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EverGreen
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same situation as PAIV

3:38 09/11/2006 ANII Advanced Nutraceuticals, Inc. Common Stock BTCP Bactolac Pharmaceutical, Inc. Common Stock 1-500 R/S;
>>> Shareholders with less than 500 shares will be cashed out ($4.00/sh)**

Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
madmoney
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Posts: 2503 | From: connecticut | Registered: Mar 2005  |  IP: Logged | Report this post to a Moderator
madmoney
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Advanced Nutraceuticals Announces Recent Trading Activity Potentially Impacting Company's Ability to Complete Upcoming Proposed Reverse Split
Aug 31, 2006 3:13:00 PM
DENVER, Aug. 31 /PRNewswire-FirstCall/ -- Advanced Nutraceuticals, Inc. (OTC Bulletin Board: ANII) announced today that in connection with a review of trading activity in its common stock, a sizable position is being accumulated by individual account holders with up to 499 common shares in each account. Based upon current preliminary estimates, there appears to be an accumulation of approximately 170,000 shares so held which the Company believes are being purchased at the current market price in anticipation of being redeemed at the $4.00 per share price to be paid for fractional shares resulting from the Company's proposed reverse stock split.

As described in its definitive proxy statement filed with the Securities and Exchange Commission and mailed to shareholders of record as of August 3, 2006, the Company announced a proposed reverse stock split on the basis of one share for each 500 shares outstanding in order to reduce the number of shareholders of record to less than 300. Subject to approval by the Company's shareholders, this reverse split will allow the Company to "go private" by terminating its registration under the Securities Exchange Act of 1934 and removing its common stock from quotation on the OTC Bulletin Board. Based upon an analysis completed during the process of evaluating the reverse split, it was determined that the cash required to re-purchase fractional shares resulting from the reverse stock split would require an amount less than $1.0 million, including administrative expenses. Accordingly, the Company's senior lender, whose approval was required in order for the Company to conduct the reverse split, set a cap on the amount of funds to be made available to the Company for the reverse stock split of $1.0 million. Based upon the significant number of new shareholders who have purchased 499 shares or less of the Company's common stock in order to arbitrage the Company's current stock price, the funding that would be required to re-purchase fractional shares from the Company's existing and new shareholders would significantly exceed the $1.0 million ceiling.

The Company and its Board of Directors, in consultation with its legal counsel, is evaluating its possible options due to this situation and considering whether it would be prudent and could obtain the approval of its lender to increase the funds available for re-purchasing fractional shares and, in any event, whether it can afford to approve the reverse stock split at the Company's annual meeting on September 8, 2006. The Board of Directors may determine, among other possibilities, to terminate the reverse split, postpone the reverse split or adjust the reverse split magnitude to meet the Company's objectives, while working to ensure continued compliance with the requirements under its loan agreements.

The Company is a private label contract manufacturer of vitamins and supplements. Through its wholly-owned subsidiary, Bactolac Pharmaceutical Inc., the Company formulates, manufactures, coats and packages encapsulated and compressed tablets, powder blended vitamins and related nutritional supplements.

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EverGreen
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apparently the 500 rule is being confirmed by the SEC today

will see

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madmoney
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quote:
Originally posted by EverGreen:
apparently the 500 rule is being confirmed by the SEC today

will see

or not. the company is deciding today. nothing to do with the SEC, per the above posted PR.
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EverGreen
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i mean - is listed here

OTCBB SYSTEM CHANGES - 09/08/2006

OTCBB Daily List
Other-OTC / Portal / PPS Daily List

SECURITY ADDITIONS
Updated Symbol Company Name Effective Date/Comments
13:38 CFBN Community 1st Bank (CA) Common Stock 09/11/2006 **
13:38 SOLN Smart Online, Inc. Common Stock 09/11/2006 From NBB (SOLN) **
13:38 UGIR University Girls Calendar, Ltd. Common Stock 09/11/2006 From NBB (UGIR)
13:38 VCVC Vector Ventures Corp. Common Stock 09/11/2006 From NBB (VCVC) **
SYMBOL CHANGES
Updated Date Old Symbol New Symbol Name Comment
13:38 09/11/2006 GWAQE GWAQ Great Wall Acquisition Corporation Common Stock **
13:45 09/11/2006 GWAUE GWAQU Great Wall Acquisition Corporation Unit 3/16/2009 **
13:45 09/11/2006 GWAWE GWAQW Great Wall Acquisition Corporation Warrant 3/16/2009 **
13:38 09/11/2006 LSKAE LSKA Liska Biometry, Inc. Common Stock **
13:38 09/11/2006 SCVEE SCVE Santa Clara Valley Bank N.A. (CA) Common Stock + **
13:38 09/11/2006 SOADE SOAD SINO-American Development Corporation Common Stock **
NAME/SYMBOL CHANGES
Updated Date Old Symbol Old Name New Symbol New Name Comment
13:38 09/11/2006 ABZS Abazias, Inc. Common Stock ABZA Abazias, Inc. New Common Stock 1-40 R/S **
13:38 09/11/2006 ANII Advanced Nutraceuticals, Inc. Common Stock BTCP Bactolac Pharmaceutical, Inc. Common Stock 1-500 R/S; Shareholders with less than 500 shares will be cashed out ($4.00/sh)**
13:38 09/11/2006 IPTM Imperial Petroleum, Inc. Common Stock IPMN Imperial Petroleum, Inc. New Common Stock 1-4 R/S **

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madmoney
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The Company and its Board of Directors, in consultation with its legal counsel, is evaluating its possible options due to this situation and considering whether it would be prudent and could obtain the approval of its lender to increase the funds available for re-purchasing fractional shares and, in any event, whether it can afford to approve the reverse stock split at the Company's annual meeting on September 8, 2006. The Board of Directors may determine, among other possibilities, to terminate the reverse split, postpone the reverse split or adjust the reverse split magnitude to meet the Company's objectives, while working to ensure continued compliance with the requirements under its loan agreements.
----------- the split/name change has not happened yet and can be cacelled or changed up to the day before it takes effect, it has happened before, be careful, the share holders meeting is today should have an update later or monday pre-market. I could be wrong use your own best judgement!. if it does go through it may be a while before shares are cashed out, days,weeks,months? no way to know, suggest calling the company.

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EverGreen
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just to inform that the payment of the shares has been credited today on accounts
Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
   

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