PTOP COMPLIES WITH THE NEW AMENDMENT OF THE SEC RULE
Cambridge, MA, October 14, 2021 (GLOBE NEWSWIRE) – Peer To Peer Network aka MobiCard, Inc. (OTC Pink: PTOP) – September 28e marked the date the SEC had set for companies to comply with the new amendment to rule 15c2-11 or be delisted from the expert market. Peer To Peer Network (PTOP) is proud to have lived up to it and is now in compliance with the new amended rule. PTOP’s OTC âstop signâ has been removed and replaced with a âsurrender signâ indicating the status of âLimited Informationâ.
OTC has requested some minor changes to PTOP’s disclosure reports and PTOP is in the process of complying. PTOP CEO Joshua Sodaitis expects all of these amendments to be completed and ready for delivery next week. PTOP pursues the status of âPink Currentâ.
âNo one really understands what went on behind the scenes to be in compliance with the SEC amendment so that we don’t get delisted. It was a lot of work. PTOP had stopped reporting in 2015 and had a lot of management turnover before I arrived, so creating financial statements for that time was a huge effort. Previously, I had assumed that our accountant would take care of everything, but I soon realized that it was up to me to decide. It gave me the opportunity to really understand our financial statements, and it was a very useful outcome. Our securities lawyer was fantastic, at one point we spent over 2 hours on the phone on a Sunday afternoon determining the finalization of the supporting documentation for the financial statements and the correct information in the disclosure document. Personally, I would wake up at 6 a.m. and work until 1:30 a.m. for 2 weeks in order to complete the briefing documents for the joint annual report of 09/30/2019 and 09/30/2020, quarterly report 31 / 12/2020, 3 / Quarterly report 31/2021 and quarterly report 06/30/2021. My wife was literally bringing me macaroni and cheese to my home office for a week in a row because I wasn’t even taking a lunch break. Determining financial data from offender history, duration, lack of supporting documentation of several former CEOs and CFOs during their tenure was a daunting task. We should all feel a sigh of relief that this goal of complying with the new regulations has been achieved. I will continue to seize the opportunity to achieve strategic goals, add value to the company and perform for shareholders. My focus is on achieving the coveted ‘Pink Current’ status among other goals, âcommented CEO Sodaitis.
âIf you want something done right, you have to do it yourself. 2 CEOs and 2 CFOs later, I made it, âjoked CEO Sodaitis. âWe plan to be ‘Pink Current’ very soon,â Sodaitis continued.
The “Pink Current” status has more advantages than the “Pink Limited Information” status. For starters, achieving âPink Currentâ status will allow more brokerage firms to deposit and trade your shares. One shareholder said he had recently paid up his shares, but was told he could not deposit them with his brokerage firm until PTOP had Pink Current status. With the status “Pink Current”, we can assume that it will also attract more new buyers to the open market, as trade would be allowed in various blue sky law states which otherwise would not allow buyers of the open market. stock. PTOP would expect higher volume for the stock and more interested buyers with a “Pink Current” status. You can see a list of the benefits of “Pink Current” status here: Over-the-Counter (OTC) Shares – What Are They And Why To Invest (moneycrashers.com)
PTOP plans to apply for DWAC eligibility as soon as “Pink Current” status is achieved and will then seek to file a Reg A offering with the SEC to add even more value to the business.
PTOP is also in the final testing phase of apps to resubmit to their respective stores and will announce soon when we submit apps. PTOP plans to have the new and improved apps listed in the Google Play Store and Apple Store soon. Next weekend will close the final tests before submitting them to their respective stores.
âI’m super excited for PTOP. Over the past few years, I have cleaned up the business and created the intellectual property and assets. If you look at our track record, we have impressive technology assets, a growing intellectual property portfolio, including our domain names, brands and patents. I am delighted to get the financial picture of this company to reflect the value we have always known we should have and then to reach new heights. I made a promise when I joined the board of directors of the company to the shareholders, and I made a commitment to carry it through. I am extremely proud to tell you that I keep my promises. The expansion phase will be super exciting, and I consider the fun part of the job. I can’t wait for us to make announcements about growing our user base and then monetizing our apps. This is perhaps the best opportunity for investors to get involved in our action because the hardest work is done and the new phase of the business (GROWTH PHASE) is coming soon â, concluded Mr. Sodaitis.
Joshua Sodaitis, President and CEO of MobiCard, Inc.
45 Prospect Street Cambridge, MA 02139
E-mail: [email protected]
IN REGARDS TO:
Peer to Peer Network aka MobiCard is the first digital contact / business card of its kind. This will greatly facilitate the ability of individuals and businesses to share information and more effectively expand their visibility and brand awareness. Mobicard is a combination of powerful mobile apps and desktop apps with extensive capabilities including linking videos, user websites, all forms of contact information and all media links social data of each user in a consolidated source. It’s more than just a digital business card; it is a “dynamic digital footprint”. A subscriber can personalize their business card to include a company logo, profile picture, contact information, website, audio messaging, social media links, and multimedia content. The platform’s sharing and alerting system allows users to share their card through SMS, email, and global social media sites including Facebook, Twitter, LinkedIn, etc. The system provides the user with instant text alerts when their card is opened or shared with third party referrals while creating an invaluable database of contacts.
Safe Harbor Declaration:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial condition, results of operations, cash flows, financing plans, business strategies, products and services, our competitive positions, our growth opportunities, our plans and objectives. management for future operations, as well as statements that include words such as “anticipate”, “if”, “believe”, “plan”, “estimate”, “” “”) “” should “,” will âand other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements. Factors that may cause actual results to differ materially from forward-looking statements include those set forth in our documents at www.sec.gov. The company is no longer a fully reporting SEC filing company. We have no obligation (and expressly disclaim any obligation to) update or change our forward-looking statements, whether as a result of new information, future events or otherwise.