ITIS Believes Offshore Companies Cause Shareholder Losses
(Applies to: ITII ENRNQ)
ITIS Believes Offshore Companies Cause Shareholder Losses
biz.yahoo.com
HOUSTON, Feb 5, 2002 (BUSINESS WIRE) -- ITIS Inc. (OTCBB:ITII) previously brought suit against Cootes Drive, LLC, an alleged Cayman Islands entity, and its management, Southridge Capital Management, Canadian brokerage Thomson Kernaghan, and others for alleged stock manipulation. A group of Texas shareholders of ITIS Inc. also filed suit against these parties in 2001.
According to CEO Hunter M. A. Carr, "In our opinion, certain financing arrangements and market manipulation by offshore companies result in shareholders losing their investments. Just as we have seen with Enron in its dealings with a reported 881 offshore entities, it is our opinion that these offshore companies hide the truth from the other stockholders. Further, it is also our opinion that these offshore entities instruct their brokers to sell short, maybe even on the down-tick, with the intent to manipulate the stock of targeted companies. We think our evidence will show that these alleged schemes, which are usually some form of convertible financing, are used to drive the price of the stock down as the manipulators frequently sell short. In our opinion, their scheme continues to enrich them when they convert to common stock of the company at extremely low rates we think are caused by their manipulative practices, making millions of dollars for themselves in the process of hurting the other shareholders," explained Carr.
"In our original investigation of companies we believe to be victims of such schemes, it is our opinion that thousands of American shareholders of these companies lost an average in excess of $10,000 each, while the manipulators put millions of dollars in their own pockets," said Carr. "We are out to protect the investments of the shareholders of ITIS Inc., and while doing that, we hope to help others who, in our opinion, have had the same misfortune, and perhaps even help put a stop to this kind of illegal stock manipulation."
If you are or were a shareholder of ITIS Inc. (ITII), formerly named Internet Law Library Inc. (ELAW), we invite you to join our other shareholder-plaintiffs in this litigation (subject to approval by trial counsel). Please call our lawsuit hotline, 281/600-6000 Ext. 601 and leave the requested information.
If you believe your company's stock has been manipulated, or if you know of a company whose stock has been illegally manipulated, please call us at 281/600-6000 Ext. 601, or pass this information on to that company's management.
ITIS Inc. owns subsidiaries operating Internet sites that provide subscription access to databases used for legal research and tracking pending legislation, as well as processing documents for database conversion, searching and retrireview. They are: National Law Library (http://www.itislaw.com), GoverNet Affairs (http://www.govaffairs.com), Brief Reporter (http://www.briefreporter.com), and ITIS Inc./Litidex(R) (http://www.itisinc.com)
Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of ITIS Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations.
CONTACT: ITIS Inc., Houston
Investor Relations:
Carol Wilson, 281/600-6000 Ext. 605
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KEYWORD: TEXAS INTERNATIONAL CANADA LATIN AMERICA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
INTERNET
LEGAL/LAW
SOFTWARE
SOURCE:
ITIS
Inc.
STOCK SYMBOLS: [(itii)] |
