Valor Energy Corp - Trade Investigation & Shareholder Update October 16, 2009
VALOR ENERGY CORP [VLEN] – REQUEST FOR TRADE INVESTIGATION & SHAREHOLDER UPDATE
SALMON ARM, BRITISH COLUMBIA, October 16, 2009 – Valor Energy Corp, (VLEN.PK), an energy development and production company, today announced that on October 15, 2009, the Company requested the Securities and Exchange Commission (“SEC”) to investigate recent trading activity the Company believes to be the improper practice of price manipulation!
On October 1, 2009, a 5000 for 1 reverse stock split of the Company’s issued and outstanding common stock went into effect, resulting in the Company’s stock price trading in the $0.50 cents to as high as the $1.50 range. However, on October 14, 2009, a trade of only 100 shares at a price of $0.0013 occurred, a price more than 350 times lower than the previous trade with a value of only 13 cents. The Company believes that this unscrupulous act to unfairly manipulate the price of the Company’s stock is greatly damaging to shareholders and has therefore requested the SEC action.
Additional Update to our Shareholders:
We have chosen to remain subject to reporting requirements of the Securities and Exchange Commission. As such, we voluntarily provide quarterly and annual audited financial reports to our shareholders. As of fiscal year 2009, Valor has been subject to new requirements to file our quarterly and annual reports with the British Columbia Securities Commission (“BCSC”) via SEDAR. The reason for this is essentially because we have parts of our operation that function in British Columbia. Although, the US OTC Pink Markets does on impose specific filing deadlines, the BCSC does. Therefore, the BCSC has issued a cease trade order due to our being late in filing our annual report for fiscal year-end May 31, 2009. As such, a few stock listing websites in the US are not listing the bid and ask prices of our stock, since their policy prevents them from doing so when the stock has a cease trade orders in another jurisdiction.
As reported on Form 8-K filed on May 20, 2009, the Company changed auditing firms, a move made necessary to better comply with these new cross-border filing requirements. This change over has resulted in certain delays in filing our current annual report. Management believes that the report will show no material change in the Company’s business direction or focus and that this report, already far along in the completion process, will be filed as soon as possible.
Company CEO, Sheridan Westgarde stated, “I anticipate exiting announcements in the future regarding our ongoing efforts to complete significant positive enhancements to our core-energy business, and again I wish to thank our shareholders for their support and patience”!(SHERIDAN, YOU ARE NOTHING BUT A LYING POS SCUMBAG, IMO!)
About Valor Energy
Incorporated in Nevada, Valor Energy Corp (VLEN) is an energy development and production company with working interests in Texas with plans to expand into Canada. Valor Industries Ltd., (VIL), VLEN’s wholly owned Canadian subsidiary, provides proven management to VLEN to create long term value for shareholders and partners. For more information, log on to www.valorenergy.com.