Here is the first one.
Sir,
I have been inundated in requests of this nature. Do we find it very odd, yes.
Who on earth sells a large block of stock, wiping out the bid, circa 30 minutes prior to the market close on a Friday? Nobody whom understands equity market trading.
It was financially inept and serves no purpose. All it achieves is to TEMPORARILY cause panic, frighten and damage our shareholders and indeed, our Preferred Stockholders.
We are going to examine the trades from Friday and publish them for our shareholders to draw their own conclusions. We normally only review the private weekly OTC Market Report for the week, received on weekends, however through OTCIQ, I am able to obtain a list of trades, timing, etc. I cannot see which Broker Dealer executed nor can I ascertain as to whom the buyers and sellers were.
The “float” is shares on deposit at the DTC. We, once a week obtain a shareholder register and update OTC Markets with any changes. We are Transfer Agent Verified, so that information is publicly available regardless.
We have no power over DTC stock deposits, the Transfer Agent does not require our permission to transfer shares upon instruction from shareholders.
No additional shares have been issued, no addition conversions have been executed and nobody has even requested the same. The Company is doing exactly what we publicly announced, nothing has changed, we see no “negative clouds on the horizon”; so it is senseless.
It may be very simple, an inept or desperate shareholder dumped their shareholdings for any number of reasons. I say inept, given the way the trades were executed and the timing.
Ron Lowenthal
