Phoenix, AZ - July 7, 2017 -
InvestorsHub NewsWire - NOHO, Inc. (OTC
PINK: DRNK), a Wyoming corporation (the
"Company"), announced the following:
NOHO, Inc. has filed two complaints with FINRA alleging trading
anomalies by market makers and brokerage firms following an
internal analysis by the company.
The first complaint focuses on evidence of Regulation SHO
violations by market makers employing collusive efforts to
manipulate the share price. Rule 203(b)(1), which
lies at the core of Regulation SHO and has been in force since
Regulation SHO was first adopted in 2004 and became fully effective
in January 2005, states:
"A broker or dealer may not accept a
short sale order in an equity security from another person, or
effect a short sale in an equity security for its own account,
unless the broker or dealer has: (i) Borrowed the security, or
entered into a bona fide arrangement to borrow the security; or
(ii) Reasonable grounds to believe that the security can be
borrowed so that it can be delivered on the date delivery is due;
and (iii) Documented compliance with this paragraph (b)(1)."
We believe a few market makers have violated the fair market
making requirements, Regulation SHO, and Rule 5100 by selling stock
short without locating the stock for delivery at settlement and
have not been engaged in bona fide market making which lead to
conversion or misuse of customer funds, misuse of customer
securities, as well as failure to maintain possession or control of
fully paid securities without the customer's knowledge.
The second complaint alleges abuse of convertible note holders
who misuse Rule 144 by intentionally revising previously executed
promissory notes to include a convertible feature and declaring
that tacking under Rule 144 applies.
David Mersky, NOHO, Inc.'s CEO, stated, "Upon internal analysis
of recent trading activity in our stock, there is solid evidence
that certain parties have colluded to depress our share price in
violation of Regulation SHO and Rule 5100. The time has come to
shed light on these illicit activities and we look forward to
working with regulators in this effort."
Additionally, in conjunction with the
alleged illegal trading activities stated above, the company has
identified certain parties who have made libelous public statements
about NOHO's business operations and management. It is alleged that
these individuals are "paid bashers" who are employed by market
makers and others to disseminate knowingly false information to
erode confidence in the company and depress the share price. "We
have identified individuals who have continually made and repeated
false and defamatory statements about the company and management
and have relayed this information to FINRA," Mersky continued. In
addition, the company is also pursuing these people outside of the
regulatory process and is currently notifying, among others, the
state Attorney General's Office in Tennessee, alleging violations
of criminal forgery statutes. See, Tennessee Code, Title 39 -
Criminal Offenses - 39-14-114.
Issuer Stock Repurchase Program
The Company intends to activate a stock repurchase program
("Stock Repurchase") pursuant to Rule 10b-18 which allows Issuers
to post bids for and purchases of an issuer's common stock by or
for an issuer or an "affiliated purchaser" of an issuer. The safe
harbor excludes bids and purchases made during certain corporate
events such as mergers, tender offers, and distributions that
involve the issuer. The safe harbor provides only that certain,
specific provisions of the securities laws will not be considered
to have been violated solely by reason of the manner, timing,
price, or volume of such repurchases, provided the repurchases are
made within the limitations of the Rule. The company will disclose
all information regarding the common stock the Company has
repurchased as it is important and useful to investors to include
specific information regarding repurchase activity by issuers and
their affiliates.
Cancellation of Class B Preferred
Shares
NOHO has instructed counsel to cancel all Class B preferred
shares. As a result, the insiders will no longer have that
mechanism to obtain common stock. It should be further noted that
the insiders of NOHO have never converted any shares in this class
and therefore have never owned or sold any common stock. The
company has directed counsel to further reduce the authorized
shares commensurate to this cancellation. Further updates will be
provided as developments occur.
Sibannac, Inc.
NOHO, Inc.'s CEO, David Mersky, has become the Chief Executive
Officer of Sibbanac, Inc. (OTC:
SNNC). Mr. Mersky will remain in his role in NOHO and at this
time the acquisition by SNNC of IMBUTEK HOLDINGS, CORP., will have
no effect on the NOHO shareholders. "While we had originally
intended to change the name of NOHO to IMBUTEK to pursue new
acquisitions, we have now determined that the NOHO brand is too
valuable and must stand alone, in light of recent product
distribution and the new FDA registered and clinically tested
medicine that is going into production. Sibbanac will change its
name to IMBUTEK HOLDINGS CORP, which will allow us to expedite our
original plan. Sibbanac is fully reporting and we are catching it
up on its filings, which we'll have completed very quickly." The
company looks forward to updating NOHO shareholders about the
impact of Sibannac's recent developments. For further information,
please see the latest 8-K from Sibbanac, Inc.
For additional information on NOHO please visit www.nohodrink.com and at www.instagram.com/nohodrink,
as well as at www.twitter.com/nohodrink.
Cautionary Note Regarding Forward-Looking
Statements.
This press release contains statements that constitute
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the Noho, Inc. (the
"Company"), its directors or its officers with respect to, among
other things: (i) financing plans; (ii) trends affecting its
financial condition or results of operations; (iii) growth
strategy and operating strategy. The words "may", "would",
"will", "expect", "estimate", "can", "believe", "potential" and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, many of which are
beyond the Company's ability to control, and actual results may
differ materially from those projected in the forward
looking statements as a result of various factors. You should
not place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors,
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Important factors that could cause actual
results to differ materially from the company's expectations
include, but are not limited to, those factors that are disclosed
under the heading "Risk Factors" and elsewhere in documents filed
by the company from time to time with the United States Securities
and Exchange Commission and other regulatory authorities.
Investor/Media Contact:
info@nohodrink.com
