This just in! Looks like someone wants a little distance from that ole' rip-snortin' Gifs gang. BTW, I think I recognize that prodigy e-mail as MO's when he was posting in usenet about a great investment opportunity.
Subject:
IRI TEMPORARILY SUSPENDS GIFS
Date:
Thu, 1 May 1997 18:47:01 -0400 (EDT)
From:
StreetLevel <nymg@pipeline.com> (by way of StreetLevel <nymg@pipeline.com>)
To:
gvlh24a@prodigy.com, nymg@pipeline.com
CC:
investor.relations.genesis@juno.com, jmaz05a@prodigy.com
FOR IMMEDIATE RELEASE: BUSINESSWIRE // THURSDAY, MAY 1, 1997 AT 6 P.M.
********
INVESTORS RESEARCH INSTITUTE TEMPORARILY SUSPENDS
GENESIS INTERNATIONAL FINANCIAL SERVICES (GIFS / OTC)
Greenwich, CT and Nashville, TN --- Following the ten-day suspension
in trading today for the common shares of Genesis International Financial
Services, Inc. (GIFS / OTC), the Investors Research Institute (IRI) released
the contents of the following letter which has been transmitted to the company:
*****
May 1, 1997
Ms. Jeanne Barnes Bryant, Receiver
Mr. Mohamed Khairy Mohamed Zayed II, CEO
Genesis International Financial Services, Inc.
735 Broad Street, Suite 1001
Chattanooga, TN 37402
Via Fax: 423-266-7750 and 615-532-8223
Dear Ms. Bryant and Mr. Zayed:
Please be advised that pursuant to the requirements for continued listing as
an Elite Corporate Member of the Investors Research Institute, your
Certificate of Membership is hereby temporarily suspended without prejudice
to any of the parties concerned pending the resumption of public trading in
your common stock.
At such time as your common stock resumes trading, the Institute will
entertain a letter signed by such individual who shall at that time have
authority to enter into such agreements on behalf of the company, that your
company will thereafter abide by the terms of the statements your company
has made in writing regarding such Membership, mainly that you will
thereafter adhere to the published standards for
disclosure and accessibility to public shareholders required for Elite
Corporate Membership.
Upon receipt of such a letter, similar to the one previously in force, the
Institute will evaluate and act upon your requalification. Please call me
if you have any questions.
Sincerely,
Gary Cella
President
*****
ELITE CORPORATE ENROLLMENT
SIGNIFIES SUPPORT FOR PRO-ACTIVE ACCESSIBILITY
An important mission for the Investors Research Institute (IRI) is to help
bridge the substantial gap between investors who want to access material
data about investments in emerging growth companies, and small- and mid-cap
public companies which want to make their data accessible. Membership in
IRI is available to private investors, analysts, broker/traders, investor
relations practitioners, industry service representatives and corporate
CEOs, CFOs and other executives who have investor relations and shareholder
responsibilities.
Additionally, IRI offers a unique Elite Corporate Membership Program for
such companies which, by enrolling, wish to make an important pro-active
statement that they support serious investor scrutiny and access by
voluntarily adopting the strict investor disclosure guidelines required for
such Elite Corporate Membership. The Elite programs are designed to enhance
investor accessibility.
VOLUNTARY DISCLOSURE GUIDELINES
The Investors Research Institute, a membership research think tank devoted
to the enhancement of standards for small cap companies, endorses the
following standards of disclosure as outlined by the Association of Publicly
Traded Companies (APTC Voice, August, 1996), authored by Maryann A. Waryjas,
Esq., partner, Jenner & Block:
"Information is material if there is a substantial likelihood that a
reasonable stockholder would consider it important in deciding how to act.
Generally, any information that affects the price of securities, up or down,
would be regarded as material.
"Matters that may constitute material information include proposed
significant mergers or acquisitions or loss of a significant contract; major
management changes; a significant change in capital investment plans; the
purchase or sale of a significant asset; incurring significant debt or the
sale of significant amounts of securities; pending significant litigation; a
major discovery or invention; and the marketing of significant new products."
Additionally, IRI advocates higher standards of disclosure to include:
1. Voluntary disclosure of financing and other events, planned and/or in
progress which will impact either the outstanding shares or the float or
both; and
2. Voluntary disclosure with respect to insider buying and selling at the
time of such transactions.
All Members of the Investors Research Institute are eligible to serve on the
Task Force on Best Practices and Disclosures. Seminars on Best Practices
are scheduled in the near future. All Members will be invited to attend and
participate. Membership in IRI signifies the investor relations practices
of a Member represent the highest standards.
-30-
Contact: Investors Research Institute, 2 Greenwich Plaza, Suite 100,
Greenwich, CT 06830. Phone 203-622-3935. E-Mail: IRI@NetCapital.com. |
