NEW YORK--(BUSINESS WIRE)--May 27, 2004--BIB Holdings, Ltd. (OTCBB: BIBO - News) announced today it learned that it is one of many publicly traded companies whose stock has been listed on the Berlin-Bremen Stock Exchange without the company's prior knowledge, consent or authorization.
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The company has directed its counsel to immediately contact officials at the Berlin-Bremen Stock Exchange to demand its immediate delisting, and is now considering its options to pursue appropriate remedies against the domestic and foreign brokerage firms responsible for this unauthorized listing.
According to various accounts in the media, the listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent NASD and SEC restrictions against "naked short selling." Short selling is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to return the shares back to cover their position. Naked shorting involves groups of people working together to manipulate the market by selling fictitious shares of stock in an effort to force a company's share price to go down. By listing the company's common stock on the Berlin-Bremen Stock Exchange, market manipulators may have sought the benefit of an "arbitrage" loophole that none of the present regulations are designed to close.
BIB Holdings CEO Gail Binder stated, "Recent trading activity in our company's stock caused our management, counsel, and consultants to investigate market trading activity. We were shocked and dismayed to learn that our company's stock was listed for trading on Berlin-Bremen Stock Exchange without our prior knowledge or consent. Based on media accounts, there are hundreds of companies in the same situation as we are, and we believe that an explanation for this is that individuals are using the arbitrage loophole illegally to engage in naked short selling, which may have had significant negative repercussions on the market price of our stock.
"We intend to follow the lead of other companies listed on the Berlin-Bremen Stock Exchange, all without prior authorization, in demanding both delisting and evidence of the individuals and firms that were ultimately behind the unauthorized listings," Binder added. "Investors interested in purchasing shares of BIBO should only purchase their shares from the NASD Over The Counter Bulletin Board (OTCBB) under the symbol, BIBO, as shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not currently recognized by BIB Holdings, Ltd."
About BIB Holdings
BIB Holdings, Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high-quality jeanswear and apparel under the mSasson, Home Turf and New Terrain labels as well as private label. Product lines have included jeanswear, sportswear, underwear, loungewear and outerwear, as well as accessories such as suspenders, ties, hats, scarves, gloves, jewelry, backpacks and small leather goods. BIB Holdings, Ltd. distributes its clothing via leading retailers throughout the United States and abroad. BIB has an exclusive multiyear license agreement with MARK TM, LLC to design, manufacture, promote and sell apparel under the mSasson brand name throughout the United States. For more information, visit the company's Web site at www.msasson.com.
TUFFY
quote:
Originally posted by TUFFY THE TRADER:
BIB Holdings, Ltd. Addresses Unauthorized Listing on the Berlin Stock Exchange
Thursday May 27, 8:30 am ETNEW YORK--(BUSINESS WIRE)--May 27, 2004--BIB Holdings, Ltd. (OTCBB: BIBO - News) announced today it learned that it is one of many publicly traded companies whose stock has been listed on the Berlin-Bremen Stock Exchange without the company's prior knowledge, consent or authorization.
ADVERTISEMENT
The company has directed its counsel to immediately contact officials at the Berlin-Bremen Stock Exchange to demand its immediate delisting, and is now considering its options to pursue appropriate remedies against the domestic and foreign brokerage firms responsible for this unauthorized listing.According to various accounts in the media, the listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent NASD and SEC restrictions against "naked short selling." Short selling is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to return the shares back to cover their position. Naked shorting involves groups of people working together to manipulate the market by selling fictitious shares of stock in an effort to force a company's share price to go down. By listing the company's common stock on the Berlin-Bremen Stock Exchange, market manipulators may have sought the benefit of an "arbitrage" loophole that none of the present regulations are designed to close.
BIB Holdings CEO Gail Binder stated, "Recent trading activity in our company's stock caused our management, counsel, and consultants to investigate market trading activity. We were shocked and dismayed to learn that our company's stock was listed for trading on Berlin-Bremen Stock Exchange without our prior knowledge or consent. Based on media accounts, there are hundreds of companies in the same situation as we are, and we believe that an explanation for this is that individuals are using the arbitrage loophole illegally to engage in naked short selling, which may have had significant negative repercussions on the market price of our stock.
"We intend to follow the lead of other companies listed on the Berlin-Bremen Stock Exchange, all without prior authorization, in demanding both delisting and evidence of the individuals and firms that were ultimately behind the unauthorized listings," Binder added. "Investors interested in purchasing shares of BIBO should only purchase their shares from the NASD Over The Counter Bulletin Board (OTCBB) under the symbol, BIBO, as shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not currently recognized by BIB Holdings, Ltd."
About BIB Holdings
BIB Holdings, Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high-quality jeanswear and apparel under the mSasson, Home Turf and New Terrain labels as well as private label. Product lines have included jeanswear, sportswear, underwear, loungewear and outerwear, as well as accessories such as suspenders, ties, hats, scarves, gloves, jewelry, backpacks and small leather goods. BIB Holdings, Ltd. distributes its clothing via leading retailers throughout the United States and abroad. BIB has an exclusive multiyear license agreement with MARK TM, LLC to design, manufacture, promote and sell apparel under the mSasson brand name throughout the United States. For more information, visit the company's Web site at www.msasson.com.
I wrote to them two days ago pointing out my concerns with the Berlin Exchange/naked shorting. I am happy to see them taking decisive action on this, like many I lost money holding BIBO stock the past few days the fact that it was probably due to this type of manipulation infuriates me. Way to go BIBO, I intend to keep the money I have invested in BIBO where it is and I will buy more to average down my share prices. This is a good long-term hold in my opinion, their product line has a lot of potential and they take quick and decisive action to protect their shareholders.
TUFFY
Thanks
quote:
Originally posted by TUFFY THE TRADER:
I AM NOT SURE HOW LONG IT TOOK THE OTHERS TO GET DELISTED OF THE BERLIN EXCHANGE...
TSBB was delisted in less than a week after they made their first PR that said they had sent the Berlin Exchange a letter asking to be taken off the exchange. I also sent a letter to IBZT and they claim they are seeking a delisting and they did not apply to be listed there either. Another one that would be worth writing to is GZFX and WNMI, they have a huge following in the penny world, I think they are both great companies with great potential and should also seek a delisting from the Berlin Exchange to discourage the practice of naked shorting. Its not right that smaller investors are getting screwed by this activity. Its enough dealing with the daily pump and dump schemes and trying to figure out what is a legitimate price increase without having to deal with arbitrage and complex international stock price manipulation. At least with the pump and dump campaigns you can tell when someone is setting a stock up for it in most cases, they usually are far too optimistic about a stock that is high risk with no significant news or real reason to run up in value in the near term. with arbitrage there is absolutely no way of knowing its there that I'm aware of. There's no indicator of excessive shorting or naked shorting except perhaps unusualy high volume and that's still not a clear sign in most cases. To check whether its listed on the Berlin Exchange put a .BE after it instead of .OB or .PK. If its there it is a candidate for possible naked shorting. Hopefully as more companies delist the Berlin Exchange will change their policies to discourage such activities.
quote:
Originally posted by Smctbone:
Why wait til after BIBO is delisted from Berlin (I am still new to this game and am learning)?? Wouldnt they want to start covering their shorts now, with todays notice of the unauthorized listing?Thanks
BIBO is still declining in share price coming off of the run from last week, most will want to wait until it stabilizes and hits bottom before buying back in.
quote:
Originally posted by Mainetrader:
BIBO is still declining in share price coming off of the run from last week, most will want to wait until it stabilizes and hits bottom before buying back in.
thanks for the advice
you think it will head lower than it did today ???? 0.14 is pretty low!
if it goes lower I will just have to buy more and average down - hoping this thing will turn around in a week or so
quote:
Originally posted by TUFFY THE TRADER:
I GUESS MY VENTING PAYED OFF!!!
A BIG THANKS TO MY GUARDIAN ANGEL!!
LETS ROLL BIBO!!TUFFY
Tuffy - I really want to see this roll. I thought it would have gone up just on them asking for delisting. Is there anything we can do to help companies like GZFX and IBZT get delisted?
quote:
Originally posted by Breezer:
Tuffy - I really want to see this roll. I thought it would have gone up just on them asking for delisting. Is there anything we can do to help companies like GZFX and IBZT get delisted?
Email the company. I've emailed GZFX no reply. Obviously, they need a barrage of emails to get their gears crankin'!! I suggest you and others email the shi-t out of them. One guy is definitely not enough to stir enough interest.
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Learn the difference between a rollercoaster and a ROCKET!!
MAYBE THEN THEY WILL TAKE ACTION....
quote:
Originally posted by EinnocE:
Anyone care to share their thoughts on BIBO right now? Declining again today. Will the decline continue or are we due for a turn around? Not sure what to make of this one.
I guess that the delisting from berlin it's not complate yet ,Iam not selling,here no way I will add more if we gonna go under .01 ,but I doubt that.
51 million shares outstanding and 5 million in public float are great numbers for a penny stock. This has traded at $1.50 for a 52 week high and has the potential to go much higher. They release frequent PRs and have released much good news in the past 3 months or so. In my opinion this stock is very undervalued. GAP is trading at almost $25 with more shares outstanding, there's no reason why this can't hit the $1 to $5 range or above within a year. I would be very surprised if this dipped below .01 and stayed there for any length of time. Usually with pennies I like to go in and out within a day or two, but BIBO, GZFX, IBZT, and QBID I am holding long-term because I think they all have great potential for pennies.
Once they delist, the party will be over for the shorters on the Berlin Exchange. The effect on PPS will depend on how much BIBO was naked shorted on the Berlin Exchange, and how investors react to the delisting. I can't say when it will end its decline but my feeling is its probably near the bottom, I'd expect a PR late next week announcing they have successfully delisted from the Berlin Exchange. I'm going to keep buying shares of this everytime PPS looks attractive, BIBO is my hidden gem for the year. :-)
Address:
7409 Oak Grove Ave.
Las Vegas
NV 89117
USA
Phone: 702-252-0429
Officers:
Gail Binder, Pres.
Shares Outstanding: 49,442,650 as of 2003-09-30
Estimated Market Cap: 667,476 as of 2004-05-28
Current Capital Change:
shs decreased by 1 for 10 split
Ex-Date:
Record Date:
Pay Date: 2003-01-29
Dividends:
Amount: Div: 1 sh Specialized Leasing Inc for every share held. Pending SEC effectiveness.
Pay Date: 2003-09-29
Record Date: 2003-09-29
State of Incorporation: NV
Company Notes:
Formerly=Specialized Leasing, Inc. until 9-03
Formerly=Sassoon Group, Inc. until 12-03
Transfer Agents:
American Registrar & Transfer Co., Salt Lake City, UT 84111
quote:
Originally posted by Rob:
Officially delisted as of today! May 31st.
http://finance.yahoo.com/q?d=t&s=BIBO.BE
Great news! thanks rob.
quote:
Originally posted by Rob:
Officially delisted as of today! May 31st.
http://finance.yahoo.com/q?d=t&s=BIBO.BE
Hi everyone. I have been following this stock for a little while now. As you can see we got news today that it has been delisted from the Berlin market. Get in while its low. I would recommend this stock to everyone. Good Luck!!
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alex
[This message has been edited by stocksrgoingup (edited May 31, 2004).]
BIB Holdings Ltd. Successfully Delisted from Berlin-Bremen Stock Exchange
Tuesday June 1, 8:30 am ET
NEW YORK--(BUSINESS WIRE)--June 1, 2004--BIB Holdings Ltd. (OTCBB: BIBO - News) announced today that it had successfully been delisted from the Berlin-Bremen Stock Exchange. The company had requested its counsel to seek immediate delisting when it had discovered that its stock had been listed without the company's prior knowledge, consent or authorization. The company believes that its shares had been listed on the Berlin-Bremen Exchange on or about March 1, 2004.
"BIB Holdings, as well as more then 200 other U.S. publicly traded companies, have been listed and traded on the Berlin-Bremen Stock Exchange without the companies' permission. The financial media has recently been reporting that this may be part of an effort by certain brokers to avoid U.S. restrictions against 'naked short selling.' Such practices may allow for market manipulation by selling non-existent shares of stock in an effort to force the price down," commented Gail Binder, BIB Holdings' CEO.
About BIB Holdings
BIB Holdings Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high-quality jeanswear and apparel under the mSasson, Home Turf and New Terrain labels as well as private label. Product lines have included jeanswear, sportswear, underwear, loungewear and outerwear, as well as accessories such as suspenders, ties, hats, scarves, gloves, jewelry, backpacks and small leather goods. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States and abroad. BIB has an exclusive multi-year license agreement with MARK TM, LLC to design, manufacture, promote and sell apparel under the mSasson brand name throughout the United States. For more information, visit the company's Web site at www.msasson.com.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, the ability to complete before-mentioned transactions and other risk factors detailed in the company's Securities and Exchange Commission filings. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
--------------------------------------------------------------------------------
Contact:
BIB Holdings Ltd.
Jeff Kaplan, 646-284-9300
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alex
quote:
Originally posted by stocksrgoingup:
Hi everyone. I have been following this stock for a little while now. As you can see we got news today that it has been delisted from the Berlin market. Get in while its low. I would recommend this stock to everyone. Good Luck!!
quote:
Originally posted by Breezer:
WHY? Why would you recommend it? I got in last week when everyone recommended it and now I am at 50% of what I bought it for. Is the fact that is was on the Berlin exchange the reason it nose-dived from .039 down to .012????? and now that it is off it will soar back up??? I am a newbie and just trying to make sense of it - can you help?
Sounds like you got on, on the raw end of the deal.
You've got to get on the train as its going up and take profits dont stay on too long or else you'll be in the hole.
quote:
Originally posted by Meshoe45:
Sounds like you got on, on the raw end of the deal.You've got to get on the train as its going up and take profits dont stay on too long or else you'll be in the hole.
Yea I would say you got in at the wrong time. When a stock is posted on the Berlin Exchange it is "naked traded" which causes the stock price to drop. Today I am almost 100% sure that it will be in the green. If not today tomarrow for sure. Good Luck!!!
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alex
quote:
Originally posted by Meshoe45:
Sounds like you got on, on the raw end of the deal.You've got to get on the train as its going up and take profits dont stay on too long or else you'll be in the hole.
quote:
Originally posted by Breezer:
Well, Meshoe - thanks for the advice. I got in while it was riding up and it never got to a place where I felt it was comfortable to take profits. So what do you advise now?
We'll I am almost sure as well that its going to go up today or tommarrow, not sure how high keep an eye on it, if it goes on a run again take a loss where you feel comfertable or who knows maybe it will go higher? Never can know!
But I wouldn't sell right away unless it continues to go down but as stated above by stocksrgoingup, im pretty sure it'all go up to, so the hit will be less.
quote:
Originally posted by Breezer:
WHY? Why would you recommend it? I got in last week when everyone recommended it and now I am at 50% of what I bought it for. Is the fact that is was on the Berlin exchange the reason it nose-dived from .039 down to .012????? and now that it is off it will soar back up??? I am a newbie and just trying to make sense of it - can you help?
Good news. Up to .016. Go BIBO!! Breezer if it was me, I wouldnt sell it but keep it untill it gets back up to the high .02 or low three, then sell it if you dont like it. I wouldnt sell it at a big loss, just my opinion you dont have to accept. Good luck!!
------------------
alex
quote:
Originally posted by jonv:
Just put in an order for 733,333 @ .015. Think it will be filled?
Guess will have to wait and find out!
quote:
Originally posted by stocksrgoingup:
Good news. Up to .016. Go BIBO!! Breezer if it was me, I wouldnt sell it but keep it untill it gets back up to the high .02 or low three, then sell it if you dont like it. I wouldnt sell it at a big loss, just my opinion you dont have to accept. Good luck!!
thanks for your input. I am holding and hoping!
quote:
Originally posted by Breezer:
Well, Meshoe - thanks for the advice. I got in while it was riding up and it never got to a place where I felt it was comfortable to take profits. So what do you advise now?
BIBO will be back up, imagine if they one day release a pr stating that a major retailer will be carrying their line? With the low shares outstanding, that's all it will take for this thing to go way up above $1, if you don't need the money you have in BIBO now for other things hold onto it, or if you're comfortable with your DD and believe the company has potential buy more shares at these lower prices to average down price paid for your shares and go longer term.
quote:
Originally posted by Mainetrader:
BIBO will be back up, imagine if they one day release a pr stating that a major retailer will be carrying their line? With the low shares outstanding, that's all it will take for this thing to go way up above $1, if you don't need the money you have in BIBO now for other things hold onto it, or if you're comfortable with your DD and believe the company has potential buy more shares at these lower prices to average down price paid for your shares and go longer term.
Sounds good - I will hold and may buy more.
quote:
Originally posted by Breezer:
Sounds good - I will hold and may buy more.
Aren't you glad you held now? :-)
quote:
Originally posted by Mainetrader:
Aren't you glad you held now? :-)
Yes - I am glad I held!