eDoorways Corporation announced today that it recently filed Form 15 with the SEC, which means that the company is not formally required by the SEC to submit filings. This compliance strategy can be simply changed by making filings and does not constitute a change from their current operational status. Daily trading will continue as usual and eDoorways has absolutely no plans to take a voluntary de-listing or to go private.
According to the company, this decision to elect non-reporting status for the time being is due in part to the fact that completing the corporate audit would be considerably expensive due to the derivative issues associated with the company’s debt. It is also designed to give eDoorways more freedom to focus on getting their eDoorways service (http://www.edoorways.com) into the marketplace and to generate revenue.
The company has enjoyed a very favorable response to their website and to the new PowerKey channels. In view of this, they believe that there is a unique opportunity to make significant inroads in a short amount of time. Opportunities like CorkSport, their first PowerKey Channel client, are anticipated to create significant short term revenue for the company.
Gary Kimmons, Chairman and CEO of eDoorways Corporation, stated, “We currently have several PowerKey Channel opportunities similar to CorkSport which will bring in a significant number of users. We believe it’s imperative to spend our capital on getting the product out and attaining profitability. We believe that building traffic and generating revenue are the most important things we can be doing. When those are achieved, all good things are possible.”
In the near future the company believes that focusing on preserving cash, continuing to enhance their product, and focusing on building the business is where they should direct their focus. When they achieve those objectives, they plan to shift the emphasis to include getting their financial reports filed with the SEC. At that time, the company’s financials and corporate valuation could earn them entry into one of the higher markets such as Nasdaq.
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