Online gambling software supplier Starnet Communications announced October 7 that it is withdrawing its application for a national market listing with NASDAQ.
The company will remain quoted as an OTC-BB stock and plans to re-file its NASDAQ application upon clearly meeting all requisite quantitative and non-quantitative criteria.
"We are making every effort to achieve our goal of a national market NASDAQ listing, and anticipate re-filing the application as soon as conditions permit," CEO Mark Dohlen said.
Starnet is a fully reporting corporation in Delaware. The company withstood a tremendous amount of adversity this summer when it found itself in a legal battle with a former licensee and then had its Vancouver offices raided by Canadian and U.S. authorities. The company's stock value took a dive as a result of the recent problems, however, Dohlen maintains that business is still good. Shortly after the raid, which came at the height of an 18 month investigation into illegal gambling activity, the company completed moving its business operations in Vancouver to Antigua and Barbuda. It has also indicated that it's looking to sell off its adult entertainment operations in the near future.