Women's Golf Unlimited, Inc. announced that they have filed Form 15, Certification & Notice of Termination of Registration, with the Securities and Exchange Commission.
“The primary reason we have decided to take this action is due to the increased cost of complying with the many new regulatory, auditing and board requirements imposed by the Sarbanes-Oxley act. For a company the size of Women's Golf Unlimited, a conservative estimate of the cost of the new requirements would exceed $200,000 and take away the ability to invest in programs targeted to adding value to the company,” said Douglas A. Buffington, president of WGU.
“Although the reporting requirements such as quarterly and annual reports are eliminated, we will continue to communicate with each shareholder twice per year. This communication will include a discussion of the results for the period being reported along with all pertinent financial statements. The financial statements will be presented in the exact same manner and format as we currently supply,” added Buffington.
The company's stock will continue to trade on the Over-The-Counter bulletin board until a final decision regarding the registration of the stock is finalized. Once finalized, the stock will trade through the Pink Sheets.
The Company expects a final decision from the SEC within 90 days.
