Pickups Plus, Inc. Demands Immediate Removal of Unauthorized Listing on Berlin Stock Exchange 5/28/2004 7:00:00 AM
CINCINNATI, May 28, 2004 (BUSINESS WIRE) -- Pickups Plus, Inc. (PUPS) , a retailer and national franchiser in the expanding light truck and SUV aftermarket accessory industry, today learned that the company has been listed on the Berlin Stock Exchange along with more than 200 U.S. publicly traded companies recently listed without authorization. Pickups Plus attorneys have issued a demand letter to the Berlin Stock Exchange requesting immediate removal from the exchange's stock listing process.
According to Pickups Plus, the listings appear to be part of an effort by domestic and foreign brokers to circumvent recent National Association of Securities Dealers (NASD) and U.S. Securities and Exchange Commission (SEC) restrictions against so-called "naked short selling." Naked shorting involves groups of people working together to manipulate the market by selling fictitious shares of stock in an effort to force a company's share price to go down.
"By listing the company's common stock on the Berlin Stock Exchange, market manipulators sought to benefit from an 'arbitrage' loophole that none of the present regulations was designed to close," said Pickups Plus, Inc. CEO Merritt Jesson.
"We were both incensed and appalled to learn that our stock could be listed on a foreign exchange without our knowledge or consent, " Jesson said. "We have joined other companies in demanding the immediate de-listing of our common stock from the Berlin Stock Exchange listings."
Jesson added that investors interested in acquiring Pickups Plus, Inc's stock should do so only on the Nasdaq over the counter Bulletin Board under the trading symbol OTCBB:PUPS
Pickups Plus, Inc. is a retail operator and franchiser of retail automotive parts and accessories stores catering to the light truck market, which is considered to be the fastest growing segment of the motor vehicle market in the United States. There are currently six franchised locations in operation and two Company owned-stores. The Company intends to pursue an aggressive expansion strategy by opening additional company-owned stores and franchise locations to become the first nationwide chain in its growing, but highly fragmented industry. For more information about the Company go to www.pickupsplus.com and look for updates in the Chairman's Letter which will be posted monthly.
SOURCE: Pickups Plus, Inc.
Pickups Plus, Inc.
Sean Hayes, 860-633-0377
shayes@Pickupsplus.com
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