NANOTECH ENTERTAINMENT (NTEK) ISSUES LETTER TO SHAREHOLDERS
Feb 27, 2013
OTC Disclosure & News Service
San Jose, CA -
FOR IMMEDIATE RELEASE
Contact: Denise Clifford
Phone: (702) 518-7410
Email: denise@nanotechent.com
NANOTECH ENTERTAINMENT (NTEK) ISSUES LETTER TO SHAREHOLDERS
Company Requesting FINRA to Investigate Failures to Deliver on Sales of NTEK Stock
San Jose, CA – February 27, 2013 – NANOTECH ENTERTAINMENT (OTCPINK: NTEK) CEO Jeffrey A. Foley issued a letter to Shareholders today addressing the recent Failures to Deliver by sellers of NTEK stock.
“In the past few days NTEK has been listed by FINRA on the threshold list for sale of its securities by sellers who have failed to deliver the stock after the sale. This is no reflection of the company or activity by the company, but rather a failure by sellers who have entered into a transaction where they have agreed to sell NTEK stock at a specified price, and then failed to deliver the security for the transaction. This type of activity is most often linked to ‘Naked Shorts’, whereby a seller enters into a sale transaction, short selling the stock below current market prices without holding a position in the stock to sell it, anticipating a drop in price, whereby they can later purchase the stock to cover the sale. In these cases, if the price does not drop, and the seller does not purchase the stock at market prices to cover the sale, they will fail to deliver on the sale. This type of activity will trigger a transaction under the SEC Rule 203 B 3 and FINRA rule 4320.
While this activity is no reflection on the company or any activities by the company, NanoTech has done an internal investigation to make sure that all securities that have been delivered for sale have been properly processed through the transfer agent and will continue to work with FINRA in order to put a stop to any such activity by sellers. NanoTech has previously worked with BuyIns.NET to help prevent this type of transaction and will continue to make every effort to ensure that sellers of NTEK stock conform to all securities regulations and that buyers receive the stock that they purchased at the price they purchased it for.
We value our shareholders and appreciate their investment in our company and look forward to a long and profitable future together.”
About NanoTech Entertainment
Headquartered in San Jose, CA, with US operations in NV, MA, along with India and China, NanoTech Entertainment is a global technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
NanoTech Entertainment (OTCPINK: NTEK) trades on OTC Pink, the open marketplace for a wide spectrum of equity securities. Investors can find real-time quotes and market information at www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. All rights reserved. All other marks are the property of their respective owners. “The Future of Television” is a service mark of NanoTech Entertainment, Inc., All Rights Reserved
This release includes additional documents. Select the link(s) below to view.
2013-02-27 - Letter to Shareholders.pdf
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
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