As a result, PAP has become a fully reporting company under the Securities Exchange Act of 1934. The effectiveness of this registration statement is required in order for shares of PAP's common stock to trade on the OTC Bulletin Board in the United States.
"Becoming a fully reporting company represents a significant milestone for our company," stated Frank C. Ingriselli, PAP's president and CEO. "As a reporting company, we hope to attract institutional and professional investors and develop a broader shareholder base."
PAP is now subject to reporting and disclosure obligations under the Exchange Act, including the obligation to file with the SEC periodic reports.
PAP cannot predict when or if its shares of common stock will begin trading on the OTC Bulletin Board, but believes it now meets all requirements for doing so. Currently, PAP's common stock trades on the National Quotation Bureau's Pink Sheets under the symbol "PFAP.PK."
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