Austin's Tensleep Going Private

AUSTIN-Tensleep Corp. has told the federal Securities and Exchange Commission that it will cease being a publicly traded company. The company said the move will stretch its limited resources while it tries to develop its business.

The company, which has its main operations in Austin, is a holding company for businesses that develop technology, Internet-related and energy-management systems. In its last reported financial results for the quarter ending June 30, Tensleep reported a net loss of $74,403 on revenues of $45,751. It shares were at 3 cents this morning in over-the-counter trading. The 52-week high was 51 cents.

“The company will reduce its cost of operations and give it time to implement its business plan without the pressures of being a reporting company,” Ronald Tucker, the company’s president and CEO, said in a prepared statement. He said that the commercialization of one of the company’s products is taking longer than expected, in part, because of the company’s limited resources. In the meantime, he said, Tensleep will continue to acquire and market technologies and seek agreements with Chinese companies for manufacturing and distribution.