MANASSAS, Virginia, November 22, 2010 /PRNewswire-FirstCall/ -- On November 8, 2010, the Company became the subject of a trading suspension and an SEC Subpoena "In the Matter of Monks Den."
The trading suspension, which related principally to questions about the accuracy of certain press releases, was lifted at 11:59PM November 17, 2010.
The Subpoena required the submission of documents and testimony of certain persons associated with the Company relating principally to its relationship with Monks Den. Through its legal counsel and advisors, the Company and such Subpoenaed persons are cooperating fully with all requests from the SEC, have submitted the documents required under the Subpoena and the first of at least two SEC depositions to be given in this matter is scheduled for Monday November 22, 2010.
Preliminarily, the Company wants to state publicly:
- It is not and has never been involved, independently or in combination
with Monks Den or its principal(s), in any illegal stock profiting
scheme (commonly called "pump and dump").
- The Company has not to date paid for any promotional activity and does
not engage in any such activity.
- The Company is a legitimate, active Company which its management feels
is gaining traction in its redirected business plan and, in fact,
poised to become successful, among other activities, development of
its Brand8000 and nurturing the companies it has acquired over the
last 11 months.
- The Company accepts that it should have handled certain actions
differently and is prepared to take all appropriate corrective
actions, including issuing appropriate corrective disclosures.
- Nonetheless, neither the Company nor the Subpoenaed persons have
engaged in illegal stock profiting or market manipulation.
In fact, the Company would like to clarify and make public the following:
1. The acquisition of Monks Den was never completed; no payment was made or exchanged; and was not concluded. The Company accepts this aborted transaction could have been clarified earlier and this will be addressed with the SEC.
2. In conjunction with the Subpoena and its full cooperation with the SEC, the business records, activities, invoices, orders, agreements and additional supporting documents submitted have aggregated not less than 8000 pages (some 1.4GB of documents and records).
3. For some 6 months, the Company has been aware of illegal naked short positions and it has submitted stock audit findings and related documentation in the Company's submission to the SEC. This audit was based on the certified stock and certificate count prepared by the Company's Transfer Agent which recorded all stock positions by certificate number and by brokerage account as of September 30, 2010. This data was used as the base line and reference point for the Company's internal audit. Comparison to the certified baseline data identified discrepancies in the trading and stock positions of 8000inc stock. What is of concern to the Company is that significant numbers of shares purchased were not recorded and could not be identified in the Transfer Agents certified records. All data at the certificate and account position level, together with the identified discrepancies and Company's conclusions have been submitted to the SEC in full.
4. In that context, the Company has sent all recorded voicemails and e-mails, including those of a threatening nature, as part of its submission to the SEC.
5. Similarly, the Company has included in its Subpoena response its compilation (including names, websites, relationships) a file of all public boards making false allegations and associations pertaining to the Company and its associates engaging in scam operations, pump and dump schemes or payment for services, etc.
6. The Company will accept any future operational and disclosure directions from the SEC.
7. The Company and its associated persons are redoubling its efforts, looking back and forward, to make full and fair disclosure of its proper business activities.
While the Company regrets the trading suspension and investigation, it is more troubled with the scurrilous comments and false statements about the Company.
The Company will continue to inform and update its investors accordingly.
For more information please visit: http://www.brand8000.com http://www.8000incgroup.com http://www.8000inc.net
Or contact: [email protected]
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of 8000inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
For further information:
For further information: please visit: http://www.8000inc.net, Or contact: 8000inc, 10432 Balls Ford Road, Suite 300, Manassas, Virginia, 20109, USA, t. +1(703)881-7834, f. +1(703)881-7601, [email protected]
SOURCE 8000inc
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article