AAMPRO Group, Inc. Delisting From Unauthorized Foreign Stock Exchange
FRIDAY, FEBRUARY 04, 2005 4:06 PM - PR Newswire BRIDGEWATER, N.J., Feb 04, 2005 /PRNewswire-FirstCall via COMTEX/ -- AAMPRO Group Inc. (Company) (AAPO) announced that it has requested to have its stock delisted from the Berlin-Bremen Stock Exchange (BBSE or the Exchange) in an effort to protect its shareholder value. AAMPRO recently discovered that it was one of numerous U.S. publicly traded companies whose stock was listed on the BBSE without its knowledge, consent or authorization.
AAMPRO received a notice from an independent source explaining that its stock had been listed on the BBSE by an independent third party sponsor, without the Company's knowledge, consent or authorization. Upon notification, the AAMPRO's Board of Directors urged the Company to get the stock delisted due to reports that some stock traders could manipulate the stock price via trading on the BBSE, and avoid the illegal "naked shorting" rules that apply in the United States. Many companies have been victims of these unauthorized listings by brokers who attempt to circumvent recent National Association of Securities Dealers, and Security and Exchange Commission (SEC) restrictions against "naked short selling", which involves selling non-existent shares of stock in an effort to force the share price to go down.
Stephen Farkas, CEO of AAMPRO, noted: "We were very concerned by reports that listings on certain foreign exchanges could be a potential mechanism for manipulating the market price of U.S. stocks through short selling techniques. We want the AAMPRO stock price to reflect the intrinsic value of our business, and we will continue to take whatever actions necessary to protect our shareholder value. The unauthorized listing of the AAMPRO stock on the Berlin- Bremen Stock Exchange is not in our Company's best interest, and may have had a negative impact on the stock value over the past year. We are grateful that the representatives at the Berlin-Bremen Stock Exchange have been accommodating in our efforts to be delisted to date, and hope that this will no longer have an undesirable effect on our stock price."
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