The management completed reviews/due diligence and hired a whole new team for compliance. The “team” is comprised by some of the industry’s best and well-respected professionals who specialize in compliance, SEC and FINRA filings and include top notch PCAOB auditors. The management added this team due to the company’s need for a fast and proper “turn-around” completing and updating SEC with all delinquent filings in order to satisfy disclosure laws and continue to file as a “fully reporting filer”.
“We are incredibly happy and excited with our choice of these professionals. We had to assemble a true “A Team” to beat the pending deadlines. Our management and investment team already enjoys the support of true and the best of class professional attorney’s, CPA’s, consultants, and analysts. However, we are still completing several other “related” companies and needed additional support. There is tremendous pressure in the market for completing all the filings for all OTCPK and OTCQB companies. COVID 19 issues notwithstanding, this pressure created a massive workload and “manpower” shortage with all the regulated businesses such as OTC Markets and all other vendors and professional support for publicly trading companies. We are not only helping to “fast-track” these filings, but we are also planning for the near future as this “team” will immediately start on filings and upgrades for all our other “publicly trading companies” to OTCQB as “fully reporting filers”. Explained Mr. Edward Vakser, Chairman/CEO of UITA.
“We have high hopes and extremely ambitious plans for our company! We love the Aerospace and EV technologies market space and will expand our developments with EV and Electric powered planes and vehicles. Our plans include both personal use, trainers, and multi passenger Aero-Vehicles that are built right here in Dallas-Ft. Worth area. We believe that our “personal” vehicle concept will be greatly received akin to an “i-Plane” concept…i.e. Aero-Plane for everyone!” Explained UITA’s chief concept designer and consultant.
The company posted several prior disclosures:
Recently the company was acquired by a group of new investors represented by Mr. Vakser. The new management filed Form 8K fulfilling its Disclosures obligations.
The 8K (filed through EDGAR with the SEC) describes management discussion, decision-making and consequent determination as to the “pathway” for the company to return to “SEC Current Filer” OTCQB status. The 8K was approved and accepted by the SEC.
The CEO of the company had numerous discussions with the SEC attorney’s office in Washington DC. After reviewing several options that are available, the following option was agreed on and are disclosed in the recently filed 8K.
Effective March 16, 2021, Utilicraft Aerospace Industries, Inc. is working on updating the filings and moving towards a U.S. Reporting: SEC Reporting current information status, and OTCQB “Current Status”. The company’s management were in contact with the SEC attorneys to explore various options and pathways that are available for a “fully reporting filer” who is “delinquent” in their filings. The management now has a plan and a resolution as to what steps need to be taken to return the company back to a “SEC fully reporting filer”. The company’s new management and their CEO decided on one of several possible solutions available to a “delinquent filer”.
Recently, the SEC with an additional help from the “Jobs Act”, created a “Delinquent filer Program”. This program was design to assist “SEC Filers” who are currently delinquent and may be in jeopardy of losing their registration. The management decided to use this program to get the company back to “SEC Filer Current”. The “Delinquent Filer program “consists of several steps: 1. The company will file a combined report in a Form 10K. This will be a “multiyear combined report titled: “Comprehensive Filing Report Form SUPER 10K and 10Q”. 2. The company will have a newly hired PCAOB CPA firm to perform an audit and upon submission through EDGAR to SEC the company’s attorney will provide an “Attorney opinion letter as to the Current status.” 3. Once accepted by the SEC, the company will then continue to file its reports and disclosure obligations on a timely matter. At this point the company will also complete and file all the past 10Q and Q’s, to leave no “missing” filing periods.
“The new management, myself and our legal team is happy to have found a solution and a “pathway” for the company to return as OTCQB “SEC fully reporting Filer”. We believe that we can achieve this goal in a timely matter and can beat the SEC final filings deadline of September 2021. This company has a tremendous potential especially once we get it “current” and combine it with several companies and assets that our investment team already posses in our investment portfolio. This company adds tremendous value as an investment while our ability to “save this company” will protect and enhance its current shareholders position and shareholders value!” Explained CEO, Mr. Edward Vakser.
CONTACT: Utilicraft Aerospace Industries, INC., CEO Edward Vakser firstname.lastname@example.org Cell: 214-418-6940
Safe Harbor Statement:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute “forward-looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “will likely”, “should”, “could”, “would”, “may” or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company’s ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company’s limited operating history, the limited financial resources, and domestic or global economic conditions — activities of competitors and the presence of new or additional competition and conditions of equity markets.