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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: jmhollen who wrote (142080)	2/14/2005 7:01:31 PM
From: Jim Bishop	Respond to of 150070

The official news has this line in it, meaning it may not apply to stocks such as CMKX for example. "it is only required of those companies which have securities quoted on an Unsolicited basis on the Pink Sheets and that have never been listed on an exchange or quoted on the OTCBB." As usual, nothing is black and white simple, have to wait until Wednesday to know for sure. pinksheets.com :: NEWS RELEASE Additional Information: Pink Sheets LLC 304 Hudson Street, 2nd Floor New York, NY 10013 212-896-4426 Liz Heese, Issuer Services FOR IMMEDIATE RELEASE: New Disclosure Policy Effective February 15th for Issuers of Securities Quoted on an Unsolicited Basis New York, NY (February 14, 2005) -- Pink Sheets has implemented a new policy for issuers of newly traded securities regarding the disclosure of adequate current information to the investing public. While Pink Sheets encourages all issuers to make this information available to the public, it is only required of those companies which have securities quoted on an Unsolicited basis on the Pink Sheets and that have never been listed on an exchange or quoted on the OTCBB. If an issuer is quoted on an unsolicited basis, this means that the NASD has not cleared a market maker to enter a quote in the security pursuant to SEC Rule 15c2-11. Instead, a broker is relying on an exemption to the rule in order to display a quotation representing an unsolicited customer order. This exception has been used to trade securities of new issuers without any disclosure to the investing public. To address this situation, in October 2004, Pink Sheets revised our policy for brokers entering unsolicited quotes in a new security that has never been listed on an exchange or quoted on the OTCBB. We now require that prior to publication of an unsolicited quote in the Pink Sheets for such securities; the broker must ascertain that the issuer has made adequate current information publicly available on www.pinksheets.com. The information disclosure policy has been very successful at creating transparency of the basic information that investors trading in public markets deserve. Pink Sheets is now extending the information disclosure policy to the issuers of securities in which unsolicited quotes were entered into the Pink Sheets prior to October 2004. Companies whose securities meet these criteria are required to make adequate current information available to the public by February 15, 2005. After that date, if the required disclosure has not been made, Pink Sheets will remove the display of quotations in the stock from www.pinksheets.com until such time as the required information is made available to the public according to Pink Sheets guidelines (see below). We believe that Pink Sheets should not be used to make quotations for an issuer’s securities publicly available unless adequate current information is available to the public regarding the issuer and its securities. We will also publish a warning to investors on the quote page of non-compliant issuers on www.pinksheets.com advising them of the risks of investing in securities of issuers that have never made adequate current information available to the public. Notification of this new policy was sent in January directly to the companies that are required to comply. You can identify whether a security is quoted on an Unsolicited basis on the Pink Sheets by entering the trading symbol and viewing the “Quote” page. On that page, under the trading symbol and company name, it should say “Primary Venue: Pink Sheets”. Then, if the security is quoted on an unsolicited basis, directly underneath you will see the following: “Quote Status: Unsolicited.” If “Quote Status: Unsolicited” is not displayed, then this disclosure requirement and the February 15th compliance deadline do not apply to the issuer. In order to comply with this disclosure policy, the issuer will need to do the following: 1) To make a company's information publicly available, you will need to subscribe to the Pink Sheets News Service. You can find information about this service and the Issuer Service Subscription Agreement online here: pinksheets.com. Print the Issuer Services Subscription Agreement available at: pinksheets.com. Complete the agreement and return it by fax to 212-868-3828. The Service you want to select is on page one and is called “Pink Sheets News Service – Financial Reports & News Release Posting”. There is a one-time account verification fee of $199.95 and an annual subscription fee of $499.95. These fees must be paid by credit card at the time service is requested. Subscribers will have access to post News Releases, but will not be charged for this service ($99.95 per news release) unless it is used. Mail the original, signed copy so we may countersign and return the document to you for your records. Pink Sheets will create a News Service account and send the issuer an email which includes the User ID, password and instructions for posting the company’s disclosure documents. It generally takes a day or two to set up a user account and notify the issuer by email. 2) Pink Sheets has created a Guideline for Providing Adequate Current Information Pursuant to Rule 15c2-11 to help issuers of OTC traded securities understand what information they are required to provide to the public. Use this guideline (available online at pinksheets.com to create a disclosure document containing the requested information. Financial information is not required to be audited; however, it must be prepared according to US GAAP (Generally Accepted Accounting Principles) and contain a management certification. Save the disclosure document(s) as a PDF file(s). Upload the disclosure document(s) to the Pink Sheets website by following the instructions in the email sent by Pink Sheets notifying you that your News Service account was been created. These documents will be displayed on www.pinksheets.com on the Financial Info tab for your company. When Does an Issuer Need to Provide Adequate Current Financial Information to the Public? Pink Sheets believes adequate current information must be publicly available when an issuer's securities are traded in the OTC secondary markets under the following circumstances: At the time of initial quotation in public markets; At any time corporate insiders or other affiliates of the issuer are offering, buying or selling the issuer's securities in the OTC market; During any period that the issuer or affiliates of the issuer are directly or indirectly engaged in promotional activities having the effect of encouraging trading of the issuer's securities in the OTC market; or At the time securities initially sold in a private placement become freely tradeable in the OTC market. If any of the four above situations are occurring, issuers subject to Section 13 or 15(d) of the Securities Exchange Act of 1934 must be current in their reporting obligations to the SEC. If an issuer is not required to be SEC reporting, we provide the Pink Sheets News Service for those non-SEC reporting issuers to make their information publicly available. You are welcome to contact Pink Sheets with any questions regarding this notice.