GloTech Comments on Recent Regulatory Action Relating to Short-Sale Rules
2003年10月28日 - 5:07AM
PRニュース・ワイアー (英語)
GloTech Comments on Recent Regulatory Action Relating to Short-Sale
Rules GAINESVILLE, Fla. and LOUISVILLE, Ky., Oct. 27
/PRNewswire-FirstCall/ -- GloTech Industries, Inc. (BULLETIN BOARD:
GTHI) http://www.glowbike.com/ , today commented on recent
regulatory action relating to short-sale rules. According to the
Dow Jones Newswire, The Securities and Exchange Commission (SEC)
voted Wednesday (October 22, 2003) to seek comment on a
controversial proposal to overhaul short-sale rules. Changes would
require a second vote of the SEC after a 60-day comment period.
Under the proposal, most U.S. markets would have to play by the
same rules, allowing short sales only at prices that are at least a
penny above the best national bid. To combat abusive short selling
in small stocks, the SEC proposed that brokers show they believe
the short seller can locate shares to borrow within two days. Short
sellers who fail to do so would be barred from selling the same
stock short for 90 days unless the shares were borrowed before the
sale. "We are encouraged by the recent action taken by the SEC,"
stated George Harman, Chairman of GloTech Industries. "The SEC has
now begun to formally address what we understand to be a widespread
and significant problem. We believe rule changes designed to
eliminate manipulative short-selling can have positive effect on
equity markets and look forward to their implementation." About
GloTech: GloTech Industries is a technology-based company,
headquartered in Gainesville, Florida, which develops,
manufactures, and markets proprietary products, including
GlowBike(TM), GlowVest(TM), GlowLogos(TM), GlowHat(TM) and the
Wedge(TM), based on patent-pending electroluminescent (EL)
technology. The Company's products are directed to the vehicle
safety, safety apparel and sports apparel and novelty markets.
Corporate and institutional shareholders include FullCircle
Registry, Inc. (OTC:FLCR) (BULLETIN BOARD: FLCR) and The University
of Florida Research Foundation. This press release contains certain
forward-looking statements, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Expressions of future goals and similar expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking
statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those currently
anticipated. Factors that could cause or contribute to such
differences include, but are not limited to market acceptance of
products and technologies, the Company's ability to continue to
secure sources of financing and other factors as described in the
Company's filings with Securities and Exchange Commission. The
Company undertakes no obligations to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this press release.
For more information please contact Heinz Fraunhoffer, President
and CEO at (352) 334-7245 DATASOURCE: GloTech Industries, Inc.
CONTACT: Heinz Fraunhoffer, President and CEO of GloTech
Industries, Inc., +1-352-334-7245 Web site:
http://www.glowbike.com/
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