Re: 8/22/01 - [REFR] Infamous short-sellers, Asensio & Company, smoke REFR (part 2 of 2)
REFR Remains Grossly Overvalued, Reports Asensio & Company, Inc.
NEW YORK, Aug 24, 2001 /PRNewswire via COMTEX/ -- The following is being issued by Asensio & Company, a member of the National Association of Securities Dealers, CRD number 31742:
Asensio & Company, Inc. and Manuel P. Asensio, its Chairman, President and Chief Executive Officer, deny the statements referring to them contained in today's Research Frontiers Incorporated (Nasdaq: REFR chart, msgs, $19 chart, msgs) press release. It has not recommended that any of its customers repurchase any REFR shares and sees no remote reason to even consider changing its negative REFR opinion.
Asensio & Company, Inc. believes that REFR's primary purpose for issuing today's statement is to attempt to preserve and perpetuate its stock promotion. In fact, we believe that REFR's primary activity for most of its money losing 35-year-old history has been the denial of its unequivocal business failure and the concoction of new schemes to encourage investors to purchase and hold on to its stock, which we believe to be worthless. We note that REFR insiders directly and personally benefit from their REFR stock promotion.
Asensio & Company, Inc. performs its due diligence and research independently of the companies it targets for its short selling recommendations. It does not rely on company representations. On the contrary it only issues its short sale recommendations when it discovers evidence it believes to show that a company has made material misrepresentations that it believes have inflated the target's stock price. Asensio & Company, Inc. issued its first such recommendation in February 1996. All of our published recommendations and short sell reports, showing the date issued and the stock price on the issue date, are available on the Internet at asensio.com.
Asensio & Company believes REFR is grossly overvalued. The firm and its clients have a short position in REFR shares. Asensio & Company is actively engaged in short selling and advises its clients on securities it believes are overvalued. Short selling involves a risk not associated with the purchase of stock including, but not only limited to, unlimited loss and stock borrowing risks. Additional information is available upon request.
This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. In cases where there exists controversy concerning a company's disclosures, investors should not sell or buy their shares based on the theory that markets price securities efficiently. Furthermore, investors should not rely on the market to substitute for their own individual due diligence and deliberate decision making. Opinions expressed are subject to change without notice. This report has been prepared from original sources and data which we believe to be reliable but accuracy is not guaranteed. This research report was prepared by Asensio & Company, Inc. whose stockholders, officers and employees will from time to time acquire, hold or sell a position in the securities mentioned herein. Asensio & Company, Inc. will act as principal for its own account or will sell or buy to or from its customers the securities described herein. Asensio & Company, Inc., does not perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report or its affiliates.
Source: Asensio & Company, Inc.
Contact: Manuel Asensio of Asensio & Company, Inc., 212-702-8805
URL: asensio.com
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REFR's 'Short Squeeze' is a Myth, Reports Asensio & Company, Inc.
NEW YORK, Aug 24, 2001 /PRNewswire via COMTEX/ -- The following is being issued by Asensio & Company, a member of the National Association of Securities Dealers, CRD number 31742:
Earlier today Asensio & Company, Inc. and Manuel P. Asensio, its Chairman, President and Chief Executive Officer, blankly denied all statements referring to them contained in today's Research Frontiers Incorporated (Nasdaq: REFR chart, msgs, $19 chart, msgs) press release. The following is issued in specific furtherance of our earlier statement:
Asensio & Company, Inc. did not contact REFR on behalf of any short seller, it did not state and does not believe that covering REFR would cause the stock to go up, and it did not request that REFR sell stock to any short seller. We do not believe that any investor needs to buy into REFR's silly 35 year old money losing stock promotion, much less any of our well capitalized, well informed short selling institutional accounts. We note that according to REFR's own absurd press release REFR's short interest increased after REFR alleges that short sellers were seeking to cover.
This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. In cases where there exists controversy concerning a company's disclosures, investors should not sell or buy their shares based on the theory that markets price securities efficiently. Furthermore, investors should not rely on the market to substitute for their own individual due diligence and deliberate decision making. Opinions expressed are subject to change without notice. This report has been prepared from original sources and data which we believe to be reliable but accuracy is not guaranteed. This research report was prepared by Asensio & Company, Inc. whose stockholders, officers and employees will from time to time acquire, hold or sell a position in the securities mentioned herein. Asensio & Company, Inc. will act as principal for its own account or will sell or buy to or from its customers the securities described herein. Asensio & Company, Inc., does not perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report or its affiliates.
Source: Asensio & Company, Inc.
Contact: Manuel Asensio of Asensio & Company, Inc., +1-212-702-8805
URL: asensio.com
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