5BARz® Settles with SEC to Establish Path Toward Regulatory Compliance
Miami, FL, Aug. 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 5BARz International Inc. (www.5BARz.com) (“5BARz” or “the Company”), a technology leader in the cellular network extender and broadband network industries, announces that our Board of Directors have accepted the SEC’s Offer of Settlement to revoke registration of the Company’s securities pursuant to section 12(j) of the Securities Exchange Act of 1934. We believe this is the fastest way to establish a path forward to meeting and maintaining regulatory compliance in the future.
Dr. Gil Amelio, Chairman of the Board of 5BARz International, Inc., states, “Our immediate goal is to secure the necessary funding to successfully execute the rollout of our business in India. We believe our patented core technology and innovative big data business plan has the potential to be adopted by telcos around the world and India is an ideal region for initial commercialization. We anticipate that we will re-establish trading of the Company’s securities on an exchange that gives our shareholders the best possibility to maximize our valuation and increase liquidity. The Board of Directors remains fully committed to ensuring that the Company meets its business objectives and continues to build shareholder value. Becoming a private Company does not affect the current cap structure of the Company. Stock ownership, as well as stock warrant positions remain unchanged.”
Mr. Samartha Nagabhushanam, CEO of 5BARz India, our subsidiary, states, “The Company’s business in India is taking positive steps forward. The Company believes it has funding sources established for the manufacture and sale of the Company’s Cellular Network Extenders through our strategic partnership with Kaynes Technology.”
Mr. Daniel Bland, CEO, states, “We believe the funding of the Company’s “ROVR” WiFi Router and Smart IoT Hub will occur via a revenue sharing arrangement with investors. Once the funding of our Cellular Network Extenders and “ROVR” WiFi Router and Smart IoT Hub is fully secured, we are confident that the Company will develop, with certainty, and execute our business strategy.”
About 5BARz International Inc.
The 5BARz International Inc. business is focused on the global commercialization of patented product technologies branded under the name 5BARz®. 5BARz® is a cellular and broadband connectivity solutions company for application in the small office, home or for when users are mobile. 5BARz® incorporates patented technology to create highly engineered, single-piece, plug 'n play units that strengthens weak cellular signals to deliver high quality signals for voice, data and video reception on cell phones and other cellular equipped devices. The Company also offers the ROVR product which provides uninterrupted and smart solutions for WiFi broadband coverage. 5BARz® represents a key solution for network operators in providing clear, high quality signal for their subscribers with a growing need for high quality connectivity.
For further information about 5BARz International, Inc., visit www.5BARz.com.
Legal Notice Regarding Forward-Looking Statements
The information contained in this release consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, market acceptance, future capital requirements, and competition in general that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
5BARz International Investor Relations Consulting Services, LLC Alan Stamper, 727-771-8773 IR@5BARz.com