Market has a way of punishing these huge pumps...
Concorde America, Inc. Disclaims Prior Information Releases
BOCA RATON, Fla., Aug 11, 2004 /PRNewswire-FirstCall via COMTEX/ -- Concorde America, Inc. (OTC Pink Sheets: CNDD), today disclaimed any involvement in the composition or public dissemination of statements, dated July 28 and August 9, 2004, respectively, which were issued over PR Newswire and appeared in various media services.
The first such release, entitled "First Global 'Monster' Employment Placement Service Launched", stated that the Company had developed a "unique solution" to the labor shortage problems purportedly facing European nations as a result of a lack of population growth. Furthermore the company had entered into a "new agreement with the Spanish government", and expected to "place over 200,000 workers in Spain". The release purported to quote Company officials in a manner which reflected extremely high business and earnings expectations. It stated that any contact concerning the release was to be made "for Concorde America" to "Paul Spreadbury, WallSt2MainSt, Inc.", and provided contact information.
In fact, (a) no Company official was interviewed or otherwise contacted in connection with the release, (b) Mr. Spreadbury is not employed by nor has any other relationship with the Company, and (c) the Company has never identified its business plan as being "unique", has not entered into any contractual arrangement with the Spanish government, has made no public announcement concerning possible future earnings, earnings growth or profitability, and has not specified the number of workers that it may be able to supply to any European country under any existing or future contract.
Because of inquiries made by the Company of Mr. Spreadbury and others as to the source of the first release, the second release, entitled "Correction", was disseminated as of Monday, August 9. While it stated that the quoted material present in the first release was to be eliminated, it incorrectly identified the Company as being the source of the new content, Boca Raton, Florida as being the physical site of issuance, and "John Richey of Concorde America" as being the Company representative to contact. The Company has had no contact with the author of the new statement, did not authorize its release, does not employ Mr. Richey, has no relationship with him and no has knowledge as to his existence or involvement with the release.
The new statement incorrectly implied that the Company had directed how the original statement was to be revised to render it accurate, when, in fact, no contact was made by the author of the second statement with any Company representative. Finally, the statement again attributes a specific number of workers to be placed in Spain, now refers to a Company agreement "with one of Spain's largest agricultural firms" when the Company has no information as to the comparative size of the entity with which it has contracted, and makes extremely aggressive predictions about how the Company's business model may be received in Europe.
Hartley Lord, the Company's President, stated that:
"While we recognize that analysts and others interested in the European labor market have the right to publish whatever statements they choose about the Company's business model, we wish to make clear to the investing public that the statements made in the referenced releases have not been authorized by Concorde America, Inc., nor has any Company official provided any of the information contained therein. While we have faith in the plans that are being developed, the Company is in its formative stage, and will need to develop substantial experience in the European marketplace before we are prepared to provide any public information concerning our operational results or expectations. At such time, we will clearly identify any release authorized or issued by the Company."
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