Richardson, Texas, January 22, 2021— Vertical Computer Systems, Inc. (“Vertical” or the “Company”) is pleased to announce the formation of a shareholder advisory board. The shareholder advisory board will be led by Jon Snyder, a long-standing and respected shareholder of Vertical who has agreed to help.
After consulting with several shareholders, the Board of Directors (the “Board”) decided that forming a shareholder advisory board would improve communication and transparency between the company and its shareholders. Since a large number of shareholders know and have been in contact with Jon Snyder, the Board believes he is the best fit to lead this advisory board.
“Jon (Snyder) has been an invaluable bridge between a significant number of shareholders and Vertical’s Board of Directors,” stated Len Chermack, CEO of Vertical. “We are extremely grateful for his efforts and look forward to him heading up Vertical’s shareholder advisory board.”
“As we continue to settle in and get a deeper understanding of operations and technology of Vertical and its subsidiaries, Jon has been and will be a reliable resource for Vertical’s shareholders and management,” said Mike Short, the Chairman of the Board of Vertical and a Director of Now Solutions and Ploinks, Inc.
“As we begin to meet the many challenges to stabilize Vertical and Now Solutions, direct points of contact between us and the shareholder advisory board will help us address matters important to our shareholders in a more timely manner,” noted John Adler, a Director of Vertical and the Chairman and a Director of Now Solutions, Inc. a subsidiary of Vertical,
“It’s an honor to assume a leadership role,” added Jon Snyder, the chair of Vertical’s shareholder advisory board. “I’m excited to be continuing to work with Vertical’s Board in order to facilitate a productive dialog between Vertical’s shareholders and management.”
In addition, the SEC accepted Vertical’s Offer of Settlement on January 6, 2021, under which Vertical consented to the entry of the SEC’s Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), regarding Vertical (the “Order”). Pursuant to the Order, Vertical common shares are no longer registered under the Exchange Act. Vertical is currently in the process of seeking interim financing in order to meet its operational needs, as well as to pay legal fees for ongoing litigation and regulatory actions, and fund an audit of the last two fiscal years (2019-2020) after which the company can begin the application process so that its common shares may be quoted on the OTC-Link. While management intends to proceed as quickly as possible, Vertical cannot provide an estimate or timeline to accomplish these goals nor can it provide any assurance that Vertical will be successful in reaching these objectives.
For additional information on the SEC matter and the process for Vertical to have its shares quoted on the SEC, please see Vertical’s announcement at: http://vcsy.com/announcements/SECandOTCNews.html
Forward-Looking Statements Disclosure: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's current estimates, expectations, projections or beliefs concerning future results, performance, prospects, opportunities and events. When used in this release, the words "expects," "plans," "anticipates," “predicts,” “intends,” “potential,” “continues,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “projects, “estimates,” "may," "will," "should," “could,” “designed,” “seeks,” “targets” and similar expressions that denote expectations of future or conditional events rather than statements of fact are intended to identify forward-looking statements. Similarly, statements that describe the Company's strategies, objectives, plans or goals for, and potential results of, future operations, financial results, financial condition, business prospects, growth strategy and liquidity may also be forward-looking statements. All forward-looking statements in this release are based upon financial data, market assumptions, management’s current business plans and beliefs or current estimates of future trends and other information available to the Company only as of the time the statements are made, which may become out of date or incomplete. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. Forward-looking statements in this press release include, but may not be limited to, statements regarding (i) SEC reporting requirements, (ii) financing; (iii) Vertical seeking for its common shares to be quoted on the OTC Markets, (iv) engagement of independent auditors, (v) filing of audited financial statements and notes with and submitting and completing an application with the OTC Markets, and (vi) management’s estimate or timeline to obtain funding and to accomplish getting its common stock quoted on the OTC Market. Except as required by applicable law, the Company does not intend and undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Vertical Computer Systems, Inc. is a provider of enterprise software, Internet core technologies and derivative software application products. One of Vertical's subsidiaries, Now Solutions, Inc., distributes emPath™, a payroll and human resources software solution. Another subsidiary of Vertical, Ploinks, Inc., has developed Ploinks®, a private communications channel and the Puddle™, a backup solution for Ploinks®. Vertical's primary Internet core technologies include the Vertical Private Communications Platform, SiteFlash™ and the Emily™ XML Scripting Language, which can be used to build web services.
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