NEW YORK--(BUSINESS WIRE)--Dec. 1, 2004-- Intrac, Inc. (OTCBB:ITRD) ("Intrac" or the "Company") and certain of its security holders have executed a non-binding Term Sheet with Innovative Drug Delivery Systems, Inc. ("IDDS"), a privately-held company which is a development stage specialty pharmaceutical company that applies proprietary technologies to develop new drugs and improved formulations of existing drugs for the prescription pain management market. The transaction contemplated by the Term Sheet would include the merger of IDDS into Intrac (or a wholly-owned subsidiary of Intrac) and a change of control of Intrac. Completion of the proposed transaction is subject to various terms and conditions, including but not limited to the negotiation and execution of definitive agreements between the parties, the arrangement of financing, necessary approvals by the boards of directors and stockholders and the satisfactory completion of due diligence. The current shareholders of Intrac would suffer substantial dilution as a result of the proposed transaction. There is no assurance that the proposed transaction will be completed. Earlier this year Intrac had entered into a merger agreement with a third party for a similar form of transaction, which agreement was later terminated.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are predictions by the Company's management and are subject to various risks and uncertainties that may cause results to differ from management's current expectations. Such factors include the ability of the Company to negotiate and complete any transaction with any third party, including but not limited to the proposed transaction detailed herein and other risks as detailed from time-to-time in the Company's reports and filings with the Securities and Exchange Commission. All forward-looking statements, if any, in this release represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update forward-looking statements.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL SOURCE: Intrac, Inc.
CONTACT INFORMATION: Law Offices of Robert Diener Robert L. B. Diener, 310-396-1691
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Did a little google searching on the company and this is what I dug up. Dunno if it's true or not, but it sure is fascinating:
"An other wrote: ITCN/IRAC 1-10 Split Thwarts NITE, Other MMs Editor in Chief Intrac, Inc. was once traded on the OTCBB under the symbol ITCN, but the company found itself the victim of a massive and merciless attack of naked shorting by Knight (NITE) and other MMs. So without a word to anyone, not even its own shareholders, the company changed its OTCBB trading symbol to IRAC, and pulled off a 1-10 reverse stock split and left the MMs in a huge bind. IRAC stock has jumped from 0.05 to 0.17 in a few days. A last minute Friday trade of 400,000 shares @ 0.05 - between MMs, one would suppose - makes it look like it has fallen, but trades have already exceeded the float of 300,000 shares, according to the transfer agent. After the split, there are said to be only 1,008,000 shares outstanding, and CEO Dr. Joseph Trachtman supposedly holds 700,000 of those. So, MMs are in the market and the upward pressure on the price is powerful. Picture the plight of the MMs. Stockholders must turn in certificates for the old shares, now worthless, in order to get the new ones. But you can't turn in shares you don't own, and you can't give your buyers the shares you sold them if you never had them in the first place. That means NITE and fellow naked-shorters must buy, buy, buy at whatever price the market demands, and there aren't that many shares for sale. If stockholders hold fast, the price could soar. About a dozen RagingBull message boarders conducted a share count among themselves, and by Friday 410,000 shares had been posted. One thing MMs are almost certain to be doing is trying to borrow ITCN stock from their brokers. Brokers, who are frequently beholden to MMs, are willing to lend their shareholders' shares ordinarily, but many shareholders have instructed their brokers not to lend their shares, and brokers must oblige or risk a lawsuit the shareholder would surely win. So, MMs may find little help there. They may simply have to pay the price of getting caught in their naked shorting scam, and pony up the cash to buy on the open market. (That's soooo sad. Excuse me while I get a hankie to dab at my tears with.) The thought does arise: What if more of the companies MMs have naked-shorted to ridiculous extremes suddenly did as Intrac has done? The idea must be giving MMs nightmares, and nobody deserves them more."
i agree that the MM's need to clean up their act, BUT, some CEO's are goin' to take advantage of the shareholders also... they can claim to be doing this that and the other to "trap" the MM's when in fact they have no diamonds er, i mean intention of increasing sharehloder value.....LOL
they say you can't CON an honest person....i wish that were true....LOL
Yeah, that was going through my head too. It may "crush" the MMs and put the share price through the roof, but I dont have any real desire to get "crushed" in the process along with them...
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