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 ompanies 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. |
