BTLY - BURBANK, CA, May. 22, 2003 (MARKET WIRE via COMTEX) --
Bentley Communications Corp. (OTC BB: BTLY) will continue to have its stock electronically transferred through the Depository Trust and Clearing (DTC) and Canadian Depository for Securities (CDS), to avoid the cost and hassle of moving to 'custody-only'trading to combat naked short selling.
'We were considering joining with about 80 micro-cap companies who want to return to the old fashioned practice of handling transactions through their own transfer agents,'said Gordon Lee, chairman of Bentley. 'In this way they can be certain that short sellers were not flooding the market with shares that don't exist or were not properly borrowed. However, because on an average day about one million shares of Bentley stock are traded, we felt that 'custody-only'trading was too expensive and burdensome to impose on our company and its shareholders.'
'What precipitated our considering 'custody-only'trading,'continued Mr. Lee, 'was the recent selling pressure on Bentley stock, which seemed so odd, considering how our company's fundamentals have improved. For example, this year we have taken great strides to strengthen our focus on e-commerce and alternative financial transactions. We are in the final stages of acquiring Bartercard USA, the U.S. licensee of the world's largest barter network, and First National Information Network, a very successful financial lead generation service.'
'Most important, Bentley has entered into a strategic alliance with two national business organizations that have thousands of sales agents and tens of thousands of member companies. They will be marketing an entire range of Bentley products and services, from e-commerce and credit card processing, to membership in the world's largest business barter network,'concluded Mr. Lee. 'These are the very elements that should dramatically increase shareholder value.'
In Other News:
- Bentley Communications Corporation has redone its websitewww.BentleyCompanies.com. It will soon begin redoingwww.BartercardUSA.com and its website for First NationalInformation Network, www.optimumleads.com.
- Bentley Communications Corporation filed its 10Q today.
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