Katy Industries, Inc. Announces Reverse Stock Split and Plan to Deregister (PR Newswire)

Friday October 10, 4:00 pm ET BRIDGETON, Mo., Oct. 10 /PRNewswire-FirstCall/ -- Katy Industries, Inc. (the "Company") (OTC Bulletin Board: KATY - News ) announced today that its Board of Directors has approved a plan to deregister the Company's common stock under the Securities Exchange Act of 1934, as amended, and therefore, terminate its obligations to file periodic and current reports with the Securities and Exchange Commission ("SEC"). The proposed plan is expected to result in a direct cost savings to the Company in the near term from the elimination of SEC reporting requirements. Also, the plan would allow the Company to avoid the substantial additional costs associated with the compliance and auditing requirements of the Sarbanes-Oxley Act of 2002 and to focus its resources on increasing Katy's long-term growth. Though... [read full story]