i was doing some reading and found this about illegal naked short.
it shows on nasdaq record items of naked short but company realized more naked short than is on records.
example: this is a company that claims naked short is hurting the pps. an their actions.
so pr release today isn't bad and company continues to show they are trying a name change and symbol. be nice to see a special divy.
i thought a mention about naked short or delisting from berlin exch. would have been mentioned.
Gemini Explorations, Inc. Reports Symbol Change and Forward Share Split of Two for One to Combat Illegal Naked Short Interest Position Wednesday July 11, 9:00 am ET
MIAMI, FL--(MARKET WIRE)--Jul 11, 2007 -- Gemini Explorations, Inc. ("Gemini") (OTC BB:GXPI.OB - News) reports today that after reviewing the trading activity of Gemini with its financial advisors, the company has forward split the common shares of the company on a two for one basis and the trading symbol has been changed from GMXP to GXPI effective today, July 11, 2007. Gemini has taken this action in order to clear the illegal naked short position that it believes has been artificially depressing the company's share price. The post split issued and outstanding number of shares will increase from 30 million shares to 60 million shares.
On June 7, 2007 Gemini reported "that after reviewing the company's stock with an independent analyst, there is an illegal naked short interest position of approximately 3.5 to 4 million shares in GMXP." This is in very sharp contrast to the OTCBB.com report showing the short interest to be 23,972 shares as of May 31, 2007 and 42,643 shares as of June 30, 2007.
NASD Rule 3360 has been expanded to require NASD member firms to report their short positions on all over-the-counter ("OTC") equity securities to NASD Regulation, on a monthly basis. Once the short position reports are received, the short interest is then compiled for each OTC security.
Firms are required to report their short positions as of settlement on the 15th of provided each month, or the preceding business day if the 15th is not a business day. The reports must be filed by the second business day after the reporting settlement date. The short interest data is compiled and for publication on the 8th business day after the reporting settlement date.
Michael Hill, President of Gemini Explorations, Inc., states, "We have worked diligently with a third party advisor to bring attention to our company and to correct this serious problem. In late April, 2007, the company's stock fell abruptly, cutting the price per share in half. The selling pressure has continued and we believe there is a very large illegal short interest position in GXPI. This is a major concern for our company and our shareholders who are of utmost importance to us. These actions have been taken to allow the company to completely focus on its core business of developing world class gold deposits in Colombia. The company will update developments on the La Planada Gold Project and the Los Chorros Gold Mine in the upcoming days.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the belief of an existing illegal naked short position, the world class gold deposit potential of the La Planada Gold Project and the Los Chorros Gold Mine. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: Michael Hill President Gemini Explorations, Inc. 8th Floor, 5201 Blue Lagoon Drive Miami, Florida 33126
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