ICBS to retain special council to examine unusual trading patterns of its stock
PR Newswire - April 22, 2008 11:00 AM ET
ICBS Limited (ICBS) (Pink Sheets :ICBT) a business development and management firm located in New York and Canada, announced today that it will retain a special securities counsel to examine the unusual trading patterns of the company's securities.
This action is being taken as several shareholders have contacted the company and reported suspicious trading patterns during the course of the trading day.
We will be requesting that the special counsel review the entire process of how the new shares were distributed and to whom and to be sure that only the entitled shareholders received those shares in the proper amounts. Counsel will undertake this examination in conjunction with the company's Transfer Agent.
Secondly the company has requested that counsel work in conjunction with Lawyers in Europe to look at the possibility of our securities being traded or shorted on any foreign unregulated exchanges without the company's knowledge and if so to immediately issue the appropriate orders to cease those activities.
We will also be monitoring on a daily basis the domestic trading patterns in the company's securities for any visible improprieties.
"The company realizes that errors may have been made in the distribution of brokerage houses crediting accounts electronically, and we will determine to what extent/amounts and either recall or force them to cover those positions. We believe that the company's share price is being suppressed, intentionally or not and we aim to get it corrected immediately," said Garth McIntosh, President & CEO.
Mr. McIntosh also stated that he believes "the company's share price does not reflect the true value of the company as it stands today let alone going forward with the additional acquisitions the company is currently involved in.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE Inter Canadian Business Service
