NEW YORK--(BUSINESS WIRE)--April 11, 2002--Torbay Holdings Inc, New York (ticker ``trby''): The company leading the way in reducing the risk of developing Carpal Tunnel Syndrome by teaching computers to work with people, today announced that the Company's Chairman, President & CEO will purchase shares in the company and a founder shareholder is converting loans to stock and canceling warrants.
We have been working with Business Solutions of the Future Inc. A consulting firm based in Palm Beach, Florida on creating public awareness for our BioMechanical mouse while staying on course with our business plan. Our objective has been cultivating new markets for our patented product and increasing shareholder value. Over the past few months we have been extremely pleased progress with our Biomechanical mouse. However, we have received calls from our shareholders and potential shareholders regarding the movement of Torbay Holdings share price. As a public company we are subject to the conditions of the market. The officers of Torbay Holdings along with the founding member have decided to demonstrate how confident we are in our company.
Chairman Gordon Lane stated; we have agreed terms on a line of credit and are close to introducing participation by new groups including a fund who is investing in biomechanics, as they see this as the next mass marketable technology. In recognition of this activity a founder shareholder has agreed to the conversion of loan notes into restricted stock and the cancellation of warrants associated with those notes. Torbay's President & CEO, Tom Large and I have further shown our commitment to the long-term objectives of the company by purchasing restricted stock, for cash, at this time. The overall impact of these developments is a net positive gain to our balance sheet of some $200,000. We have applied for a late filing to our year-end report in an attempt to include recent events as material developments.
Tom Large President & CEO commented: ``Gordon and I believe that the purchase of restricted shares in Torbay Holdings Inc. is the best way we can answer the concerns of our shareholders. We are focused in bringing our patented product to the market and believe that everything else will follow in time''.
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This is not a reco to buy! Please do your DD!
