VANCOUVER, British Columbia, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Laredo Resources Corp. (OTCPink:LRDR) (Laredo) announced it has determined to effect a suspension of its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by filing a Form 15 with the Securities and Exchange Commission ("SEC") on November 4, 2014. Accordingly, Laredo will not be filing an annual report on Form 10-K for the recently completed fiscal year ended August 31, 2014.
Laredo's Board has approved the suspension of its SEC reporting obligations primarily as a cost reduction measure, thereby allowing Company personnel and scarce resources to focus exclusively on continuing to operate the business. Suspending and, ultimately, terminating Laredo's SEC reporting obligations is expected to result in substantial legal, accounting, and related cost savings associated with reporting compliance and make those savings available for continued operation of the business and securing new assets.
The Company is eligible to suspend its reporting obligations because it has fewer than 300 record holders of its common stock. Immediately upon the filing of the Form 15, certain reporting obligations of the Company, such as its obligation to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, will immediately be suspended. Laredo Resources will continue to disclose company information via OTC Disclosure and News Services.
Safe Harbor Statement:
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.