ACT Clean Technologies, Inc.
Stock Symbol: ACLH
Corporate Update February 7, 2011
It has come to our attention that there is quite a bit of misinformation still being disseminated through various means by people who simply do not have the facts as to what has happened to the Company in the past or where it is going in the future.
We will address some of the issues raised directly to the Company as well as those done anonymously on various blogs.
1) When the SEC stopped trading of the Company’s common stock last spring, it was done without our prior acknowledge or any prior attempts by the SEC to contact the Company. It is now apparent that the halt on trading was a result of trading activities of third parties with no affiliation to the Company whatsoever.
2) Through our legal counsel, the Company immediately contacted the SEC and, thereafter, provided the SEC with all requested documents, including those to support various press releases issued by the Company in the months preceding the trading halt.
3) During the course of the discussions with the SEC, it became apparent to the Company that the SEC inquiries did, in fact, concern any possible relationships with various third parties, of which there were none.
4) At this time, the Company has determined that it will proceed with all actions necessary to remove the “caveat emptor” classification for trading on the OTC Markets, Inc. (formerly Pink Sheets). We intend to file a current Information Disclosure Statement with OTC Markets, Inc. within the coming weeks.
5) In addition, if required, we will also file a new 15c2-11 (information statement) with FINRA in order to reinstate the Company's status with FINRA.
6) We do not know how long it will take to have the completed information statement reviewed and approved by FINRA as that depends upon FINRA.
7) As for the Company, we remain in business. We are continuing our efforts to market both our cleaning products, including the Green Rhino line of household and industrial cleaning products, as well as those services offered by our subsidiary, American Petroleum Solutions, to create a safer environment through cleaner oil recovery technologies and oil field and heavy construction remediation services for projects complicated by environmental issues.
8) The actions taken by those intent on damaging the Company have obviously hurt the Company in continuing to advance its business, increase revenues and raise capital. We are determined, however, to regain our prior momentum and move forward with the growth of ACT Clean Technologies, Inc.
We intend to continue to keep our shareholders and the public advised of current activities of the Company through postings on our web site and through periodic press releases.