Equal time, the ANTS rebuttle to Bloomberg
ANTs software.com Comments On Bloomberg News Misleading Report of SEC Investigation
BURLINGAME, Calif.--(BUSINESS WIRE)--March 6, 2000-- ANTs software.com (OTCBB:ANTS) (www.antssoftware.com), a developer of advanced technologies to speed up computer processing, today commented on a Bloomberg News report headlined "Ants Software.com's Stock Surge Prompts SEC Fraud Investigation."
Frederick D. Pettit, the company's chairman and chief executive officer said: "We were contacted by the SEC in mid-January and notified that an informal investigation was underway to determine whether false statements, regardless of their source, had been made in postings on Internet investor bulletin boards and whether such statements may have a connection to the purchase and sale of the company's securities.
"At the time, we were advised there was no duty to report initiation of the investigation and, in fact, non-disclosure was preferable since an announcement serves as an alert to a wrong-doer. Therefore, my comments today are reluctantly given. However, Bloomberg has left the company no choice but to, once again, attempt to correct their misleading characterization of events.
"To begin with, we do not know what document serves as the basis for the Bloomberg report. There is nothing in any document that we have received that would indicate the motivation of the SEC's inquiry to be as described in Bloomberg's headline, nor in the following text. Furthermore, Bloomberg's article reports gratuitous, false and libelous comments from Bloomberg's previous releases regarding ANTs. Aside from the damages caused to us, we believe mischaracterization of the roots of this SEC inquiry, coupled with regurgitation of old, misleading statements is a disservice to Bloomberg's readers and to the investment community at large.
"Surprisingly enough, despite its obsessive interest in ANTs, Bloomberg made no report on the company's recent victory in the Mosiac case. Right up to the announcement of a second summary dismissal in the company's favor, numerous negative postings were made on the Raging Bull suggesting that ANTs was in danger of losing its intellectual property, and that its former officers and directors would be found guilty of fraud, etc.
"Nor has Bloomberg ever commented on even one of the many other spurious attacks that have been carried out against ANTs on Internet bulletin boards. It is worth noting that many of these attacks have been fulminated by Bloomberg's own shockingly biased reporting and, consequently, must fall within the scope of the SEC's investigation as we understand it.
"If Bloomberg persists in misrepresenting the nature of the SEC inquiry, we will make public all SEC originated correspondence with us regarding the purposes of the investigation -- so long as the SEC has no objection -- and ask Bloomberg to do likewise.
"For the reasons given, it has become essential and unavoidable that we clarify how ANTs views the SEC's inquiry. Simply stated, given all the misinformation that has been manufactured about the company, we welcome it. Interested parties should be aware that, in a recent meeting, I informed the head of the investigation that ANTs wishes to actively assist the SEC in whatever way possible. We have made clear to the SEC that we will do all we can to help identify wrong-doers, whoever they may be, and to bring this investigation to a prompt and successful conclusion."
In closing Pettit said, "We have turned over the issue of Bloomberg's misleading and libelous reporting on matters related to our company to counsel specially qualified to deal with such damaging conduct."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, and other risks.
CONTACT:
ANTs software.com
Leigh Salvo, 510/693-5238 (Investor Relations)
leigh@fullcirclesolutions.com
KEYWORD: CALIFORNIA |
