October 27, 2003 15:07:00 (ET)
GAINESVILLE, Fla. and LOUISVILLE, Ky., Oct 27, 2003 /PRNewswire-FirstCall via COMTEX/ -- GloTech Industries, Inc. (GTHI, Trade)
www.glowbike.com , today commented on recent regulatory action relating to short-sale rules.
According to the Dow Jones Newswire, The Securities and Exchange Commission (SEC) voted Wednesday (October 22, 2003) to seek comment on a controversial proposal to overhaul short-sale rules. Changes would require a second vote of the SEC after a 60-day comment period. Under the proposal, most U.S. markets would have to play by the same rules, allowing short sales only at prices that are at least a penny above the best national bid.
To combat abusive short selling in small stocks, the SEC proposed that brokers show they believe the short seller can locate shares to borrow within two days. Short sellers who fail to do so would be barred from selling the same stock short for 90 days unless the shares were borrowed before the sale.
"We are encouraged by the recent action taken by the SEC," stated George Harman, Chairman of GloTech Industries. "The SEC has now begun to formally address what we understand to be a widespread and significant problem. We believe rule changes designed to eliminate manipulative short-selling can have positive effect on equity markets and look forward to their implementation."
About GloTech:
GloTech Industries is a technology-based company, headquartered in Gainesville, Florida, which develops, manufactures, and markets proprietary products, including GlowBike(TM), GlowVest(TM), GlowLogos(TM), GlowHat(TM) and the Wedge(TM), based on patent-pending electroluminescent (EL) technology. The Company's products are directed to the vehicle safety, safety apparel and sports apparel and novelty markets. Corporate and institutional shareholders include FullCircle Registry, Inc. (FLCR, Trade) and The University of Florida Research Foundation.
This press release contains certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to market acceptance of products and technologies, the Company's ability to continue to secure sources of financing and other factors as described in the Company's filings with Securities and Exchange Commission. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
