Post by kranker on Dec 10, 2005 17:20:44 GMT -4
Orbit E-Commerce Announces Call for Certificates
Wednesday March 9, 7:00 am ET
TORONTO, March 9 /PRNewswire-FirstCall/ -- Orbit E-Commerce Inc. (OTC Bulletin Board: OECI - News), announced in a Press Release on January 19, 2005 that it had accepted an offer from PureNet.TV Canada Inc. ("PureNet") for PureNet to acquire OECI through a share exchange. As mentioned in the previous press release, OECI shareholders will be notified by letter of the details of the transaction which will be subject to shareholder approval. This transaction will require the shareholders to forward their actual share certificates to OECI's transfer agent to be exchanged for PureNet shares.
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In the meantime, OECI has strongly advised all shareholders who do not hold actual share certificates to demand their certificates from their stockbrokers. OECI has been inundated over the past several months with complaints from shareholders, who appear on a shareholder list and from those who don't because of naked short selling. Management believes that certain stockbrokers are not complying with their requests and indeed are trying to dissuade their clients through misinformation from holding share certificates in their possession.
This request by management is an effort to ensure there will be an orderly market for the Company's securities. The Company strongly recommends that investors, and/or their brokers, request that the shares they own be held directly by each shareholder in "certificate form." This can by done by a shareholder by requesting his or her stockbroker send in a request to OECI's transfer agent, Capital Transfer Agency, Inc., to transfer their current OECI stock held in "street name" into certificate format. This process can be completed in as few as four business days. Shareholders should make this request as soon as possible to validate authenticity prior to the exchange for PureNet shares.
These actions will enable the transfer agent and OECI to validate and audit the actual number of outstanding free trading shares and to determine where there are short positions in order to verify that these positions are being held properly. This request is also being made to discourage certain trading activities that management has become aware of and has reason to suspect may have negative effects on shareholder value. This action is part of management's plan to limit possible events and/or transactions that could diminish shareholder value.
The National Association of Security Dealers (NASD) in the USA and the Investment Dealers Association (IDA) in Canada, supervising bodies for stockbrokers, have been advised of the difficulty shareholders are having in obtaining actual share certificates and of the massive naked short selling of OECI. Both bodies are investigating these issues.
About OECI
Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet- based communications systems, products, and services. OECI recently announced the acquisition of the IPTV business of PureNet.TV which will allow OECI to extend its communications vision and expertise into the market for IPTV video/internet services which is poised to experience rapid growth.
About PureNet.TV Canada Inc.
A private company, incorporated in the Province of Ontario, Canada, PureNet, is a privately funded company which was formed to research and develop a highly competitive IPTV technology and services and establish relationships with video content providers and equipment suppliers.
Forward Looking Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions including potential issues relating to interoperability, inability to introduce new products, changes in market conditions, government regulations, technological changes and other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to www.emailwire.com.
Contact Information
Contact Mr. Michael Magee, Executive Assistant, Orbit E-Commerce Inc., 416-850-7134 or via e-mail at: mmagee@orbitecommerce.com for information regarding this press release. For more information about OECI, see the Company's web site: www.orbitecommerce.com.
www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/03-09-2005/0003158873&EDATE=
Wednesday March 9, 7:00 am ET
TORONTO, March 9 /PRNewswire-FirstCall/ -- Orbit E-Commerce Inc. (OTC Bulletin Board: OECI - News), announced in a Press Release on January 19, 2005 that it had accepted an offer from PureNet.TV Canada Inc. ("PureNet") for PureNet to acquire OECI through a share exchange. As mentioned in the previous press release, OECI shareholders will be notified by letter of the details of the transaction which will be subject to shareholder approval. This transaction will require the shareholders to forward their actual share certificates to OECI's transfer agent to be exchanged for PureNet shares.
ADVERTISEMENT
In the meantime, OECI has strongly advised all shareholders who do not hold actual share certificates to demand their certificates from their stockbrokers. OECI has been inundated over the past several months with complaints from shareholders, who appear on a shareholder list and from those who don't because of naked short selling. Management believes that certain stockbrokers are not complying with their requests and indeed are trying to dissuade their clients through misinformation from holding share certificates in their possession.
This request by management is an effort to ensure there will be an orderly market for the Company's securities. The Company strongly recommends that investors, and/or their brokers, request that the shares they own be held directly by each shareholder in "certificate form." This can by done by a shareholder by requesting his or her stockbroker send in a request to OECI's transfer agent, Capital Transfer Agency, Inc., to transfer their current OECI stock held in "street name" into certificate format. This process can be completed in as few as four business days. Shareholders should make this request as soon as possible to validate authenticity prior to the exchange for PureNet shares.
These actions will enable the transfer agent and OECI to validate and audit the actual number of outstanding free trading shares and to determine where there are short positions in order to verify that these positions are being held properly. This request is also being made to discourage certain trading activities that management has become aware of and has reason to suspect may have negative effects on shareholder value. This action is part of management's plan to limit possible events and/or transactions that could diminish shareholder value.
The National Association of Security Dealers (NASD) in the USA and the Investment Dealers Association (IDA) in Canada, supervising bodies for stockbrokers, have been advised of the difficulty shareholders are having in obtaining actual share certificates and of the massive naked short selling of OECI. Both bodies are investigating these issues.
About OECI
Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet- based communications systems, products, and services. OECI recently announced the acquisition of the IPTV business of PureNet.TV which will allow OECI to extend its communications vision and expertise into the market for IPTV video/internet services which is poised to experience rapid growth.
About PureNet.TV Canada Inc.
A private company, incorporated in the Province of Ontario, Canada, PureNet, is a privately funded company which was formed to research and develop a highly competitive IPTV technology and services and establish relationships with video content providers and equipment suppliers.
Forward Looking Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions including potential issues relating to interoperability, inability to introduce new products, changes in market conditions, government regulations, technological changes and other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to www.emailwire.com.
Contact Information
Contact Mr. Michael Magee, Executive Assistant, Orbit E-Commerce Inc., 416-850-7134 or via e-mail at: mmagee@orbitecommerce.com for information regarding this press release. For more information about OECI, see the Company's web site: www.orbitecommerce.com.
www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/03-09-2005/0003158873&EDATE=