Patient Access Solutions Inc (PASO)

[Chuck_Norris]

Rule 144: Selling Restricted and Control Securities


Holding Period. Before you may sell any restricted securities in the marketplace, you must hold them for a certain period of time. If the company that issued the securities is a “reporting company” in that it is subject to the reporting requirements of the Securities Exchange Act of 1934, then you must hold the securities for at least six months. If the issuer of the securities is not subject to the reporting requirements, then you must hold the securities for at least one year. The relevant holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But the resale of an affiliate's shares as control securities is subject to the other conditions of the rule.


Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.

Many have been holding for well over a year. They can only unload so many shares in any given three-month period. If they hold thousands or millions of shares at .02-.03, I'd say taking a pay day right now is quite silly, but they aren't my shares.

P.S. And like Doog said, do you really care? Why care? None of this selling is going to matter after the curtain drops and the BIG BOYS pile in.

Let um sell... I'm buying.