LONDON, June 11 /CNW/ - The Board of Petel Incorporated (Pink sheets:
PTEL.pk) can confirm that Spartan Securities, the Market Maker Sponsor,
received approval for the recently submitted 15c211 filing late on Friday 8th
June. This upgrades Petel Incorporated from "unsolicited" to "solicited"
status on the Pink Sheets OTC exchange.
The approval represents a significant step in the Company's objective to
up list to the OTCBB exchange. The Company will now work with Spartan
Securities to move to the OTC Bulletin Board at the earliest possible
Attaining "solicited" status gives further confidence to investors and
demonstrates the delivery of the published business plan. Exceeding targets,
corporate expansion and NASD approval for the Company's 211 underlines the
progression and the achievements being made by the Company.
CEO David Morton "The approval of our 15c211 submission by the NASD
capped another superb week for Petel. We are progressing the merger with the
UK Company, with today being the cut-off date for the dividend shares, we are
ahead of our targets, and now we have achieved a very important step in the
process of taking Petel Incorporated onto the OTC Bulletin Boards, which has
always been our objective. We will be talking with our advisors today to
ensure we achieve the move to the OTC Bulletin Board at the earliest possible
The Board would like to thank Spartan Securities for their support in the
Petel Incorporated's five year forecasts and business plan are included
in the Corporate Overview, published on the Investor Relations page at
For more information please visit: www.petel.co.uk or email
This news release contains forward-looking statements that are subject to
certain risks and uncertainties that may cause actual results to differ
materially from those projected on the basis of such forward-looking
statements. The words "estimate," "project," "intends," "expects," "believes,"
and similar expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's beliefs, as
well as assumptions made by, and information currently available to,
management pursuant to the "safe-harbour" provisions of the Private Securities
Litigation Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of Petel, Inc. see
"Risk Factors" in the Company's Annual Report on Form 10-KSB and its other
filings with the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only
as of the date made and the Company undertakes no obligation to disclose any
revision to these forward-looking statements to reflect events or
circumstances after the date made or to reflect the occurrence of
For further information:
For further information: Nik Ellwood, +44-(0)845-0344-097