faisal303
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- التسجيل
- 27 سبتمبر 2005
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American Way Business Development Corp. Updates Shareholders on Cert Recall
Wednesday October 25, 2:33 pm ET
BOCA RATON, FL--(MARKET WIRE)--Oct 25, 2006 -- American Way Business Development Corporation (Other OTC:AWYB.PK - News) ("AWYB" or the "Company") on Friday, October 13, 2006, announced that it was taking the necessary steps that would lead to cert recall starting with a new CUSIP number. We finally received the new CUSIP number yesterday.
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We are now proceeding with the next steps. The key specific steps that need to be taken include (i) finalizing the details of the new certs with the transfer agent; and (ii) obtaining a new NASD symbol. Since both the NASD and the transfer agent have been kept apprised of all our actions, it should not take very long at all. The NASD will then require that all future trades be done with the new certs.
The Company believes that, once the mandatory cert exchange is finalized, it will resolve the shorts problem once and for all. Specifically, we expect the process to work as follows. In its TA letter to NASDAQ, the transfer agent will note that the current shareholders will need to send in their current certs for the new certs being prepared by the transfer agent. NASDAQ will then inform DTC of the exchange requirement; DTC will in turn inform CEDE and other affected brokers of this requirement. This will have the effect of suspending trading until the old shares are sent to the transfer agent and new shares reissued.
Don Platten, President, states: "We understand that this is an onerous process but, after talking to our advisers, we realize that there is no other way of dealing successfully with the shorts. We also want to advise our loyal shareholders that once NASDAQ has informed DTC of the exchange requirement, the process will be entirely out of our hands. How long it will take for the new certs to be issued will depend entirely on how quickly CEDE and the other shareholders send in their current shares to the transfer agent. We cannot tell you with certainty whether that will be a matter of days or weeks. In any event, we urge our shareholders not to panic. We believe that this is the only sure way to force the shorts to cover their position. At this point, we encourage our loyal shareholders to advise your brokers to turn the AWYB certs to the transfer agent ASAP and not to sell into the shorts; otherwise, all our efforts will have been in vain."
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "estimates," "believes," or statements indicating certain acts (such as "may," "could," "should," or "might occur"). Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized
American Way Business Development Corp. Updates Shareholders on Cert Recall
Wednesday October 25, 2:33 pm ET
BOCA RATON, FL--(MARKET WIRE)--Oct 25, 2006 -- American Way Business Development Corporation (Other OTC:AWYB.PK - News) ("AWYB" or the "Company") on Friday, October 13, 2006, announced that it was taking the necessary steps that would lead to cert recall starting with a new CUSIP number. We finally received the new CUSIP number yesterday.
ADVERTISEMENT
We are now proceeding with the next steps. The key specific steps that need to be taken include (i) finalizing the details of the new certs with the transfer agent; and (ii) obtaining a new NASD symbol. Since both the NASD and the transfer agent have been kept apprised of all our actions, it should not take very long at all. The NASD will then require that all future trades be done with the new certs.
The Company believes that, once the mandatory cert exchange is finalized, it will resolve the shorts problem once and for all. Specifically, we expect the process to work as follows. In its TA letter to NASDAQ, the transfer agent will note that the current shareholders will need to send in their current certs for the new certs being prepared by the transfer agent. NASDAQ will then inform DTC of the exchange requirement; DTC will in turn inform CEDE and other affected brokers of this requirement. This will have the effect of suspending trading until the old shares are sent to the transfer agent and new shares reissued.
Don Platten, President, states: "We understand that this is an onerous process but, after talking to our advisers, we realize that there is no other way of dealing successfully with the shorts. We also want to advise our loyal shareholders that once NASDAQ has informed DTC of the exchange requirement, the process will be entirely out of our hands. How long it will take for the new certs to be issued will depend entirely on how quickly CEDE and the other shareholders send in their current shares to the transfer agent. We cannot tell you with certainty whether that will be a matter of days or weeks. In any event, we urge our shareholders not to panic. We believe that this is the only sure way to force the shorts to cover their position. At this point, we encourage our loyal shareholders to advise your brokers to turn the AWYB certs to the transfer agent ASAP and not to sell into the shorts; otherwise, all our efforts will have been in vain."
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "estimates," "believes," or statements indicating certain acts (such as "may," "could," "should," or "might occur"). Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized
