliesenfeld@quickmedtech.com
Source: Quick-Med Technologies, Inc.