Hi Tony and other KNIC followers! WOOOo! Wild day today!!! Right now the stock is trading at BID 7 3/8 ASK 7 5/8, but it was low as BID 6 1/8 and ASK 6 3/8 around 9:50AM EST!!!! Looks like some investors have lost patience along with SHORTers, took the stock down. The LONGS caught them napping though because I bought another 26,600shares for 3 of my clients. Other large investors with already sizable positions also did heavy buying. At these levels the price is still a joke!!! I guess the volatility caught KNIC and PURE ENERGY management by surprise and they decided to make a statement to kill any potential "negative" talk.
Got to go and get more buy orders before the stock goes over 8, here is the news release today:
LOS ANGELES, and NEW YORK, Dec. 12 /PRNewswire/ -- Chairmen of
The L.L. Knickerbocker Co., Inc. (Nasdaq: KNIC) and Pure Energy Corporation, a
privately held company, issued the following statements today.
Louis L. Knickerbocker, Chairman & CEO of The L.L. Knickerbocker Company,
said "This Company has never been in a healthier state. We are on track for
virtually every program. We are projecting $20 million in revenues for the
fourth quarter and $80 million in revenues for fiscal 1997, with
profitability. Consolidations are underway on the Company's recent
acquisitions of Harlyn International Company, Inc. with annual sales of
$10 million and Georgetown Collection, Inc. and Magic Attic, Inc. with annual
sales of $35 million. L.L. Knickerbocker currently has assets in excess of
$50 million. Our equity investments in Pure Energy Corporation, Insta-Heat
and Self Heating Container are progressing as expected and we remain solidly
optimistic as to their future as well as the future of The L.L. Knickerbocker
Company."
Merrick G. ("Rick") Andlinger, President & CEO of Pure Energy Corporation,
said "The Company is continuing to implement its plan for commercialization of
its alternative motor fuel. PEC has made substantial progress since the late
summer, when I joined the Company, and I am enthusiastic about our business
prospects."
The L.L. Knickerbocker Co., Inc. develops a line of celebrity endorsed
products, contracts for the manufacture of those products to the Company's
specifications and sells them to customers through diverse retail markets. In
addition, the Company manufactures and sells its own jewelry products through
diverse markets and through its own worldwide sales force. Through its equity
interest in Pure Energy Corporation, the Company is actively involved in the
development of an alternative fuel.
SOURCE The L.L. Knickerbocker Co., Inc.
CONTACT: Louis L. Knickerbocker of The L. L. Knickerbocker Company,
714-858-3661; or Fran Daniels of Financial Sciences of America, 310-278-4413
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