Welcome!

News Feed Item

USFuel Corporation Announces SEC Order after Voluntary Settlement Creating a Path Towards Clean Slate

ATCO, N.J., Feb. 8, 2014 /PRNewswire/ -- US Fuel Corporation (OTC Pink: USFF) ("USFF" or the "Company"), a company focused solely focused on the flexible & efficient production of synthetic fuels, announced today that the Company voluntarily consented to a Settlement Offer (the "Offer") from the United States Securities and Exchange Commission ("SEC"), revoking the registration of the Company's common stock pursuant to Section 12(j) of the Exchange Act of 1934, as amended. As a result of this Order, the Company's stock, which had traded in the over-the-counter market and was quoted on the Pink Sheets Electronic Quotation Service under the symbol "USFF," will not trade publicly until the Company completes the re-registration process of its stock under the Securities Exchange Act of 1934 (the "Exchange Act") and a market maker makes the appropriate filings in order to quote its stock on the Over The Counter Markets. The Company will file a Form 10 with SEC in order to re-register its stock pursuant to the Exchange Act and will immediately seek a market maker to file a Form 15c2-11 to quote its stock over the counter.

The Company had become delinquent in its periodic SEC reporting requirements since the period ended December 31, 2012. In late December 2013, the SEC notified USFF that they were initiating an administrative proceeding and hearing to suspend or de-register the Company's common stock.  After discussions with its board members and outside counsel, in order to resolve the proceedings and actions that the SEC had instituted against USFF, the Company determined that voluntarily submitting an Offer of Settlement to the SEC would be the most expedient path to its ultimate goal to once again become full reporting and to have its stock quoted on the Over The Counter Markets, as a stepping stone towards its long term goal of listing on NASDAQ. 

The revocation of the Company's registration will not have any immediate adverse effect on the operations of the Company. Management is assessing the future needs of the Company and is working to develop an appropriate strategy for moving forward, including how best to maximize shareholder value. The decision to consent to the SEC's Order was in part based upon the cost associated with filing all past due filings, which would have been considerably more than the costs associated with filing a Registration Statement on Form 10. While there is considerable expense associated with a registration statement, including the requirement for audited financial statements for the previous two years and a reviewed interim period, as the Company filed its annual report on Form 10-K for the year ended December 31, 2012, the required audit is already complete and the Company only has to complete its financial statements for the interim period in order to file the Form 10. Additionally, by voluntarily consenting to the Order, the Company eliminated the high costs associated with litigation and the uncertainty associated therewith.  

Harry Bagot, USFF's President and CEO stated "this is a voluntary event that will allow USFF to attain the status that we desire and advance our business plan forward at an expedited rate." The Company will file the Form 10 by February 14, 2014 and as soon as possible, have a market maker file its Form 15c2-11 to quote its common stock on the over the counter markets. The Company will dedicate itself to responding to any SEC or FINRA comments as quickly as possible so that its common stock can once again be registered and resume trading. Mr. Bagot commented that "The Company will continue to further our GTL business plan, financing options, and other growth opportunities that we are pursuing." In recognition of his continued support and dedication to the Company, Mr. Bagot adds, "We are all in this together - the Company's management, including myself, sole source of compensation at this time is directly related to the Company's success, which in large part stems from having registered and listed common stock that has sufficient liquidity to provide additional investment into the Company...we are committed to gain that status back as soon as possible." 

The Company intends to continue to report on all material events by posting such information on its website at http://usfuelcorporation.com/ and through press releases.

Currently, stockholders will be able to transfer or sell their shares only in exempt transactions that are in compliance with the United States and applicable state securities laws. Once the Company becomes current with its SEC reports, including the filing of the Form 10 and clears the 15c2-11 filing, the stock could then resume trading.

About USFF. USFF's goal is to build, own and operate facilities which convert hydrocarbons into non-petroleum based alternative fuels, such as diesel, gasoline and aviation (jet fuel) and other valuable products. Taking a fresh and practical approach to production and distribution, using the best new technologies, and leveraging existing infrastructure, the Company plans to use America's most abundant resources to economically produce manageable quantities of high quality fuel close to end use. These fuels, which can be used exactly like petroleum derived fuels, deliver better performance, dramatic across-the-board reductions in all major criteria pollutants such as SOx, NOx, particulate matter (PM), and hydrocarbon (HC) emissions, and can be delivered through the existing distribution infrastructure with no changes to equipment, pipelines, storage tanks, or retail stations.

Safe Harbor Statement

This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company's products, as well as additional risks and uncertainties that may be outside of the Company's control. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

Contact:
Fred Frisco
1 856 322 6527

 

SOURCE US Fuel Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.