thanks coalkickin.....I was just doing some research and found this.
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: IBSS Elects to Discontinue SEC Periodic Reporting
Alleviation of Cost Burden Associated with Remaining Public Will Permit Company to Focus Capital Resources on Revenue and Profit Generating Opportunities
COLUMBIA, S.C., March 24, 2006 /PRNewswire-FirstCall via COMTEX/ -- Integrated Business Systems and Services, Inc. (IBSS) (OTC Bulletin Board: IBSS) today announced that it intends to deregister its shares of common stock under the Securities Exchange Act of 1934, as permitted by applicable rules. As a result, IBSS will no longer file with the Securities and Exchange Commission (SEC) or otherwise make publicly available Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K or proxy statements related to shareholder meetings. Deregistration is expected to be effective on or about March 31, 2006, and IBSS does not intend to file an Annual Report on Form 10-K for its fiscal year ended December 31, 2005.
As a result of deregistering, IBSS' common stock will no longer be traded on the Over-the-Counter Bulletin Board (OTCBB). IBSS expects trading to cease promptly following March 31, 2006.
The Board of Directors of IBSS has determined that deregistration will allow IBSS to avoid substantial accounting and legal fees associated with the preparation and filing of SEC reports. This, in turn, will allow IBSS to use its funds more efficiently to pursue various revenue and profit generating opportunities.
"We have significant opportunities before us for increasing our revenues in the months ahead. Specifically, we see notable opportunities for our current system and new systems being deployed in airports, auto repair shops, and hospitals with SynTrack(TM) for Healthcare, as well as the newly expanded dispatch and transport software into SynTrack(TM). In addition, IBSS has identified new opportunities for leveraging the power of our proprietary Synapse(TM) technology to develop new products for new OEM customers in key niche markets," stated Dr. George Mendenhall, CEO of IBSS.
Continuing, Dr. Mendenhall added, "At this time, we must focus our capital resources on these markets and new revenue streams, and, after due consideration, believe that this deregistration will help us to best leverage our available resources for the good of the Company and our shareholders. We believe that by allocating our capital resources to maintain the Company's public reporting status would significantly compromise our ability to take advantage of these prevailing opportunities," stated Dr. George Mendenhall, Chief Executive Officer of IBSS.
Management is optimistic that IBSS will be able to re-register its common stock and re-initiate periodic reporting as funds become available. In that event, IBSS intends to cause its common stock to reinitiate trading on the OTCBB or other securities trading market, as appropriate. However, at this time, management cannot predict with certainty whether these events will occur or, if they do, the timing of such occurrence.
IBSS is the creator of Synapse(TM), a groundbreaking software technology. Synapse(TM) is a complete framework and methodology used to create, implement and manage a wide variety of dynamic, distributed, networked, and real-time enterprise applications including RFID, quickly and efficiently. Healthcare organizations utilizing Synapse(TM) based products from IBSS leverage the power of its single, flexible framework to enjoy tremendous time and cost advantages, in the implementation, deployment and on-going management of integrated applications.
Enabled by Synapse(TM) to take competitive advantage of cutting-edge technologies such as wireless networking, mobile computing and RFID, IBSS and its strategic partners bring solutions to customers for mission-critical applications in manufacturing, distribution, healthcare, finance, insurance, retail, education, and government. IBSS is headquartered in Columbia, South Carolina. For more information about IBSS and its Synapse(TM) technologies and services, call 803-736-5595 or 800-553-1038, or visit http://www.ibss.net.
Except for historical information, the matters discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. Actual results may vary significantly as a result of a number of factors, including, but not limited to, risks associated with the Company's ability to satisfy its obligations incurred in recent private placements of secured debt, risks in product and technology development and integration, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, and other risk factors detailed in Exhibit 99.1 of our Annual Report on Form 10-KSB for the year ended December 31, 2004 and in other filings the Company makes with the Securities and Exchange Commission. Copies of these filings may be obtained from the Securities and Exchange Commission at its principal office in Washington, DC at prescribed rates by calling 1-800-SEC-0330. These filings are also available electronically through the Internet World Wide Web site maintained by the Securities and Exchange Commission at the Internet address: http://www.sec.gov.
At Elite Financial Communications Group, LLC Dodi Handy, President and CEO 407-585-1080 or ibss*efcg.net
SOURCE Integrated Business Systems and Services, Inc.
CONTACT: Dodi Handy, Elite Financial Communications Group, LLC, for Integrated Business Systems and Services, Inc., +1-407-585-1080 or ibss*efcg.net