InsynQ Uncovers Stock Manipulation Scheme
biz.yahoo.com
TACOMA, Wash.--(BUSINESS WIRE)--April 27, 2001--InsynQ, Inc.
(OTCBB:ISNQ - news), a pioneer within the Internet Utility Industry,
announced today that 2,500,000 shares of its restricted common stock, that
had been previously reported as stolen, have been located.
FBI officials have been asked to investigate the matter further.
Over the last several months, the shares were used to short ISNQ stock and have created a short position ofapproximately 2,500,000 shares. This activity has resulted in artificially depressed stock values and has significantly hindered the company's ability to raise funds.
The shares, as previously disclosed in SEC filings, were issued to Tricorp under a written agreement in whichTricorp was to fund a $3,000,000 loan in September of last year. In a statement made this morning, InsynQ Chairman and CEO John Gorst said, \223Those having sold short now seek to postpone the day when they must buy to cover. They can do this by borrowing stock or paying a fee and interest from brokers holding InsynQ stock in street name. If you have any InsynQ stock held by brokers, I suggest you ask your broker to send the shares to you or register them in your name. This will take the stock out of play and force the short sellers to cover by buying into the market.\224
Gorst added, \223We are pleased that the FBI is now investigating and look forward to seeing our stock return to previous market values.\224
Contact:
InsynQ, Inc.
Addam Chandler, 888/590-7933 (Investor Relations)
ir@insynq.com |
