NEW YORK, NY – (NewMediaWire) – June 6, 2023 –Digital Brand Media & Marketing Group,Inc. (OTC Pink: DBMM) announced following the SEC Order Dismissing Pending Administrative Proceedings for 42 Companies, Including DBMM Group, Inc. as outlined by the Company Release yesterday. LINK
The filing of the 8K today is a follow-up to the 8K that was filed on December 16, 2022 regarding extensions imposed on our Company after SEC Standing Order. LINK
For ready reference, for shareholders and investors, we have extracted below:
“The Securities and Exchange Commission extended the time to issue a decision to March 6. 2023 regarding the …Dismissal issued by ALJ Carol Fox Foelak on November 12, 2019. The Company’s requisite filings under Section 13(a) and Rules 13a-1 and 13a-13 registered pursuant to Section 12-g of the Securities Exchange Act of 1934 are timely and filed in Edgar. The filings were cured timely and available to the public prior to the Dismissal and remain timely.
The Company believes this was a perfunctory decision, as the legal Standing Order remains the ALJ’s dismissal of November 12, 2019. Since the dismissal, we have, in good faith, filed all of the requisite SEC reports on time or early. That comprises 13 10-K’s and 10-Q’s. The disclosure included in our 10-K for 2022 is evidence of the Company’s transparency, and provides a full description to the public. This public disclosure of the Company’s delayed filings matter caused by external mitigating circumstances is known to all. The Lucia decision from SCOTUS allowed for ‘remand and new evidence’ to be put forth, which Digital Brand followed. The dismissal was forthcoming with the ALJ stating she had considered all issues raised in her dismissal decision on November 12, 2019.
In closing, the shareholders and the Company have been damaged by the external mitigating circumstances/events, as well as the protracted delay, including the pandemic, during which Digital Brand filed every 10-K and 10-Q on a timely basis as a show of good faith and intent going forward. The Commission provided for extended reporting timelines in recognition of the hardships of the pandemic, but Digital Brand followed the judge’s direction in the dismissal and filed on time.
The Company’s stakeholders following FINRA clearance and timely filings all believe the removal of the Caveat Emptor icon will close this matter.“
The Caveat Emptor was removed December 20,2022.
Finally, DBMM can advise stakeholders and the public, writ large, that all of the hurdles are behind us and we are now focused on developing and building the business, which has been in neutral due to the unnecessary regulatory constraints and issues. Nevertheless our filings remained timely since the Super 10-K was issued in 2018.
The company remains transparent and with the continuing presence of our long term investors, shareholders, and stakeholder supporters, we look forward to moving ahead as we have, step by step to create incremental shareholder value. That value will be exhibited in both market cap valuation and shareholder value.
As plans are executed, we will provide further details. The journey ahead is bright and the narrative dynamic. More to follow.
SAFE HARBOR PROVISIONS:
The foregoing contains certain predictive statements that relate to future events or future business and financial performance. Such statements can only be predictions, and the actual events or results may differ from those discussed due to, among other things, those risks described in DBMM’s reports filed with the SEC. Opinions expressed herein are subject to change without notice. This document is published solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any state. Past performance does not guarantee future performance. Additional information is available upon request.
Contact: DBMM GROUP, INC.
Address: 845 Third Avenue, 6th Flr, New York, NY 10022
Phone: (646) 722-2706