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.”
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