Preliminary results reveal short positions in
8000inc (EIGH.pk).
MANASSAS, VA, Oct 6 /PRNewswire-FirstCall/ - The board of
8000inc would like to apologize for the delay in issuing this
investor update. As stated, the Company has undertaken a stock
audit of its common shares and the following has been revealed in
the preliminary stages.
The company's transfer agent verified all issued regular
(common) stock, certifying that all 138,824,700 regular shares were
accounted for in the register, with 5,000,000 restricted shares out
of a total of 143,824,700 issued common shares. The report
also verified that between the dates of August 22 and September
30, the number of shares bought and held was 51,839,151,
with a trading volume for the period of 63,185,590
shares.
Subsequent to the report, the company undertook a sample audit
of 545 accounts, correlated to their clearing or brokerage firm.
These accounts showed a current held position of 82,745,008 shares
of 8000inc common stock. Further assessment identified significant
short positions, (>10%), within this sample. Of the total number
of retail shares that they purchased, 29,581,931 common 8000inc
shares, bought and held in trading accounts, are yet to be
allocated to the various market makers and or brokerages. These
figures were measured against the absolute certified stock report
for 8000inc prepared by the company's transfer agent. Notably, the
short positions identified are attributable to less than 65% of the
recorded retail share purchases of 8000inc common stock of this
sample cohort and do not include stock purchases by the market at
large.
8000inc are confident that as an OTC.PK corporation,
non-reporting and with the dividend fast approaching, a resolution
to these findings is imminent. The Board has and will
continue taking appropriate advice in this matter. It is of
paramount importance for the Board of 8000inc to safeguard our
shareholders and their investment. Further statements
will be issued immediately to our shareholders and the market as
more information is reported.
This news release contains forward-looking
statements that are subject to certain risks and uncertainties that
may cause actual results to differ materially from those projected
on the basis of such forward-looking statements. The words
"estimate," "project," "intends," "expects," "believes," and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are made based on
management's beliefs, as well as assumptions made by, and
information currently available to, management pursuant to the
"safe-harbour" provisions of the Private Securities Litigation
Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of 8000
Inc. see "Risk Factors" in the Company's Annual Report on Form
10-KSB and its other filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
made and the Company undertakes no obligation to disclose any
revision to these forward-looking statements to reflect events or
circumstances after the date made or to reflect the occurrence of
unanticipated events.
SOURCE 8000inc
