American Learning Corporation Announces Filing Of Form 15
JERICHO, N.Y., April 29, 2013
JERICHO, N.Y., April 29, 2013 /PRNewswire/ --American Learning Corporation
(the "Company") announced today that the Company intends to voluntarily file a
Form 15 (Certification and Notice of Termination of Registration) with the
Securities and Exchange Commission (the "SEC") tomorrow, April 30, 2013, to
terminate the registration of its common stock and suspend its reporting
obligations under the Securities Exchange Act of 1934, as amended. The
Company is eligible to terminate its registration by filing a Form 15 because
it has fewer than 300 shareholders of record at the beginning of its current
The Company's Board of Directors authorized the termination of registration of
the Company's common stock after careful consideration of the advantages and
disadvantages 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.
The Form 15 will become effective 90 days after filing if there are no
objections from the SEC or such shorter period as the SEC may determine. The
Company's SEC reporting obligations, including the obligations to file annual
reports on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K, will be immediately suspended upon the filing of the Form 15, unless
the SEC denies the effectiveness of Form 15, in which case the Company is
required to file all required reports within 60 days of such denial.
The Company expects that, as a result of the Form 15 filing, its common stock
will be removed from trading on the OTCQB Marketplace. Shares are anticipated
being available for trading on the OTC Markets, although there can no
assurances that any trading market for the Company's securities will exist
after the Company has filed the Form 15, and the liquidity of such trading
market may be very limited.
American Learning Corporation, through its wholly owned subsidiaries,
Interactive Therapy Group Consultants, Inc. and Signature Learning Resources,
Inc., offers a comprehensive range of services to children with developmental
delays and disabilities.
SOURCE American Learning Corporation
Contact: Gary J. Knauer, Chief Financial Officer, American Learning
Corporation, One Jericho Plaza, Jericho, NY 11753, (516) 938-8000
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