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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: tlhutch who wrote (144648)5/27/2005 11:57:58 AM
From: Jim Bishop  Read Replies (3) of 150070
 
SEC Suspends Trading In Gluv Corp/Media Magic

DOW JONES NEWSWIRES

By Carol S. Remond
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--The Securities and Exchange Commission suspended trading in the stock of
Gluv Corp. (GVRP) to protect investors Friday.

Trading is scheduled to resume on June 13.

The SEC said in a press release Friday that it suspended trading "because of questions that have
been raised about the accuracy and adequacy of publicly disseminated information concerning,
among other things, 1) number of shares outstanding for the company, 2) the availability of
non-restricted shares for trading and delivery, 3) the current shareholders of the company, and
4) the rights attached to ownership of these shares."

Gluv is a tiny Florida-based company that said earlier this month it would merge with Media
Magic Corp. In order to prepare for the merger, Gluv conducted a 1-for-6.5 million reverse split
which reduced the amount of shares outstanding to just 11. On Monday, each of these 11 shares
was supposed to be converted into 3 million shares.

According to a lawyer for the company, an improper entry in the computer system informing market
participants of Gluv's stock structure lead to nonexistent shares to make their way into the
market. Nasdaq said no error was made. Information about Gluv's shares outstanding was also
complicated by the fact that at least one of the holders of the 11 shares started trading stock
improperly last week.
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