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On May 18, 2011 Gener8xion Entertainment agreed to the entry of an order with the
SEC that has changed the registration status of the companys common stock. The
Company has acknowledged to the SEC that it has failed to comply with the periodic
reporting requirements, as required by the Exchange Act. After the entry of the SEC
order, the common stock of Gener8xion Entertainment, Inc., will no longer be traded
on the Pink Sheet Over the Counter Market.
The Company was required to file periodic reports (Forms 10-K, 10-Q and 8-K) with
the SEC. The periodic reports required compliance with numerous rules and
regulations, as well as the continued preparation of audited financial statements.
The Company stopped filing reports with the SEC in 2008. The SEC filed an action
to deregister the Company stock. The Company acknowledges that the reports were
not filed, and therefore agreed to the entry of an order by the SEC that has resulted
in the stock being deregistered effective May 19, 2011.
The Company reviewed the situation carefully. After much consideration, the
Company determined it would not be able to successfully defend itself against the
SEC action, and determined that the best use of the resources the Company has
available would be to continue to pursue the main business of the Company, which
will maximize the value of the Company.
Yes, the stock deregistration has no effect upon your status as a shareholder. You
still own the same number of shares. There is, however, no public market available
for trading and valuation of the Company stock.
No. The company still has shareholders. The management and board of the
company are still responsible to the shareholders.
6. Is Gener8xion Entertainment going out of business?
No. The Company will continue to operate as it did prior to the stock deregistration.
The Company will continue to pursue new projects and complete the projects
currently underway.
The Company expects to provide its shareholders with information through its
website, www.8x.com. The Company will, from time to time, provide updated
information in the form of newsletters from the CEO. In addition, the Company may
provide financial statements, which will be unaudited and not have the level of
detail required of an SEC registered and reporting company. The Company expects
to continue to issue news releases concerning material developments, though some
events which were the subject of press releases in the past may not be included in
future press releases.