SEC Rule 15c2-11 – BLMC

As of September 28, 2021 the SEC amended Rule 15c2-11 will become effective. This amendment places burdens on broker-dealers to review and ensure that current information, in accordance with the amendment, is available related to a security to allow quotations to be submitted for publication on a qualified interdealer quotation system.  Among other information, the broker-dealers must ensure that the financial statements are prepared according to Generally Accepted Accounting Principles in the United States (“GAAP”). 

The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases.  All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com.  Meeting the requirements of the amended rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses.  Without having plans to raise capital on public markets and due to these increased costs, as of this time the Company does not intend to convert the reporting of its financial statements from the income tax basis of accounting to GAAP.  The Company will continue to issue timely information as set forth above.

January 28, 2022 – Press Release

Biloxi Marsh Lands Corporation Announces Creation of Electronic Bulletin Board for Trading of its Shares

To give its shareholders more liquidity, Biloxi Marsh Lands Corporation today announced that it is creating a passive electronic stock-trading bulletin board.  Using the bulletin board, shareholders and investors will be able to post notices of intent to buy or sell the Company’s common stock and to browse those posts for possible purchases or sales. Shareholders and investors can then directly communicate with each other to arrange the purchase or sale of the shares.  Biloxi Marsh Lands Corporation will not act as a broker and participants will have to arrange for the delivery of payment and of shares themselves. The Company’s goal is to set up a 24/7 internet platform that will give our shareholders a forum to buy and sell the Company’s shares of common stock.

Previously, shares of Biloxi Marsh Lands Corporation had traded on the over-the-counter market under the symbol, “BLMC” and the shares were quoted on the Pink Sheets©.  After September 28, 2021 and the implementation of amended Rule 15c2-11, the SEC prohibited broker-dealers from quoting companies like Biloxi Marsh Lands Corporation, who do not provide financial statements that are prepared according to Generally Accepted Accounting Principles (“GAAP”). 

Meeting the requirements of the amended SEC rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses.  The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases.  All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com.

Biloxi Marsh Lands Corporation hopes to have its electronic bulletin board up and running by the end of the first quarter of this year.  Biloxi Marsh Lands Corporation is not a registered national securities exchange, information processor, broker, dealer, or investment adviser.