Xtra Energy Corporation Announces the Engagement of Astra Audit and Advisory LLC, a PCAOB Registered Independent Auditor, as Part of its Preparation to Become a Fully SEC-Reporting Corporation
Rhea-AI Summary
Xtra Energy (OTC Pink: XTPT), a mineral exploration company focused on the American Antimony Project, has engaged Astra Audit and Advisory , a PCAOB-registered firm, to audit its financial statements for the fiscal years ending December 31, 2022, and 2023. This move is part of XTPT's preparation to become a fully SEC-reporting and transition from OTC markets to a senior exchange.
The engagement of a PCAOB-registered auditor is a important step in enhancing transparency and investor confidence. PCAOB-registered firms are subject to strict regulations and annual inspections, ensuring compliance with auditing standards and rules. This initiative aligns with XTPT's growth strategy and aims to increase shareholder value while providing greater certainty to current and future investors.
Positive
- Engagement of PCAOB-registered auditor Astra Audit and Advisory
- Preparation to become a fully SEC-reporting
- Planned transition from OTC markets to a senior exchange
- Increased transparency and investor confidence
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, XTPT declined 1.44%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AUSTIN, TX / ACCESSWIRE / September 5, 2024 / Xtra Energy Corporation (OTC Pink:XTPT), a mineral exploration company focused on the development of the American Antimony Project, announced that it has engaged Astra Audit and Advisory LLC, a PCAOB-registered firm, to audit the corporation's financial statements for the last two fiscal years ending December 31, 2022, and December 31, 2023. Astra Audit and Advisory LLC, as part of the engagement, will also conduct an ongoing review of the subsequent and future interim periods.
The Sarbanes-Oxley Act requires public accounting firms to register with the PCAOB in order to prepare or issue an audit report for a US public company. The PCAOB regulates the audits of companies with securities listed in the United States of America. In 2003, the PCAOB finalized a set of rules requiring firms that audit US listed companies to register with it. The PCAOB oversees public company audits. PCAOB auditors must inspect public companies to ensure compliance with auditing standards and rules. According to PCAOB rules, registered public accounting firms and their associates must comply with all applicable auditing and related professional practice standards. Auditing firms registered with the PCAOB are subject to annual inspections.
Xtra Energy's Chairman and CEO, Mac J. Shahsavar, P.Eng., stated, "To complement our tremendous growth over the past year, it is time for Xtra Energy to begin its journey towards a senior exchange. Employing a PCAOB-registered independent audit firm is another step that enables XTPT to initiate its transition from OTC markets to becoming a fully reporting corporation. It will provide XTPT shareholders and future investors with greater certainty, transparency, and confidence, as well as help the company achieve its long-term objectives while increasing shareholder values."
Contact & Learn More:
Xtra Energy Corporation
Phone: 512-412-3636
Corporate Website: https://americanantimony.com/
Corporate Linkedin: https://www.linkedin.com/company/xtra-energy-corp/
Corporate Twitter: https://twitter.com/xtra_corp
Corporate Instagram: https://www.instagram.com/xtraenergycorp/
Corporate Facebook: https://www.facebook.com/profile.php?id=100093057374695
About Xtra Energy Corporation
Xtra Energy Corp. is an antimony exploration company focused on developing its flagship project "American Antimony", approximately 31 miles northeast of Eastgate, Nevada. Xtra Energy Corp. holds a
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause materially different results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/XTPT/disclosure.
SOURCE: Xtra Energy Corp.
View the original press release on accesswire.com
FAQ
Why has Xtra Energy (XTPT) engaged Astra Audit and Advisory ?
What is the significance of XTPT engaging a PCAOB-registered auditor?
How does the engagement of Astra Audit and Advisory benefit XTPT shareholders?
What are XTPT's plans for transitioning from OTC markets?
