Post by Warren on May 18, 2005 11:54:15 GMT -5
Prime Rate Investors Addresses Shareholder Inquiries of Naked Short Selling
5/18/2005 11:30:02 AM
STOWE, Vt., May 18, 2005 (BUSINESS WIRE) -- Prime Rate Investors, Inc. (OTC.PK: PRRM) responded to shareholder concerns regarding the naked short selling of its common stock and urged shareholders to request that their shares be delivered to them in certificate form from their broker/dealers in order to mitigate the manipulative practice.
Management also emphasized that the Company is investigating the possibility of its stock being naked shorted and applauds Pink Sheets, L.L.C. CEO R. Cromwell Coulson's petition to SEC Secretary Jonathan Katz to amend Rule 3360 to require short interest reporting for all OTC equity securities. "Manipulative naked short selling by broker-dealers operates as a fraud on the market causing investors to lose confidence in the fairness and legitimacy of OTC markets," Cromwell wrote in his petition.
"While short selling may have its place in fair market practices," said PRRM President Dan Burgess, "naked short selling undermines the market's ability to justly and accurately reflect the price of equity securities, untowardly affecting issuers and investors alike."
Prime Rate Investors (OTC.PK: PRRM) is a multi-media holding company with interests in outdoor sports, e-tail, retail, print, web, television and film. The company's strategic relationships with multi-faceted, outdoor sports entities allow it to offer diverse advertising solutions to businesses seeking multi-media exposure. Its wholly owned subsidiaries include Stowe TV-10, and Adirondack TV-33, RSN affiliated cable broadcast companies and High Angle Media, Inc., a video production company that also manages two other RSN affiliates Sugarbush TV-12 and Smuggs TV-9. PRRM owns the majority interest of Stockli Ski USA, the exclusive U.S. distributor of Stockli skis, bikes and sportswear.
For more information, visit www.prrm.info, www.stowetv10.com, www.neastmagazine.com, www.highanglemedia.com, www.stockli.com and www.rsn.com.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: Prime Rate Investors, Inc.
Prime Rate Investors, Inc.
Dan Burgess, 802-253-0199
www.prrm.us
E-mail: info@stowetv10.com
5/18/2005 11:30:02 AM
STOWE, Vt., May 18, 2005 (BUSINESS WIRE) -- Prime Rate Investors, Inc. (OTC.PK: PRRM) responded to shareholder concerns regarding the naked short selling of its common stock and urged shareholders to request that their shares be delivered to them in certificate form from their broker/dealers in order to mitigate the manipulative practice.
Management also emphasized that the Company is investigating the possibility of its stock being naked shorted and applauds Pink Sheets, L.L.C. CEO R. Cromwell Coulson's petition to SEC Secretary Jonathan Katz to amend Rule 3360 to require short interest reporting for all OTC equity securities. "Manipulative naked short selling by broker-dealers operates as a fraud on the market causing investors to lose confidence in the fairness and legitimacy of OTC markets," Cromwell wrote in his petition.
"While short selling may have its place in fair market practices," said PRRM President Dan Burgess, "naked short selling undermines the market's ability to justly and accurately reflect the price of equity securities, untowardly affecting issuers and investors alike."
Prime Rate Investors (OTC.PK: PRRM) is a multi-media holding company with interests in outdoor sports, e-tail, retail, print, web, television and film. The company's strategic relationships with multi-faceted, outdoor sports entities allow it to offer diverse advertising solutions to businesses seeking multi-media exposure. Its wholly owned subsidiaries include Stowe TV-10, and Adirondack TV-33, RSN affiliated cable broadcast companies and High Angle Media, Inc., a video production company that also manages two other RSN affiliates Sugarbush TV-12 and Smuggs TV-9. PRRM owns the majority interest of Stockli Ski USA, the exclusive U.S. distributor of Stockli skis, bikes and sportswear.
For more information, visit www.prrm.info, www.stowetv10.com, www.neastmagazine.com, www.highanglemedia.com, www.stockli.com and www.rsn.com.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: Prime Rate Investors, Inc.
Prime Rate Investors, Inc.
Dan Burgess, 802-253-0199
www.prrm.us
E-mail: info@stowetv10.com