Anyone have any thoughts on whether this nano stock is good for a bounce play? It was staying around .05 - .06 for a while, now it's dropping pretty good.
Posts: 109 | From: oak ridge, nj USA | Registered: Oct 2003
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BUGS Takes Proactive Stance on Spin-off Distributions; Company Investigates Alternatives to Registered Spin-Off
Business Editors CARLSBAD, Calif.--(BUSINESS WIRE)--BUGS-- U.S. Microbics, Inc. (OTCBB:BUGS) today announced that it is investigating and exploring alternatives to registered spin-off distribution of shares of some of its subsidiaries' common stock acquired in 2002 in order to distribute value from these subsidiaries to BUGS shareholders. The Company currently wishes to spin-off stock from some of its subsidiaries to its shareholders. U.S. Microbics had previously been relying on these companies to file registration statements covering the shares in order that the Company may distribute them. To the disappointment of both BUGS and its shareholders, no registration statements have been declared effective by these subsidiaries to date and therefore these shares have not been distributed. As a result, the Company still holds these securities of such subsidiaries. The Company remains committed to assisting these spin-off companies in any effort to have their securities registered. But BUGS and its legal counsel are also investigating and exploring the feasibility and legality of alternatives to registered spin-off share distribution. BUGS CEO Robert Brehm commented, "BUGS and its shareholders have been waiting almost two years for some of our subsidiaries to have effective registrations for the spin-off shares. For one reason or another, no effective registrations have materialized. We therefore are working with our legal counsel to develop alternate plans to extract value from these subsidiaries. We intend to diligently pursue ways to distribute spin-off stock from our subsidiaries to our shareholders and will announce distribution plans once they become finalized." About U.S. Microbics Inc. U.S. Microbics is a business development and holding company that facilitates and develops the deployment of environmental technologies through its two divisions, USM Solutions and USM Capital. The company has holdings in more than eight corporations, including five majority owned subsidiaries. For more information on the company visit the website at http://bugsatwork.com. The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request. KEYWORD: CALIFORNIA INDUSTRY KEYWORD: ENVIRONMENT BIOTECHNOLOGY SOURCE: U.S. Microbics, Inc. CONTACT INFORMATION: U.S. Microbics Robert Brehm, 760-918-1860, ext. 102 www.bugsatwork.com