eDOORWAYS Corporation today told investors that the SEC Counsel for the web-based Consumer 3.0 gateway has advised that the company’s goal of protecting its proprietary platform technology while providing shareholders with a pre-launch walk-through might be in conflict with the U.S. Securities and Exchange Commission’s ruling regarding selective disclosure and insider trading. The rule was established “to promote the full and fair disclosure of information by issuers and to clarify, and enhance existing prohibitions against insider trading.”
eDOORWAYS had been strongly advised to reevaluate the planned walkthrough if the company is to remain compliant and protect its shareholders. In response, the company will established an independent, unpaid shareholder board committee to review the platform and report back to all other shareholders and the public. This committee must sign extensive non-disclosure agreements (NDA) and abide by the SEC Reg FD rulings. While these shareholders will not become “insiders” by joining this board, their ability to trade will become significantly limited and in most cases prohibited.
All shareholders are invited to submit their request, but only those who were holding shares by the market close today are eligible. The committee does not have a membership limit and will consist of as many qualifying shareholders who are willing to submit to the legal conditions and implications denoted. All submission requests must be submitted by market close Monday, July 27, 2009.
“We would like to underscore our commitment to making this presentation available to as many shareholders as possible without posing unnecessary risk to our proprietary technology or running afoul of vital SEC regulations,” commented eDOORWAYS Chairman and CEO Gary Kimmons. “eDOORWAYS prides itself on being a fully compliant company, and in our current climate the importance of being rigorous with this kind of internal oversight cannot be overstated. We believe the formation of this committee is the most practical solution toward making the presentation available to shareholders prior to our October 1, 2009, soft launch date.”
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