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Advanced Powerline Technologies, Inc., Today Announces Short Selling Concerns.
Advanced Powerline Technologies, Inc., Today Announces Short Selling Concerns..
About this update from Advanced Powerline Technologies, Inc.
[{"type":"text","content":"Advanced Powerline Technologies, Inc., Today Announces Short Selling Concerns.\r\n\r\nWOODWARD, OK -- (PINKSHEETS) - July 7, 2006 -- Advanced Powerline Technologies, Inc., (Pink Sheets: APWL - News) announces today management concerns regarding the possible short selling of the company's stock.\r\n\r\nAdvanced Powerline Technologies, Inc., (Pink Sheets: APWL - News) Interim President Timothy Pace stated today, \"Advanced Powerline Technologies, Inc., has announced our short term goal to import and sell high-quality flat panel LCD High Definition Televisions (HDTV), our mid-term goal of bringing the manufacturing of those televisions to the United States, and our long term goal of becoming a world leader in Broadband over Powerline (BPL) and Power Line Communication (PLC) friendly products. In pursuit of these goals, we have acquired high quality products, we are in the process of growing our sales, and our customers have expressed great satisfaction with the products they have received. In spite of these accomplishments I am dismayed, as are many of you, with our share price, which recently hit an unprecedented low.\" \r\n\r\nThere are approximately 14.2 million shares in the DTC, which are free trading shares, with about 11.6 million of those shares in the public float. The Depository Trust Company shows little movement of these shares even though there are several hundred thousand supposedly traded each day. \r\n\r\nManagement has spoken directly to several persons who have large positions in the stock and can discover none who are selling at these prices. It is our opinion that there is a significant short position in our stock. \r\n\r\nThe company is concerned that as we continue to grow and expand our asset base and our product lines, that the company could become a takeover target due to the current undervaluation of our shares. We are in negotiations for funding and are confident that these negotiations will come to fruitful conclusions. Should that take place the possibility of a takeover attempt will increase. \r\n\r\nIf there is a significant short position, shareholders who have their holdings in street name accounts, with the shares held by CEDE & Co., may have difficulty establishing their ownership to fulfill a tender offer. Therefore Management recommends that shareholders convert their shares to certificate form ...