Global Stock Transfer Sues DTC over Electronic Exits
2/21/2003 8:30:00 AM
DENVER, Feb 21, 2003 (BUSINESS WIRE) -- Denver-based Transfer Agency, X-Clearing Corporation, DBA Global Stock Transfer, Inc. (GST), announced today that it has filed suit against the Depository Trust Company (DTC), seeking preliminary injunction regarding its recently publicized position refusing to allow companies to exit its electronic system.
DTC, in a letter dated February 10, 2003, to X-Clearing Corporation, claimed they have no procedures for responding to an Issuer request to exit the electronic trading system, despite having exited several companies so far for X-Clearing Corporation.
"We have filed suit against DTC to protect our rights as well as the rights of our Issuer Clients in demanding physical exit of their securities. We feel DTC has no grounds in refusing this request, and are seeking an injunction order as well as damages," says Robert Stevens, Chairman of X-Clearing Corporation.
X-Clearing Corporation is a Denver based Transfer Agent and co-originator of a comprehensive and successful approach to the problem of naked short selling, which has rocked the financial world and spurred numerous media articles, dubbing the move the "OTC rebellion."
X-Clearing Corporation, DBA Global Stock Transfer, Inc., has successfully exited several companies from the DTC electronic system including Genemax Corp (GMXX) , Petrgen Corp. (PTCG) , Vega-Atlantic Corporation (VATL) , while prompting numerous copycat attempts, by such companies as US West Homes (USWH) and Nutra Pharmaceutical (NPHC) .
Global Stock Transfer, Inc.
Robert Stevens, 303/355-4646 x 11
www.xclr.com
www.nakedshortselling.com
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