Company Press Release
Indocan Resources: Board of Directors Cancels 10.3 Million Shares
VANCOUVER--(BUSINESS WIRE)--Oct. 21, 1999--Indocan Resources Inc. (OTC BB: IDCN - news) On advice of legal council the board of directors of the Company has issued our transfer agent formal instructions to immediately cancel the following certificates issued in the named parties without any further delay:
Certificate 5228 for 1,940,000 shares to William Tang; 5231 2,240,000, Gordan Novak; 5239, 1,922,000, Michael Fiorillo; 5240, 1,161,000, Nick Nesci; 5250, 1,932,000, Peter Ahrens; 5266, 1,152,000, Basilo Sinnopoli. These shares were originally issued pursuant to Rule 144 of the Securities Act of 1933 in conjunction with the purchase Prodigy Resources of Toronto. The Company has information that the holders of these shares have sold the shares offshore prior to the expiration of the holding period and have thus violated the Securities Act. Company Secretary Tony Papa says, ``It is the opinion of our legal council that these shares should be canceled. These people were selling short our stock and have violated the spirit of the Securities Act and of our original agreement.' Mr. Papa further stated, ``Our Company will take all lawful measures to protect our shareholders from this type of abuse. We are considering civil actions against certain people using aliases to bash our Company on various Internet bulletin boards and chat rooms.' |
