RESTON, Va., Jan. 10, 2014
/PRNewswire/ -- Santeon Group Inc. (OTCBB: SANT, "Santeon" or
the "Company") announced today its decision to file Form 15 with
the Securities and Exchange Commission (the "SEC") and cease making
periodic SEC filings. The Company is eligible to deregister its
stock because it has fewer than 300 shareholders of record. The
Company filed Form 15 with the SEC to voluntarily suspend its
reporting obligations under the Securities Exchange Act of 1934, as
amended (the "Exchange Act") on January 10,
2014. As a result of the filing of Form 15, the Company's
obligation to file certain reports and forms with the SEC,
including Forms 10-K, 10-Q and 8-K, will be suspended immediately.
Contemporaneously with the filing of Form 15, the Company will file
a post-effective amendment to withdraw its S-8 Registration
Statement filed in April 2013.
Santeon's decision to exercise its right to cease making public
filings was made by the Company's Board of Directors after careful
consideration of the costs and benefits of making voluntary SEC
filings. The Company's Board concluded that the Company's small
market capitalization, low trading volume, direct and indirect
costs associated with preparing the Company's periodic reports with
the SEC and the accounting, audit, legal and other costs associated
with being a public company outweigh the benefits of continuing to
file these reports. It is the Company's intention to invest the
savings achieved by ceasing to make SEC filings back into growing
the business of the Company.
The Company intends to continue to have its financial statements
audited annually by an independent accounting firm and to
communicate with its shareholders through its website and periodic
press releases.
About Santeon Group Inc.
Santeon Group Inc. is a
technology company headquartered in Northern Virginia with offices in Reston, Va., Tampa,
Fla., Cairo, Egypt and
Pune, India. Santeon offers
products and services to optimize federal and commercial enterprise
performance. Santeon's goal is to serve emerging markets by
providing technically superior products and solutions while
reducing the cost of ownership and deployment of these solutions
through a strong channel partner and distribution model. For more
information please visit our web site at
http://www.santeon.com.
Investor Relations Contact
Jeffrey Goldberger / Rob
Fink
KCSA Strategic Communications
212.896.1249 / 212.896.1206
jgoldberger@kcsa.com / rfink@kcsa.com
SOURCE Santeon Group Inc.
