Re: 8/25/00 - [BIFS] BioFiltration Systems Inc. Issues Statement Regarding Recent Attacks to Discredit the Company and its Products and Solicits Federal Law Enforcement and SEC Intervention
( BW)(FL-BIOFILTRATION-SYSTEMS)(BIFS) BioFiltration Systems Inc. Issues Statement Regarding Recent Attacks to Discredit the Company and its Products and Solicits Federal Law Enforcement and SEC Intervention
Business Editors/Technology Writers
SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 25, 2000--BioFiltration Systems, Inc. (OTCBB:BIFS) announced today that it is taking steps to solicit the assistance of Federal Law Enforcement authorities and Securities and Exchanges regulators to investigate the recent attempts by several persons to wrongfully discredit the company, its products, and its executives. In a statement issued by Al Keyser, CEO of BioFiltration Inc., it was announced that he would be seeking the assistance of federal law enforcement and SEC regulators to investigate the variety of recent attacks made against the company and its stock by "bashers" and others who have made false and harmful claims and is also soliciting the investigation of those persons who published articles on the internet claiming to have knowledge of the company's products and who attempted to discredit their reliability without having seen them demonstrated. Mr. Keyser is seeking that these investigations attempt to tie together the behavior and actions of these persons with those who may have solicited their actions and been involved in conspiring against Biofiltration. Inc, to derail the national rollout of its products.
The recent attacks made against Biofiltration came after the company announced the release of its new wireless high-speed roaming Internet product (SWOMI) and began marketing the product several weeks ago. On the heels of a dramatic number of contract signings for the product by both private and government entities, a corresponding boost to the stock price of the company occurred which elevated the price per share from twenty-five cents to over two dollars per share in a two week period. This rise in stock price was attributed by Mr. Keyser to strong investor speculation about the impact that this new technology would have in competing with large dial-up services and to the potential consumer demand which could follow by those tired of slow internet access.
Following this demonstrative growth came a flood of "bashing" by posters on the Raging Bull Board and other such mediums in an overt attempt to discredit the company, its executives, and its products. According to the company, many of these posters made false and illegal statements in an overt attempt to bring down the stock price and the company. About the same time as the bashing started, came the participation by over twenty-five Market Makers who began to actively trade the stock. Soon after this attention was focused on BIFS stock, the price of the stock was driven down from a high of two dollars and twenty-five cents per share, to a low of fifty-five cents per share in a single day on 8/16/2000.
Mr. Al Keyser, CEO of Biofiltration stated "Although the company is steadfastly focused on achieving its business objectives of rolling out our key products on a national level, it appears that the intensity of today's marketplace requires that we also devote equal attention to aggressively defending the interests of our shareholders from those who would engage in unethical and illegal behavior. Given that our stock is still traded on the pink sheets, because of SEC rules, it doesn't enjoy the same level of protection afforded to those stocks traded on the NASD, and this contributes to manipulation of the stock price and promotes harmful volatility by uncontrolled shorting of the stock."
Jay Knabb, CEO of Beach Access and Developer of the SWOMI system commented that, "We have always taken a proactive role in communicating the position of the company and our product development efforts to our investors through a variety of mediums and we plan to aggressively pursue those who would employ illegal practices and manipulation to force down the fair market value of our stock. Our company is actively pursuing partnerships and alliances with companies that can assist us with the national roll out of our technologies and we owe it to our investors to exhaust every means possible to identify and seek prosecution against those who have engaged in illegal practices to try and stop these efforts. We are well aware of the promise that this technology holds for our investors, our future customers, and its potential impact on business and home computing and we have no intention of letting a few people stop us from reaching our goals."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking statements, including, but not limited to, the Company's ability to market its products and services and future customer acceptance for these products and services and other risks detailed from time to time in company documents furnished to investors. Contact:
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CONTACT: BioFiltration Systems, Inc., Sarasota
Al Keyser, Toll Free: 888/246-3587 or 941/343-9300
Fax: 800/536-9379 or 941/343-0404
URL: (www.biofiltrationsystems.com)
Email: bfs@gte.net
KEYWORD: FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS INTERNET
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