Is this a first??? A company actually publicly complaining about PUMPERS!!!!!
Teletek, Inc. Warns of Possible Abuses on Message Boards
Oct 3, 2007 6:40:00 PM
LAS VEGAS, Oct. 3 /PRNewswire-FirstCall/ -- Increased trading volume and price movement has recently come to the attention of Teletek, Inc. (Pink Sheets: TLTK) (hereinafter "the Company") which prompted a press release yesterday and an additional release today of the following corporate statement:
It is currently believed, though not known, that recent trading activity in the Company's stock is the result of extreme speculation by persons who hope to achieve financial gain without understanding or discussing certain financial fundamentals regarding stock valuation or complex legal issues involved in mergers or acquisitions. The Company currently has no assets, no operations, and no revenue. While the Company is pursuing business opportunities, there can be no guarantee that such opportunities will be found, or if found, obtainable by the Company. Successful business development often requires financial, managerial, and market resources far beyond what the Company currently has available. The Company has not authorized anyone to comment on any attempts to develop relationships with other businesses. The Company has not entered into an agreement to acquire or merge with another business enterprise. It is currently not known when, if ever, the Company will be able to benefit from current efforts to engage in one or more business endeavors. Persons on message boards implying otherwise may be doing so for their own financial gain at the expense of others.
The Company recently learned that some posts had the Company doing business with Redwood Capital (not correct), doing business in China (not correct) and later doing business in Turkey (also not correct). "Cutting" information from one source and "pasting" it in a message board about the Company does not constitute a business relationship, let alone a legally defined merger or acquisition transaction. To imply otherwise is misleading and may be designed to create a frenzy for message board participants and day traders who then become blinded to common sense. Any material agreements to obtain funding or acquire assets or operations will, in the "normal course of business," be accompanied by a press release regarding such. To buy or sell stock on any other basis is to engage in a very high degree of speculation and conjecture. Consequently, the Company refers persons interested in the Company's trading to carefully consider educational information provided by the Securities and Exchange Commission, which has commented on this subject by stating:
"The Internet serves as an excellent tool for investors, allowing them to easily and inexpensively research investment opportunities. But the Internet is also an excellent tool for fraudsters. That's why you should always think twice before you invest your money in any opportunity you learn about through the Internet ...
"Online bulletin boards -- whether newsgroups, usenet, or web-based bulletin boards -- have become an increasingly popular forum for investors to share information. Bulletin boards typically feature 'threads' made up of numerous messages on various investment opportunities.
"While some messages may be true, many turn out to be bogus -- or even scams. Fraudsters often pump up a company or pretend to reveal 'inside' information about upcoming announcements, new products, or lucrative contracts.
"Also, you never know for certain who you're dealing with -- or whether they're credible -- because many bulletin boards allow users to hide their identity behind multiple aliases."
The Company joins with the SEC in encouraging common sense considerations when investing in the public markets. Any information disseminated that is not authorized by an issuer may be entirely false, or so lacking in completeness that omissions make it materially misleading, and utilized by the disseminator to advance undisclosed financial or other agendas. Incorrect information, whether "positive" or "negative" about a company, is still incorrect information and can hurt naive or unsophisticated investors. The Company has no desire, nor agenda, to have market interest built upon rumor mills and message boards where the participants hide behind an electronic wall of anonymity. It is, however, a matter which public companies cannot control. Public companies are not required to, and from a practical standpoint simply cannot, monitor countless message boards and chat rooms for incorrect, incomplete, or misleading information. The Company, like any company, cannot, and will not, police the world wide web.
The Company reiterates today that the NASD has not yet assigned a new trading symbol for the Company, which symbol will implement a name change and reverse split of the Company's common stock.
Contact: Tim Bradford of Mercantile Ascendency 214-461-3500
SOURCE Teletek, Inc.
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Tim Bradford of Mercantile Ascendency
+1-214-461-3500
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