ROLLING MEADOWS, Ill., June 05, 2019 (GLOBE NEWSWIRE) -- OneLife Technologies Corp. (“OneLife”, the “Company”) (OTC: OLMM), a mobile monitoring, health and medical data, and integrated technologies company, today announced that on May 30, 2019, it filed a Form 15 with the United States Securities and Exchange Commission (the “Commission” or “SEC”) to voluntarily terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company cited the significant cost, limited benefit and very limited trading of its stock due to the Caveat Emptor designation and collateral damage from the illegal trading scheme and SEC actions, as some of its reasons in taking this step.
As a result of the filing of Form 15 with the Commission, the Company will no longer be required to file certain reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. Other quotation systems, such as the OTC Grey Marketplace may be available for parties interested in trading the Company’s stock. There can be no assurance, however, that any broker-dealer will make a market in the Company's common stock.
The Board of Directors voted to file the Form 15 after deliberation and consideration of the advantages and disadvantages of being an SEC reporting company. The Company considered many elements in reaching this decision, including: the substantial costs, both direct and indirect, associated with the preparation and filing of periodic reports with the SEC, the current level of analysts coverage, the minimal liquidity for the Company’s common stock due to the Caveat Emptor designation, the additional outside legal and accounting resources required, the amount of time management spends on reporting documents, the uncertainty across the broader public market for public stocks, as well as the nature and extent of the trading of the Company’s common stock.
“In addition to the high cost of being public in what we feel is a low liquidity environment, we have determined that the market is extremely difficult for the Company,” stated Robert Wagner, CEO of OneLife Technologies Corp. “The challenges that the Company has faced with the Caveat Emptor designation on its stock has eliminated the advantages of being a publicly reporting entity for the Company and its shareholders. In lieu of all this, management feels that by stepping out of this world, our team will be free to focus solely on our goal of being one of the leading health wearable marketing companies in the industry.”
“We must note that our interpretations are not isolated. Over that past few years, hundreds of companies have filed Form 15’s. In addition to the many market challenges that a public entity faces, the result of the Caveat Emptor designation on our stock due to activities outside the knowledge and control of management has resulted in the loss of the liquidity in OneLife’s stock,” added Wagner.
ABOUT ONELIFE TECHNOLOGIES CORP.
OneLife Technologies Corp. is a mobile medical software/data collection company with a suite of proprietary, patented, medical grade wearable tracking technologies designed to provide patients, physicians, nursing homes, and hospitals with 24/7 real-time centralized, personal, comprehensive health data. For additional information, visit www.onelifetc.com.
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Contact:
OneLife Technologies Corp.
Robert Wagner
Email: info@onelifetc.com
Phone: (708) 469-7378
FORWARD LOOKING STATEMENT
This news release includes forward-looking statements that reflect OneLife Technologies Corp. current expectations about its future results, performance, prospects and opportunities OneLife Technologies Corp. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities for the remainder of 2018 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements.