Las Vegas, NV, September 06, 2019 –(PR.com)– Africa Growth Corp. (AFGC), a U.S. company that builds affordable housing in Africa, has agreed with the SEC that the registration of the Company’s common stock and any other class of its securities registered pursuant to Section 12 of the Exchange Act will be revoked. As a result, the Company will no longer trade on the OTC markets OTC Link (Pink Sheet) nor provide filings to the SEC.
The agreement by AFGC with the SEC as to the revocation is the result of the Company’s ongoing delinquency in certain of its reporting obligations, namely its 10Q and 10K filings. In Africa Growth Corporation v. Republic of Angola (Case 1:19-cv-21995), AFGC alleges the ongoing expropriation of AFGC’s Angolan assets by senior Angolan government officials and agencies and breach of settlement by the Republic of Angola.
Scott Mortman, Executive Chair of AFGC, alleges, “Ongoing unlawful conduct by the Republic of Angola against AFGC continues. We regret that revocation of the public registration of AFGC’s securities has occurred in the United States despite the hard work to maintain transparent and current reporting. AFGC remains determined to compel the Angolan government to compensate AFGC and its stakeholders for the damages inflicted by the Republic of Angola.”
AFGC will not be subject to any penalties, financial or otherwise and the agreement will not bar the Company from registering its common stock or other securities under the Securities Act of 1933, as amended (the “Securities Act”) and/or Section 12 of the Exchange Act in the future.
AFGC intends to take all steps available, via the above mentioned lawsuit, to achieve satisfactory resolution of its ongoing dispute with the Government of Angola in the interest of AFGC’s shareholders and to continue with AFGC’s implementation of its business plan to develop low income and affordable housing in Namibia and elsewhere in Sub-Saharan Africa. The cost reductions resulting from AFGC’s revocation of its public listing of shares will enable a more aggressive pursuit of a fair resolution of its ongoing dispute with the Angolan Government.
Following resolution of the alleged expropriation of the Company’s Angolan assets, the Company will seek to register its securities again with the SEC by filing a registration statement under either the Securities Act, or the Exchange Act, subject to any limitations imposed by the SEC and its rules and regulations, all of which is subject to review and approval by the SEC. In addition, the Company will work with a market maker so that AFGC can take commercially reasonable steps to apply to have its common stock approved for quotation on the appropriately traded market.
Brenton Kuss, CEO of AFGC added, “We are encouraged by the potential growth of our company in Namibia, as well as the external opportunities available to and direction being taken by AFGC, despite the alleged expropriation experienced in our Angola operations. We remain committed to our shareholders by providing shareholder value and transparent reporting. We thank our shareholders for their continued support and the patience they have shown through these past years.”