Press Release Source: Gluv Corp.
SEC Suspends Trading in Gluv Corp.'s Shares
Friday May 27, 2:01 pm ET
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--May 27, 2005--Gluv Corp. (Pink Sheets:GVRP - News) announced today that the Securities and Exchange Commission had issued an order suspending trading in the company's common stock this morning.
Earlier this week, the company requested the SEC to halt trading in connection with a serious problem that had arisen when quotations on the Pink Sheets Electronic Quotation and Trading System reflected that its outstanding common stock might be as much as 99 trillion shares. The company believes that this incorrect information about its outstanding shares entered the market place when the Pink Sheets system began reflecting that 33 million shares of the company's stock were trading "when issued" with a due bill for a three million share dividend attached to each of them, instead of showing that only the 11 shares that were actually outstanding prior to the declaration of that dividend should have been trading with that due bill attached.
The company further announced that the SEC Staff was continuing to monitor the situation.
Robert W. Pearce, the company's chief executive officer, said: "We are very grateful to the SEC for having acted so quickly in response to our request for help. The confusion about the actual number of the company's shares that are publicly available for trading appears to have caused some investors and various members of the brokerage community to be maintaining positions in our stock that are far in excess of the actual number of shares that we have outstanding. It is our hope that the SEC will ultimately resolve this problem by fashioning a solution that will permit the brokerage community to reverse the trades that should not have occurred in our stock during the past week."
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