(OTC Pink: SFIO) George Roth , President of Smokefree Innotec Inc. announced today that the Company has filed its current Information Disclosure Statement and Interim Financial Report for period ending August 31, 2011 with the OTC Markets, to provide transparency and for the benefit of its shareholders. Mr. Roth stated, "This report is the first available following the incidents of last June 30, 2011, when a public announcement was made regarding the illicit sale of 400,000 shares of the Company's common stock that occurred in 2009, by the then CEO of SFIO. The extraordinary trading activity in the selloff, and immediate buy back, of shares that instantly followed led to the DTC Global Lock and the posting of the caveat emptor displayed by the OTC Markets for SFIO on their web site. Counsel for Smokefree is submitting to OTC Markets his opinion letter regarding the status of the Company since it has settled the civil complaint of the SEC, to bring SFIO into full compliance with the requirements of the OTC Markets listing on the Pink Sheets."
Mr. Roth observed, "This full compliance will not result in the release of the DTC Global Lock, since that resulted from the trading activity, not the actions of the Company or its officers. The Company and its counsel are continuing to explore all avenues to discover and understand the methods required to encourage the DTC reconsider its actions and to lift the Global Lock. There is no way to tell if and when that may occur."
George Roth, President of Smokefree Innotec, Inc. (OTC Pink: SFIO) announced today that the Complaint filed by the Securities and Exchange Commission against the Company in the matter of the involvement of its former CEO, Thomas Schroepfer in fraudulent securities transactions in July 2009, has been settled today with the entry of a Judgment Of Permanent Injunction And Other Relief As To Defendant Smokefree Innotec, Inc., consented to by Smokefree without admitting or denying the allegations of the Complaint. (Case 0:11-cv-61454-CMA Document 16 Entered on FLSD Docket 09/20/2011). Further information will be posted on the Smokefree's website in the near future regarding management's actions with respect to this matter. The filing of this Judgment allows the corporation to finalize and proceed with certainty its long awaited disclosure filings with the Pink Sheets and the DTC for the benefit of its shareholders, who have been severely hampered in capitalizing on the value of their holdings in the market since the initial publication of the Complaints on June 30, 2011 and the reactions of the DTC in stabilizing the market activity in the Company's stock.
Not to bad, we are dealing with the dtc monster! ;)
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