*** OFF TOPIC *** OVIS company news release on MMs
Monday August 25 8:20 AM EDT
Company Press Release
Organization to Fight Abusive Short-Selling Practices on OTC
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 25,
1997--Gary Morgan, CEO of Olympus Ventures, Inc. (OTC
BB:OVIS), announced that he is organizing a non-profit association to
counter the abusive practices of short-selling securities listed on the
Over-the-Counter Bulletin Board(r) system of the National
Association of Securities Dealers.
Morgan stated that he felt that small, ``legitimate'' companies listed on
the Bulletin Board(r) system have no protection against the practice of
abusive short-selling by well-capitalized trading firms and individuals
attempting to profit from market manipulation rather than company
and market fundamentals. By uncoupling a company's stock
performance/movement from the company's fundamentals which
ordinarily determine its stock performance/movement, abusive short-
selling practices significantly influence the ability of such companies
to maintain favorable shareholder relations and to access capital, (etc.)
desperately needed by many such companies to achieve higher levels
of growth and other corporate goals. Such practices may also
discourage ``excellent'' companies that do not qualify for listing on
any of the national exchanges, from going public through the Bulletin
Board(r) system.
Morgan feels that by inhibiting access to capital, abusive short- selling
practices frequently determine the destiny of companies listed on the
Bulletin Board(r) system. Accordingly, he is organizing an association
to work with the regulatory agencies overseeing the Bulletin Board(r)
service, to bring attention to the problems caused by abusive
short-selling practices and to generate ideas to combat such practices.
Morgan has already engaged the commitment of a securities attorney,
a stock analyst and a lobbyist to work with and advise the
association.
Morgan welcomes the participation and input of executives of any
small companies who would like to support and be involved with the
association. To get more information, contact Gary Morgan by E-mail
at ovisusa@aol.com, or by facsimile at 954/565-8894.
NOTE TO EDITORS: In the Internet/email address noted in this
news release, there is an ``at'' symbol between ovisusa and aol.com.
This symbol may not appear properly in some systems. |
