SUNRISE, Fla., March 06, 2019 (GLOBE NEWSWIRE) — Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to announce the filing of amendment # 1 to the Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) to register securities under the Securities Act of 1933 (“Amendment”) as the next step to becoming an SEC reporting company and up listing to the Over the Counter Quotation Bureau (“OTCQB”).
Included in the Amendment are PSIQ’s audited financial statements for the year ended December 31, 2017 and December 31, 2016 as well as the reviewed financial statement for the period ending September 30th, 2018. PSIQ intends to furnish its stockholders with annual reports containing audited financial statements and quarterly reports containing reviewed financial statements for each of the first three quarters of each fiscal year. The Amendment can be viewed in its entirety at https://www.sec.gov/Archives/edgar/data/1390329/000157570519000017/0001575705-19-000017-index.htm. In addition, PSIQ may from time to time furnish to stockholders’ additional information about PSIQ and its business as its management deems appropriate.
Responding to the SEC comment letter is the next step to becoming subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended (the “Act”) which includes annual, quarterly and current report filings. Subsequent thereto, PSIQ management intends to move forward with an application to OTC Markets to uplist to the OTCQB market tier.
Dan Oran, CEO of PSIQ stated, “The Amendment is the next step to becoming a transparent fully reporting SEC Issuer. We strongly believe in our plan and expect to continue delivering positive results for our shareholders in the foreseeable future. Our subsidiary Elite Hemp Products continues its path of explosive growth and our application to establish an exclusive growing farm and processing plant for medical cannabis & hemp in The Kingdom of Eswatini nears approval.”
ABOUT FORM S-1 REGISTRATION STATEMENT
Form S-1 is an SEC filing used by companies to register their securities with the U.S. Securities and Exchange Commission (SEC) as the “registration statement by the Securities Act of 1933”. The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company.
The OTCQB market contains a one penny ($0.01) bid price requirement “intended to remove companies that are most likely to be the subject of dilutive stock fraud schemes and promotions”. Each company verifies via an annual OTCQB Certification, signed by the company CEO or CFO, that their company information is current, including information about a company’s reporting status, company profile, information on management and boards, major shareholders, law firms, transfer agents, and IR / PR firms. Investor confidence improves when there is more information about a company’s ownership structure, professional advisors and service providers. This certification will be required for any security newly qualified to be publicly quoted by a broker-dealer under SEC Rule 15c2-11, or when a Pink traded company becomes a current SEC reporting company, beginning May 1, 2014. International Reporting companies are also allowed to upgrade from Pink to OTCQB if they publish their 12g3-2(b) compliant disclosure online and verify their company profile. There is an annual fee for the OTCQB market of $10,000 per year and a one-time $2,500 application fee.