San Diego, CA, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Solaris Power Cells, Inc. (the “Company”) has entered into a settlement agreement with the SEC under which the registration of each class of the Company’s securities registered pursuant to Exchange Act Section 12 will be revoked. The revocation is effective as of November 15, 2018. The revocation was the result of the SEC initiation of proceedings on May 16, 2018 in which the SEC sought to revoke the registration of the Company’s securities pursuant to Section 12(j) of the Securities Exchange Act of 1934. The SEC alleged that the Company had failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder because it had not filed any periodic reports with the SEC since the period ended September 30, 2015.
The Company is now committed to completing the financial audits it started over a year ago with the Company’s independent registered public accounting firm. The Company will audit additional years so as to satisfy the requirements to file a Form 10 with the SEC as soon as practicable. The objective is to have the Company’s common stock relisted and once again quoted on the OTC Pink. There can be no assurance this will be achieved.
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