|Dot Com Entertainment (DCEG), the online gaming software developer, is in retrenchment mode after its chairman, chief executive officer and three directors resigned last week. The company also announced that it intends to de-register its common stock to take advantage of a Securities and Exchange Commission rule that allows companies with a limited number of shareholders to de-register, thereby avoiding costly SEC filing requirements. DCEG shares will no longer be quoted on the OTC Bulletin Board.|
'This step is being taken to control costs and to permit the Company to concentrate its efforts and resources on serving its customer base and increasing sales, thereby enhancing profitability and growth,' said Scott White, President and Chief Operating Officer. 'Management believes this is the best way to build value for the long term'.
DCEG said it believes any benefits of continued SEC compliance are outweighed by the significant costs associated therewith. Which would suggest a pretty hard-up company. Its market cap as of Friday 3rd October was at a 52 week low, and the figures in general have taken a nose dive in the past month. Its market capitalization is now just over $1 million, from almost $10 million on its flotation.
Chairman Robert Olsen, CEO David Outhwaite and directors Michael Lipton, Norman Inkster and John Reilly all resigned at a Board of Directors meeting held October 1, the company said in a press release.
The Board now consists of Chief Technology Officer Perry Malone, Director of Strategic Business Planning Ted Colivas, President Scott White and Chairman and Director Tony De Werth). Chief Financial Officer David Callander and Director of Sales Andrew Branscombe kept their jobs.