We are an emerging growth company as defined in Section 2(a)(19) of the
Securities Act of 1933, as amended (the "Securities Act"). We will continue to
be an emerging growth company until: (i) the last day of our fiscal year during
which we had total annual gross revenues of
As an emerging growth company, we are exempt from:
- Sections 14A(a) and (b) of the Exchange Act, which require companies to hold stockholder advisory votes on executive compensation and golden parachute compensation; - The requirement to provide, in any registration statement, periodic report or other report to be filed with the commission, certain modified executive compensation disclosure under Item 402 of Regulation S-K or selected financial data under Item 301 of Regulation S-K for any period before the earliest audited period presented in our initial registration statement; - Compliance with new or revised accounting standards until those standards are applicable to private companies; - The requirement under Section 404(b) of the Sarbanes-Oxley Act of 2002 to provide auditor attestation of our internal controls and procedures; and - Any Public Company Accounting Oversight Board ("PCAOB") rules regarding mandatory audit firm rotation or an expanded auditor report, and any other PCAOB rules subsequently adopted unless the Commission determines the new rules are necessary for protecting the public.
We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Startups Act.
We are also a smaller reporting company as defined in Rule 12b-2 of the Exchange Act. As a smaller reporting company, we are not required to provide selected financial data pursuant to Item 301 of Regulation S-K, nor are we required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. We are also permitted to provide certain modified executive compensation disclosure under Item 402 of Regulation S-K.
We specialize in traceability and mobile payments. We provide food traceability, Radio Frequency Identification ("RFID") solutions, near field communications, track and trace services and micro payment services.
[[Image Removed]] -4-
In 2009, SSB's dedicated R&D team commenced development of Smartrackô EPCIS (Electronic Product Code Information Systems), which culminated in the company receiving the 'Best of e-Logistics Merit Award' for Smartrackô at the MSC Malaysia APICTA Awards 2010, and