Tuesday, January 07, 2003 11:30:33 AM
International BioChemical Industries Considers 'Custody Only' Trading
Wednesday December 4, 2:40 pm ET
ATLANTA, Dec. 4 /PRNewswire-FirstCall/ --
International Biochemical Industries, Inc. (OTC Bulletin Board: IBCL - News) announced today that it is considering adopting "custody only" trading, as other companies aware of naked shorts are beginning to shut down the manipulation of their stock as a possible mechanism to protect the company's stockholders against naked short selling of the company's stock.
The company believes this approach to dealing with the "naked short" issue warrants further investigation and consideration.
Under "custody only" trading, a company would implement a share transfer system which requires that any transfers of the company's stock be made only by delivery of physical stock certificates. Once received by the company's transfer agent, the certificates of the selling stockholder would be cancelled and a new certificate for the same number of shares would be issued in the buyer's name. Under such a system, no certificates would be issued in the name of Depository Trust Company, CEDE & Co. or any other nominee, and thus the company believes its shares would no longer clear through the DTC system. This procedure is one way to ensure buyers that any purchase they make of the company's stock will be from bona fide stockholders and not from naked short sellers.
The company has not made any final decision regarding the implementation of "custody only" trading of its stock. However, if the company decides to implement "custody only" trading, it intends to seek the approval of its stockholders prior to taking such action.
About: International BioChemical Industries
International BioChemical Industries, Inc. is a Norcross, Georgia-based emerging growth company focused in biotechnology and antimicrobial products. Its core business is committed to the discovery, development, marketing and sale of surface-modifying antimicrobial and biostatic products. The company's antimicrobial technology is a revolutionary alternative to conventional sanitizers, disinfectants, bleaches, biocides or preservatives primarily because it kills bacteria, including HIV, on contact and can remain active for extended time periods. To date BioShield has received three US patents and eight EPA registrations, including the first U.S. germ killer and disinfectant against Salmonella cholerasuis, Staphylococcus aureus and other microorganisms. The company has developed several alliances in different industries, such as healthcare, textiles and storm water.
Further information on IBCI and its line of products can be found by visiting the firm's web site at http://www.bioshield.com , or by calling 1-770-925-3653, Deirdre Baker.
Safe Harbor/Forward-looking Statements:
Statements in this news release that are not historical are forward- looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the company, including areas such as: developing technologies; dependence on collaborative partners; the inherent complexity and uncertainty regarding the development of products; early-stage development of IBCI; the result of research and development efforts; future capital needs; uncertainty of additional funding; government regulations; and other factors which are detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. IBCI does not undertake to revise or update any forward- looking statement to reflect events or circumstances that may arise after the date hereof. BioShield is a trademark of IBCI.
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Source: International BioChemical Industries, Inc.
The best weapon against "fear" is "facts"!!
Wednesday December 4, 2:40 pm ET
ATLANTA, Dec. 4 /PRNewswire-FirstCall/ --
International Biochemical Industries, Inc. (OTC Bulletin Board: IBCL - News) announced today that it is considering adopting "custody only" trading, as other companies aware of naked shorts are beginning to shut down the manipulation of their stock as a possible mechanism to protect the company's stockholders against naked short selling of the company's stock.
The company believes this approach to dealing with the "naked short" issue warrants further investigation and consideration.
Under "custody only" trading, a company would implement a share transfer system which requires that any transfers of the company's stock be made only by delivery of physical stock certificates. Once received by the company's transfer agent, the certificates of the selling stockholder would be cancelled and a new certificate for the same number of shares would be issued in the buyer's name. Under such a system, no certificates would be issued in the name of Depository Trust Company, CEDE & Co. or any other nominee, and thus the company believes its shares would no longer clear through the DTC system. This procedure is one way to ensure buyers that any purchase they make of the company's stock will be from bona fide stockholders and not from naked short sellers.
The company has not made any final decision regarding the implementation of "custody only" trading of its stock. However, if the company decides to implement "custody only" trading, it intends to seek the approval of its stockholders prior to taking such action.
About: International BioChemical Industries
International BioChemical Industries, Inc. is a Norcross, Georgia-based emerging growth company focused in biotechnology and antimicrobial products. Its core business is committed to the discovery, development, marketing and sale of surface-modifying antimicrobial and biostatic products. The company's antimicrobial technology is a revolutionary alternative to conventional sanitizers, disinfectants, bleaches, biocides or preservatives primarily because it kills bacteria, including HIV, on contact and can remain active for extended time periods. To date BioShield has received three US patents and eight EPA registrations, including the first U.S. germ killer and disinfectant against Salmonella cholerasuis, Staphylococcus aureus and other microorganisms. The company has developed several alliances in different industries, such as healthcare, textiles and storm water.
Further information on IBCI and its line of products can be found by visiting the firm's web site at http://www.bioshield.com , or by calling 1-770-925-3653, Deirdre Baker.
Safe Harbor/Forward-looking Statements:
Statements in this news release that are not historical are forward- looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the company, including areas such as: developing technologies; dependence on collaborative partners; the inherent complexity and uncertainty regarding the development of products; early-stage development of IBCI; the result of research and development efforts; future capital needs; uncertainty of additional funding; government regulations; and other factors which are detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. IBCI does not undertake to revise or update any forward- looking statement to reflect events or circumstances that may arise after the date hereof. BioShield is a trademark of IBCI.
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Source: International BioChemical Industries, Inc.
The best weapon against "fear" is "facts"!!
The best weapon against "fear" is "facts"!!
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