SALEM, N.H., Jan. 22, 2010 (GLOBE NEWSWIRE) -- StockerYale, Inc. (OTCBB:STKR), a leading designer and manufacturer of diode-based laser modules and LED systems for industrial OEMs, medical and defense markets, today announced that it has filed a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission (SEC) to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.
Upon the filing of the Form 15, the Company's obligations to file certain reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, will immediately be suspended. The Company expects the deregistration of its common stock to become effective 90 days after filing the Form 15. StockerYale's common stock will no longer trade on the Over the Counter Bulletin Board. The Company anticipates its common shares will continue to be quoted on the Pink OTC Markets after deregistration, although there can be no guarantee that a broker will continue to make a market in the Company's commons stock and that trading will continue. The Company currently intends to continue to make current financial information available on a regular basis.
Mark Blodgett, Chief Executive Officer, said, "The decision by the Board of Directors of the Company to deregister was made after careful consideration of the advantages and disadvantages of being an SEC reporting company, including the high costs and demands on management time arising from compliance with many SEC and Sarbanes-Oxley requirements. We expect that deregistering will save and avoid costs of between $400,000 and $700,000 annually. In addition to the significant time and cost savings resulting from deregistration, this action will allow management to focus its attention and resources on implementing the Company's business strategy and on building long-term enterprise value."
ABOUT STOCKERYALE
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of diode-based laser modules and LED systems for industry leading OEMs. In addition, the Company distributes premium diodes for Opnext, Sanyo & Sony. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Ireland, and Europe. For more information about StockerYale and their innovative products, visit the Company's web site at www.stockeryale.com
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainty that cash balances may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale's new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and StockerYale's ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. You should also refer to the discussion under "Factors Affecting Operating Results" in StockerYale's annual report on Form 10-K and the Company's quarterly reports on Form 10-Q for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
CONTACT: StockerYale, Inc.
Mark W. Blodgett
603-893-8778
IRInfo@stockeryale.com
