Mentor Capital Shares Accepted for DTC FAST Program for DWAC and DRS Handling
Cannabis M&A Leader Continues Steps Toward Larger Exchange Listing
SAN DIEGO--(BUSINESS WIRE)-- Mentor Capital, Inc. (OTCQB: MNTR) reports its application to the Depository Trust Company to qualify Mentor shares for accelerated processing through the DTC Fast Automated Securities Transfer system has been approved. Because the DTC is strictly regulated by the SEC, Treasury and Federal Reserve, Mentor Capital followed DTC guidelines in preparing for FAST acceptance by (i) becoming fully reporting without missing or late reports, (ii) having no name changes, officer changes or stock splits within the last 3 to 5 years, (iii) ensured the company and officers were not involved in fraudulent activities such as pump and dump schemes or as may be evidenced in lawsuits, (iv) avoided Regulation 504D issuances or other unregistered resales, (v) avoided Pink Sheet “Halt” or “Yield” statuses, and (vi) grew the company to ensure it was not too small or the financials were not large enough.
Working under the DTC FAST system Mentor Capital shareholders receive the benefits of being able to utilize the Direct Registration System (DRS) and the Deposit/Withdraw At Custodian (DWAC) processes to transfer their shares electronically. The DRS system is entirely paperless and the shares are held on the books of Mentor Capital’s FAST authorized transfer agent, American Stock Transfer, without the need of an original physical certificate to evidence security ownership. Later, the shareholder’s security positions may be moved electronically between street name ownership and direct registration book entry position.
The DWAC process is similar to DRS, but starts with a physical certificate that requires certification through a Medallion Signature Guarantee from a bank, credit union or stock broker, so that the signatures may be immediately accepted for processing by any transfer agent. Once accepted and electronically recorded on the Company stock ledger, the shareholder may authorize his broker to request the shares be moved electronically into the shareholder’s brokerage account.
Mentor Capital, Inc. CEO Chet Billingsley notes, “Working through the DTC FAST system and utilizing the DRS and DWAC processes greatly reduces the costs and time required for our shareholders to deposit or replace shares, and moves us another step forward along the path toward a major exchange listing.”
About Mentor Capital: The company seeks to take significant positions in medical marijuana and cannabis companies to provide public market liquidity for founders, protection for investors and to incubate private cannabis companies that have the potential to be spun off as stand-alone pubic companies. Additional important information for investors is presented at: www.MentorCapital.com.
This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” “intends,” “seeks,” “looks,” “moves,” or “plans” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing the necessary financing to continue operations, problems involving continued illegality of cannabis products, potential of competitive products, services, and technologies, difficulties experienced in product development, in recruiting knowledgeable personnel and in protecting intellectual property. Further information concerning these and other risks is included in the Company’s Form 10 filing which, along with other very important information about the Company, can be found here:
The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.
Mentor Capital, Inc.
Chet Billingsley, CEO
Source: Mentor Capital, Inc.
Released March 30, 2015