Amstar Financial Holdings Inc. (Pink Sheets: AFLH) announced its plans to file a Form 10 registration statement today, which – if accepted – will make it a fully reporting company on the Over-the-Counter Bulletin Board.According to Amstar CEO Howard Wayland, the move will let the company expand and grow once it’s beyond the confines of the Pink Sheets.
“The main reason that we’re doing this is that Pink Sheets don’t always have the best reputation out there,” Wayland told MNI reporters. “[What we’re trying to do] is to try to get rid of some of the restrictions against companies that list in the pink sheets. So we thought that by becoming a more fully reporting company it’ll give us more volume.”
Amstar’s major subsidiary is national mortgage banking and brokering company, Amstar Mortgage Corporation. According to company information, Amstar currently employs approximately 600 people and is licensed to operate through branch offices in 31 states and the District of Columbia.
The company hopes to complete the final steps necessary to trade on the Bulletin Boards once the SEC has approves its filing. As soon as the filing is done, Amstar will be required under the Security Act of 1934, as amended, to file annual and quarterly reports with the SEC.
While there can be no assurances that Amstar Financial Holdings Inc. can meet all of the requirements, it is management’s desire to become fully reporting. The Company will begin to complete the process as expeditiously as possible.
Still, the company doesn’t know exactly when they’ll be listed on the OTCBB, as its filing process just started. In fact, the only reason they’ve announced it this soon is because of some deals they’re conducting.
“We’re fairly early in the process,” Wayland said. “The reason we announced this early is that we had an interested party this afternoon and wanted to announce it then, but we didn’t want it to be insider information so we released the press release.”
