HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Vicon Industries, Inc., a publicly-traded producer of video management systems and components (OTCQB:VCON) headquartered in Hauppauge, New York, announced today that it intends to file with the Securities and Exchange Commission on January 22, 2019 a Form 15 terminating the registration of its common stock, par value $0.001 per share (the “Common Stock”), thereby suspending its obligations to file periodic and current reports and other filings with the SEC, including annual reports on Form 10-K and quarterly reports on Form 10-Q for fiscal years beginning after September 30, 2018. The deregistration of the Common Stock is expected to result in significant cost savings to the Company in the near term from the elimination of SEC reporting requirements. Also, the deregistration of the Common Stock will allow the Company to avoid the substantial additional costs associated with the compliance and auditing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to focus its resources on increasing long-term growth.
Vicon Industries Board of Directors made this decision after thorough analysis and discussion because the cost of being an SEC reporting company far exceed the associated benefits afforded to company the size of Vicon Industries. The small number of our stockholders of record allows the Company to deregister the Common Stock and cease being an SEC reporting company and therefore eliminate SEC reporting compliance costs.
The Board determined that the time and resources previously expended on SEC regulatory compliance and review - which is extremely burdensome for the Company will now be better deployed in working to expand its current business, and, ultimately, grow long-term stockholders’ equity.
About Vicon
Vicon Industries, Inc. (OTCQB: VCON) is a global producer of video management systems and system components for use in security, surveillance, safety and communication applications by a broad range of end users. Vicon’s product line consists of various elements of a video system, including video management software, recorders and storage devices and capture devices (cameras). More information about Vicon Industries, its products and services is available at www.vicon-security.com.
