Ooops! Just answered my own question.
Here's the link:
startribune.com
you have to go through the business section, sorry, but the links to
long to post on SI.
Here's the text of the article:
"Trading in Atrix halted after stock rises 50 percent
Mike Blahnik / Star Tribune
Trading in shares of Burnsville-based Atrix International Inc. was halted late Friday after its stock price soared 50 percent and a report -- later deemed by Atrix to be inaccurate -- stated that a mutual agreement existed for another company to buy Atrix.
Atrix stock was halted at about 2 p.m. Friday while trading at $3.37« a share, up $1.12« on volume of 132,800 -- about 70 times higher than its average daily volume for the two months preceding this week.
Minutes earlier, Firamada Inc., a New York City-based temporary staffing firm with six offices throughout the country, had issued a press release announcing an acquisition agreement. Firamada's oddly worded release said "industry analysts" called the action "brilliant and aggressive," and added that the "agreement would greatly enhance Firamada's share value and provide strength and stability of Atrix."
Nasdaq officials then phoned Atrix, which said it would respond with a release of its own, Atrix Vice President and CFO Dean Gerber said. In the release, sent out after the market closed, the company denied signing an agreement and said that although Atrix President and CEO Steven Riedel "did confirm that the company has had discussions with individuals claiming to represent Firamada," the report of an acquisition agreement was "inaccurate and misleading."
Gerber said Atrix would have no comment beyond the news release.
Atrix, which makes metering, copy control and other products for the office machine industry, posted 1997 profits of $201,000 on revenues of $5.8 million.
Firamada's stock, traded via the Over-the-Counter Bulletin Board system, closed Friday at 67 cents a share, up 10 cents. The company recently turned public and has yet to release an audited financial statement, but claims to have made about 10 cents per share in 1997. The company has a stated goal of acquiring a Nasdaq-listed company so it can, in turn, be listed."
It's extremely prejudiced on the side of the home town boys, and it looks like the quotes are straight from the CFO and CEO's mouth. It's also inaccurate by stating that trading was halted around 2. Notice the figure for income in 1997? Not enough to maintain a listing on the national exchange. Mike Blahnik needs to dig some dirt at edgar online.
Jin. |
