LYNCHBURG, VA -- (Marketwire) -- 11/19/09 -- Sitestar Corporation (OTCBB: SYTE), a provider of residential, business and wholesale Internet access, web hosting and value-added products and services, announced today that its Common Stock has been relisted for trading on the Over The Counter Bulletin Board (OTCBB) under the symbol SYTE.OB. The Company expects to return its full focus and energies to growing and diversifying its customer base and revenue stream.
Sitestar was delisted from the (OTCBB) earlier this year due to a typographical error in its Form 10-K filing in which the auditors' report section inadvertently listed the wrong year, causing the filing to be both invalid and delinquent. The reinstatement process required that a market maker sponsor the Company by agreeing to submit a Form 211 to the FINRA OTC Compliance Unit for consideration to return to active trading.
Additionally and subsequent to the issuance of the 2008 financial statements, Sitestar determined that the income tax provision should have been included in the financial statements and deemed that previously reported results should be restated. In response, the company has filed amended quarterly and annual SEC financial filings for 2008 and 2009.
"We are delighted and energized to be on the OTCBB again and look forward getting back to doing what we do best: growing the Sitestar customer base and generating revenue results," said Frank R. Erhartic, Jr., CEO for Sitestar. "Indeed, the process was significantly longer and more lugubrious than our worst-case estimate. Now we can fully focus on acquisitions and other initiatives to grow the Company."
Mr. Erhartic added, "Once again, I apologize to our shareholders for our error. I greatly appreciate their patience and commitment to Sitestar, the management team and our business plan."
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission.
Sitestar is an Internet solutions provider that offers consumer and business-grade Internet access, wholesale managed modem services for downstream ISPs and Web hosting. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value. For more information, visit www.sitestar.com.
Frank R. Erhartic, Jr.
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