PASSUR® Aerospace, Inc. Announces Deregistration of Its Common Stock and Suspension of SEC Reporting Obligations
ORLANDO, Fla. November 3, 2022 — PASSUR® Aerospace, Inc. (“PASSUR” or the “Company”) (OTC: PSSR) announced today that it has filed with the Securities and Exchange Commission (the “SEC”) a Form 15 to voluntarily deregister its common stock, par value $0.01 per share (the “Common Stock”), under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and suspend its obligations to file reports with the SEC under Section 15(d) of the Exchange Act. The Company is eligible to file Form 15 because its Common Stock is held by less than 300 holders of record.
The Board of Directors of the Company (the “Board”) has considered various factors in connection with the proposed deregistration of the Common Stock and the suspension of the Company’s reporting obligations under the Exchange Act, including, among others, the low number of holders and limited trading volume of the Common Stock, the significant cost savings expected to be achieved by the Company as a result of no longer being required to prepare and file SEC reports, and the anticipated substantial benefits of reallocating management time and focus to devote greater attention to the Company’s long-term financial results rather than short-term market expectations.
Brian Cook, PASSUR’s CEO, stated, “We have undertaken a thorough review of the costs and administrative burdens associated with PASSUR being an SEC reporting company. After careful consideration, our Board of Directors determined that the anticipated benefits of deregistering PASSUR’s Common Stock and suspending the Company’s reporting obligations is a positive step and outweighs the advantages of the Company continuing as an SEC reporting company.”
Mr. Cook continued, “We see this as a positive step because by reallocating management resources, PASSUR can accelerate its progress by pursuing both internal and external opportunities to grow the Company’s revenue and profitability by marketing existing and new products and using AI and Machine Learning, which are being well received by major companies in the aviation and travel industries. The anticipated benefits of deregistering the Common Stock and suspending the Company’s reporting obligations will include a significant reduction of administrative costs, which will provide a greater access to capital to fund the Company’s long-term financial goals and profitable growth.”
The Board, at its meeting on November 1, 2022, has also voted unanimously to extend the employment contract of Brian Cook, President and CEO, for another two years. It also appointed Ilhan Ince, previously a Senior Vice President, as Executive Vice President and Chief Operating Officer. Mr. Ince is a highly regarded industry expert on the use of technology to manage air traffic more efficiently and economically. He was previously Managing Director – Operations Planning and Performance at American Airlines.
About PASSUR Aerospace
PASSUR Aerospace, Inc. (OTC: PSSR) provides the aviation industry with improved situational awareness, decision support, and predictive analytics through the ARiVA product suite. Its flight operations platform and global data feeds offer dynamic flight tracking from origin to destination, continuous alerts and notifications, and real-time collaboration to improve schedule efficiency, IROP mitigation strategies, asset utilization, and overall customer satisfaction. Visit PASSUR Aerospace’s website at www.passur.com for updated products, solutions, and news. Contact us at 888-340-3712.
