And she hit a low of .27 earlier today!! I think she was manipulated down so the insiders could buy on the open market, as they said they were going to be doing "over the coming months", when she was at $1.10 a share.
<<H-Quotient, Inc., to Continue Electronic Trading; Confirms $0.40 Per Share Earnings Projection
March 14, 2003 09:33:00 (ET)
VIENNA, Va., Mar 14, 2003 (BUSINESS WIRE) -- H-Quotient, Inc., (OTC Bulletin Board:HQNT) has decided not to proceed with its plan to exchange shares between H-Quotient, Inc. (Virginia) and H-Quotient, Inc. (Nevada) because the SEC is currently addressing the subject of naked shorting, which has been the impetus behind companies exiting the Depository Trust Corporation (DTC) electronic trading system.
The Board is optimistic that the SEC will now take appropriate actions, including action on a DTC petition now before it, to curb naked shorting, a method in which shares are shorted but never delivered.
The Chairman of the Board of Life Energy (OTC Bulletin Board: LETH), former Prime Minister of Ireland Dr Albert Reynolds, explained the problem: "I brought this company to the U.S. stock markets to give all shareholders maximum value for the company in which they have invested. I am appalled that such illegal practices are allowed to continue in the backbone of America's financial system. Naked short selling, and the market manipulation that it represents, are not only anti-American but are indeed an insidious cancer through which unscrupulous market makers are determining company valuations rather than shareholders and market forces. We will take all steps necessary to protect our shareholders."
H-Quotient will also do what is necessary to protect its shareholders, and shareholders can help by continuing to ask for physical delivery of shares. Shareholders need only to instruct their brokers to make delivery.
The shares will then be issued in the shareholder's name and can be sent to the shareholder or the shareholder can elect to have the broker hold the certificate in safekeeping.
Note: Thursday afternoon, the company discovered that DTC had notified brokerages that stock certificates were not available. This caused several brokerages to inform their clients that physical delivery of shares was not possible, causing some shareholders to commence a selloff of the stock. The error was brought to the attention of DTC personnel and immediately corrected.
Other: The 2002 audited financial statement is scheduled for release by the end of March. The 2003 projected earnings remain on track at $.40 per share, based upon previously announced ($750,000 service contract and $5 million multi-year contract) and anticipated contracts and product rollouts.
This announcement may contain, in addition to historical information, certain forward-looking statements that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
For more information visit the H-Quotient web site at www.hquotient.com.
H-Quotient, Inc.
Kathryn Kennard, 703/821-3434 or 752-0690
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