VANCOUVER, British Columbia, Nov. 19, 2007 (PRIME NEWSWIRE) -- Moventis Capital, Inc. (Pink Sheets:MVTS) today provided an update on the status of its 10-KSB filing and listing status.
Moventis announced that it has experienced delays with the completion of its first U.S. GAAP audit of recently acquired private subsidiary company, PTL Electronics, Ltd. which is required in order to file consolidated annual statements for Moventis. In order to get current with its filings, Moventis is currently working with its auditors to complete the audit for its 10-KSB and a review of its 10-QSB for the period ended September 30, 2007.
On October 22, 2007, the company received an OTCBB Delinquency Notice from FINRA with respect to its 10-KSB filing, advising the company of the 30 day grace period under the National Association of Securities Dealers ("NASD") Rule 6530 until November 15, 2007. For the reason mentioned, Moventis has been unable to complete the referenced filing within the grace period, and as such, will be removed from trading on the OTCBB until it is current with its filings, and a NASD Form 211 is filed with the SEC on its behalf by a NASD market maker or broker/dealer in order to resume quotation on the OTCBB. Moventis has identified a NASD market maker for the Form 211 filing for reinstatement with the OTCBB once the flings are completed.
Until such time as the periodic reports are current and the Form 211 has been approved, Moventis' stock will continue to trade on the Pink Sheets under the symbol MVTS. Further information regarding the Pink Sheets is available at www.pinksheets.com.
About Moventis Capital, Inc.
Moventis Capital, a Delaware corporation, is a publicly traded acquisition and growth management company that seeks to acquire quality, established small and medium-sized enterprises (SMEs) and provide resources and management to improve growth and enhance valuations. Moventis intends to capitalize on an underserved market of successful SMEs, primarily privately held, that do not meet the size or industry requirements of many acquisition and investment firms. For more information, visit www.moventiscapital.com
The Moventis Capital, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4451
Safe Harbor
Statements included in this news release, which are not historical in nature, are intended to be, and are hereby identified as "Forward-Looking Statements" for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including without limitation the ability of Moventis (or any other company mentioned in this release) to consummate acquisitions, obtain necessary financing and successfully grow operations, revenue and profitability. Forward-Looking Statements may be identified by words including "outlook," "anticipate," "await," envision," "foresee," "aim at," "plans," "believe," "intends," "estimates," "expects" and "projects" including, without limitation, those relating to the company's financial expectations and future business prospects. Readers are directed to the Moventis filings with the U.S. Securities and Exchange Commission, including its Risk Factors described in its Annual Report on Form 10-KSB for the fiscal year ended June 30, 2006 and its quarterly reports on Form 10-QSB; other risks or uncertainties may be detailed from time to time in future SEC filings for additional information and a presentation of the risks and uncertainties that may affect the company's business and results of operations. Any financial guidance provided in this news release is based on limited information available to Moventis at this time and is subject to change. Although management's expectations may change after the date of this news release, Moventis undertakes no obligation to revise or update this guidance or publicly release the results of any revision to these forward-looking statements.