Old News but may be helpful to Longs."A Must Read"-Keep the Faith
CORAL GABLES, Fla.--(BUSINESS WIRE)--Jan. 14, 1998--Madera
International Inc. (NASDAQ BB:WOOD) announced that the company
is healthier than ever and going forward with their plans of
expanding.
Madera is projecting to close a profitable 1997-1998 fiscal year on
March 31, for the first time since the present management took over
operations in mid-1996. The company is shipping more product each
quarter, improving revenues and profits, and also continues to develop and promote their
environmental protection programs with the objective to help to Save The Amazon
RainForest, a topic of very important worldwide concern today.
Madera also announced that the company's CEO, Ramiro Fernandez-Moris is presently
very disappointed because in his opinion, all of his efforts and those of the company's
present management, to improve the company's image and increase its market value by
continually augmenting operations and profits, are ruined by a small group of uninvited
market makers that in his much researched opinion have been manipulating the company
stock on a daily basis. Fernandez-Moris stated, "without pointing any fingers, trading
within this small group has been dictating a ridiculously low price in Madera's stock."
Fernandez-Moris also stated that: "a small group of private investors are reportedly using
the Internet to mislead and confuse stockholders, as well as potential new investors,
with lies and erroneous information with regard to the company's present situation and
business direction to denigrate the efforts of the company by misinforming the public for
their own sinister purposes." Management consensus feels that Madera should not keep
trading at the recent levels because this activity only serves to decimating the
company's assets and the investment of their stockholders and which do not reflect the
real value of the company and their stocks. Madera respectfully asks and invites their
stockholders, investors, and all of our good market makers, to help the company in our
already proven effort to make this company profitable and to continue going forward. -0-
Except for historical matters contained herein, statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
CONTACT:
Madera International Inc., Coral Gables
Ramiro Fernandez-Moris, 305/774-9411
CORAL GABLES, Fla., Jan 14 (Reuters) - Madera International Inc, which sells wood
products, said Wednesday the company is going forward with expansion plans and it
expected to earn a profit in its fiscal year ending March 31.
The company said it is shipping more product each quarter and improving revenues and
profits.
Madera's chief executive, Ramiro Fernandez-Moriz, in a statement criticized "a small
group of market makers" for depressing the company's stock price.
"Without pointing any fingers, trading within this small group has been dictating a
ridiculously low price in Madera's stock," he said.
The company's stock, which recently reached a high of $0.13, traded at $0.0575
Wednesday, up $0.0015. |
