August 16, 2006 - 9:00 AM EDT
Summus Works, Inc. Announces Updated Buyins.net Short Sale Statistics
Summus Works, Inc. (PINKSHEETS: SMMW) and Buyins.net announced the following updated coverage of SMMW trade statistics by Buyins.net after releasing the latest short sale data to August 2006. Previous releases under-reported the total trade volume and approximate total short volume due to statistical deficiencies involving massive amounts of SMMW trade data. From January 2005 to August 2006 approximately 121.46 billion total aggregate shares of SMMW have traded for a total dollar value of nearly $17.55 million. The total aggregate number of shares shorted in this time period is approximately 9.35 billion shares.
Because brokerage firms are only required to disclose what they are short on one day of the month, the average amount of Total Short Volume in stocks is approximately 20 times (20 trading days vs. 1 trading day) the disclosed Total Short Interest figure. In some cases, Buyins.net has seen Total Short Volume higher by as much as 100 times the disclosed increase in Total Short Interest for that given month.
"We are using this latest data compiled by Buyins.net to shape our proactive program to curtail any abusive short selling practices affecting the Company's stock," said Summus Works President Dan Burgess, noting that the Company will continue to rely on Buyins.net to provide its monthly determination of the Company's "SqueezeTrigger" price per share.
Summus Works, Inc. (PINKSHEETS: SMMW) is a multi-media holding company with interests in outdoor sports, retail, e-tail, print, web, television and film. For more information on the company or its outdoor sports and media subsidiaries, visit www.summusworks.com.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Source: Market Wire (August 16, 2006 - 9:00 AM EDT)
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