PLNI News: Buyins.net Identifies Naked Short Selling of 1.1 Billion Shares of Plasticon Stock
LEXINGTON, KY -- (MARKET WIRE) -- October 26, 2006 -- Plasticon International, Inc. (PINKSHEETS: PLNI) was informed that BUYINS.NET, a company not affiliated with Plasticon, has reported that the total aggregate number of Plasticon shares shorted from January 2005 to October 2006 is approximately 1.1 billion shares with an approximate total dollar value of $91.9 million.
According to BUYINS.NET, the Squeeze Trigger price of $0.0065 is the volume weighted average short price of all short selling in PLNI. A short squeeze is anticipated when PLNI shares close above $0.0065. To access SqueezeTrigger prices ahead of potential short squeezes visit http://www.buyins.net.
"It has been our goal to identify and publish the pattern of brokers shorting our stock with the failure to deliver shares. Naked short selling is a financial assault and robs millions of dollars from investors as well as the ability for small cap companies to capitalize their operations. We are distressed by naked short selling and this practice wrongly influences the market. Our primary focus right now is to restore shareholder value and confidence in Plasticon International, Inc," stated Plasticon President and CEO Jim Turek.
Plasticon International, Inc. was on the OTC Naked Short Threshold list in January and in February of 2005. At the conclusion of each settlement day, data was provided on securities in which there were at least 10,000 shares in aggregate failed deliveries for five consecutive settlement days. The failures were to have constituted at least 0.5% of the issuer's total shares outstanding. The Securities Exchange Act of 1934 mandates that if a clearing agent has had a fail-to-deliver position for 13 consecutive settlement days, that clearing agent and the broker/dealer it clears for must purchase securities to close out its fail to deliver position.
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces, and distributes high-quality concrete accessories, informational & directional signage and plastic lumber, which are all produced from recycled and recyclable plastics. Plasticon is a leader, an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green company, environmentally friendly, using recycled plastics to produce its line of products.
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