For Immediate Release:
December 10, 1996
Contact:
James Kantorowicz (612) 441-3440
Ed Palmer (612) 441-3440
Elk River, Minn. (Dec. 10, 1996) -- SolarAttic, Inc. announced today that it has launched its worldwide web site (www.solarattic.com) and plans to "test-the-waters" for an upcoming SCOR Form U7 stock offering. If the offering proceeds, as expected, it will be direct from the company and will not be available through any stock brokerage firm. SolarAttic notes that currently over 45 states accept SCOR Form U7 filings. However, Minnesota has yet to make this available to small companies like SolarAttic. Therefore, it is possible that Minnesota residents will not be able to participate in SolarAttic's upcoming SCOR DPO unless the state changes its policies.
Ed Palmer, SolarAttic's president, said: "The company's prior IPO attempt in Minnesota was met with bureaucratic opposition, the imposition of costly audit & legal expenses and even some violations of Minnesota's Administrative Procedures Act (MSA Chapter 14) by the Commerce Department. The SCOR Form U7 allows companies to raise up to $1 Million every twelve months without any SEC filing requirements along with minimal audit and legal expenses. The federal government and most states now recognize the enormous financial and legal obstacles that past regulatory practices have imposed on small companies. These practices have severely constrained capital formation. They are the reasons why the SCOR program was developed. SolarAttic notes that a current legislative committee in Minnesota has taken up the SCOR filing issue and that some action is anticipated. However, the company also notes that, under current Securities Laws at MSA Chapter 80, sufficient flexibility is allowed the Commissioner of Commerce that the state could already be accepting SCOR filings. The company's web site is already Online but will remain under construction for several weeks. All DPO information should be available at the site by February 15, 1997." For further information, contact James Kantorowicz or Ed Palmer at (612) 441-3440.
*This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
# # # #
Go Back To Press Release Main Menu
Go Back To Main Company Information Menu