LITTLE ROCK, AR -- (Marketwire) -- 03/10/11 -- DAC Technologies (OTCBB: DAAT) today announced that it has filed a Form 15 with the Securities and Exchange Commission voluntarily effecting its delisting under Section 12(g) of the Securities Exchange Act of 1934, and as such will deregister and suspend its reporting requirements under Section 15(d) of the Exchange Act.
David A. Collins, Chairman and CEO stated, "The decision to become a non-reporting public company has not been entered into lightly. The Board of Directors has sought advice from several outside sources regarding the issues involved. Based on these discussions, the Board has determined that there is no significant economic benefit to the Company continuing as a fully-reporting company. Becoming a non-reporting company will result in substantial costs savings for the Company. In addition, by eliminating the burden of filing quarterly and annual reports to the SEC, management's time will be freed up to concentrate more efficiently on the long-term goals of the Company and deal with current worldwide economic issues that affect the Company's business. Historically, the Company's stock has been negligibly traded. Shares will still be available for trading on the over the counter "Pink Sheets" published by the National Quotation Bureau."
DAC Technologies Group International, Inc. is an outsource manufacturer of high quality, reasonably priced security safes, gunlocks, gun cleaning kits, sporting goods, household cleaning products and various hardware items. DAC distributes its products through mass merchandisers such as Wal-Mart and Kmart, and sporting goods retailers and distributors such as Cabela's, Acusport, Jerry's, RSR, Maurice, Academy Sports, Sports Authority and others. DAC also provides gunlocks to OEM gun manufacturers such as Glock, SigArms, Savage, Weatherby, as well as others. Also, DAC's products are distributed through catalog companies.
The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contains statements that are forward-looking, such as those relating to consummation of the transaction, anticipated future revenue of the Company's and success of current public offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements.
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