Ceatech facing delisting
from OTC Bulletin Board
Financially troubled Ceatech USA Inc., whose auditor and chief financial officer have resigned during the last three months, has been notified by the Over-the-Counter Bulletin Board that it will be delisted within 30 days if it does not submit a required quarterly filing with the Securities and Exchange Commission.
The Kauai shrimp producer actually turned in a quarterly report for its fiscal second quarter that ended July 31. However, Ceatech noted in the filing that the report had not been reviewed by independent accountants. The SEC requires quarterly filings to be reviewed and annual filings to be audited.
Ceatech, whose stock last traded at 32 cents on Sept. 30, has had its ticker symbol changed to CEAHE from CEAH. The 30-day period to submit an independently reviewed quarterly report started Oct. 13. If Ceatech fails to comply with the requirement, it would be delisted and then be traded on the Pink Sheets, where SEC filings by companies are not required.
Edward Foley, chief financial officer and executive vice president at Ceatech, resigned his position Sept. 19 while the company's auditor, Pricewaterhouse Coopers LLP, resigned July 28. Ceatech said in its most recent filing that it has not hired an independent accountant.
Ceatech, which lost $737,419 last quarter, has never made a profit and has lost more than $12 million since its inception in 1995.
Ernest K. Dias, president and chief operating officer of Ceatech, did not return a telephone call left on the company's answering machine.
