Yahoo Finance CYBER ENVIRO-TECH, INC IS FILING AN APPLICATION TO UPGRADE TO OTCQB MARKETPLACE
SCOTTSDALE, Ariz., April 2, 2024 /PRNewswire/ -- (OTC Pink: CETI), Cyber Enviro-Tech, Inc. (CETI) is pleased to announce it is filing a formal application to upgrade its trading platform from the Pink Open Market (Pink), aka OTC Pink, to the OTCQB (Over-The-Counter Quotation Bureau). This advancement will mark a pivotal step forward as companies listed on the OTCQB market place are required to go through more rigorous reporting requirements including PCAOB* audited financial statements. In contrast, companies listed on the Pink Open Market are not required to file audited financial statements and certain other mandated Securities and Exchange (SEC) disclosures, which could increase risks to investors due to limited and unaudited financial information.
The upgrade process to OTCQB necessitates adherence to specific criteria to include: maintaining current reporting status, undergoing annual verification and certification, meeting a $0.01 bid test, non-bankruptcy status, having at least 50 beneficial shareholders, and a public float in excess of 10% of the total shares outstanding. The Company estimates the approval process will take four to eight weeks.
"Since the inception of CETI, formed nearly four years ago, we have consistently maintained our reporting standards to mirror those of entities listed on the OTCQB and other more regulated exchanges," said Kim D. Southworth co-founder and CEO. "In the past two years alone, we have filed two PCAOB audited annual 10-K reports as well as five reviewed quarterly statements. This surpasses the reporting obligations of Pink and aligns seamlessly with those of the OTCQB market place. Such proactive measures signify a natural progression for our company. This heightened regulatory compliance is valuable as CETI embarks on further domestic and international expansion, providing an additional layer of assurance for both existing and potential investors."
For access to CETI's annual and quarterly reports, interested parties may visit the SEC website and navigate to the Filings section.
* Public Corporate Accounting Oversight Board (PCAOB) is a nonprofit corporation established by the United States Congress to oversee the audits of public companies. It can be more thorough and scrutinizing that an AICPA (American Institute of Certified Public Accountants) audit.
ABOUT CYBER ENVIRO-TECH, INC. CETI is an international, environmentally driven, oil/sludge, water and soil remediation Company. Using bio remedial material and other proprietary equipment and processes, we are able to extract and eliminate many hazardous waste materials found in today's oil, industrial wastewater and soil. CETI has designed safe, cost-effective remediation systems including 4th Industrial Revolution technologies. This would include machine learning, artificial intelligence, the cloud, SCADA, etc., along with the application of our non-chemical, bio remedial material. Our core business model is focused on cleaning oil/sludge ponds, storage tanks, oil spills, mining and other soil remediation projects and all bodies of contaminated industrial wastewater.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856
Email: info@cyberenviro.tech
www.cyberenviro.tech
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SOURCE Cyber Enviro-Tech
