Questar Assessment, Inc. (OCTBB: QUSA) announced its intention to voluntarily file a Form 15 with the United States Securities and Exchange Commission to terminate the registration of its shares of Common Stock under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”), and to terminate its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Under the rules promulgated under the Exchange Act, a company is eligible to terminate its reporting obligations if it has less than 300 record stockholders. The Company has approximately 70 record stockholders, many of whom are officers, directors, employees and affiliates of the Company. Under applicable SEC rules, the Company’s SEC reporting obligations will be suspended immediately upon the filing of the Form 15, and the deregistration of its securities will become effective 90 days after filing, barring any objections from the SEC.
The Company’s Board of Directors decided to terminate the registration of its securities under the Exchange Act in order to reduce the administrative burdens and costs associated with being a public reporting company. The costs of maintaining reporting company status have greatly increased over the last several years, especially in light of the additional requirements imposed by Sarbanes-Oxley.
After the deregistration becomes effective, the Company’s Common Stock will move from the OTC Bulletin board to the Pink Sheets. Mr. Andrew Simon, Chairman of the Company, stated that, “In the long term, we believe that our stockholders will benefit from our decision to dedicate management’s time and corporate funds to the growth of our company instead of on SEC reporting.”
ABOUT QUESTAR ASSESSMENT, INC.
Questar Assessment, Inc. headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation’s leading providers, Questar provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, Questar offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company’s website at www.QuestarAI.com.
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company’s reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.