LONDON--(Marketwired - May 7, 2013) - Harmonic Energy Inc. (
Company counsel has advised us that the BBSE is one of the few exchanges in the world that allows listing and trading of a company's stock without the consent or authorization of the company being listed. This practice may facilitate both domestic and foreign brokers in circumvent restrictions imposed by both the Financial Industry Regulatory Authority ("FINRA") and the Securities and Exchange Commission relating to the trading practice referred to as "naked short selling." Short selling is a trading practice whereby investors borrow stock from a broker to sell in the hopes that the stock price will decline before they have to return the share to the broker to cover their position. Simply stated, "naked short selling" involves groups of people working in concert to manipulate the market in order to force a company's share price lower. Naked short sellers can list an OTCBB company on the BBSE in order to delay delivery of shares under the short position.
The company believes this BBSE listing is the first step in what we believe has been a significant naked shorting attack directed at the company. We believe that this attack may have culminated in a net short position exceeding all shares owned by investors in Harmonic.
Accordingly, the company through its counsel will be contacting the BBSE and the broker sponsoring the listing in order to delist immediately the company's stock from the BBSE. The company reserves all rights to pursue legal action against the broker sponsoring this listing and any market maker that has engaged in naked short selling in direct violation of Regulation SHO.
Further, we would also like to inform both regulators and our shareholders that there is no valid reason for any failure to deliver to persist in the securities of the company. Further, we believe that it is in the best interest of our shareholders to ensure that the company sanctions any listing of our stock.
About Harmonic Energy Inc.
Harmonic is a company that focuses on a comprehensive solution to the disposition of scrap tyres worldwide. Harmonic's plans include the utilization of proven technologies that ensure each scrap tyre is either remanufactured and put back on the road as a new tyre or is completely recycled and reduced into marketable chemical commodity products. Both the tyre remanufacturing and carbonization technologies that will be utilized by Harmonic are commercially proven and have viable operating commercial facilities.
Harmonic plans to be the first company to integrate these two technologies to provide a comprehensive 'closed-loop' solution for the management of scrap tyres. By design, Harmonic plans to offer a solution that replicates nature's intentions by developing symbiosis between waste, energy supply and sustainable growth. For more information please visit ASUV's website ~ www.harmonicenergyinc.com .
This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
- Investment & Company Information