Asensio & Co. Announces Investment Opinion: Asensio & Company, Inc. Issues Two New Reports On PolyMedica Corporation.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by Asensio & Company, Inc. NEW YORK--(BUSINESS WIRE)--Aug. 13, 2002 Today Asensio & Company, Inc. released two new equity research reports titled "PolyMedica's `hidden' losses surpass $55 million. Medicare moves to cut payments." and "Why did Mr. Lee leave without notice?" The reports, which are part of Asensio & Company's ongoing equity research coverage of PolyMedica Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PLMD PLMD Periodic Limb Movement Disorder (sleep disorder) PLMD Physical Layer Medium Dependent (networking) PLMD Please Let Me Die , $27.41), are available at www.asensio.com. The reports were issued in response to PolyMedica's first quarter financial results reported on July 25, 2002 and the August 5, 2002 announcement of PolyMedica CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steven Lee's retirement. The reports contain an update of Asensio & Company's financial analysis of PolyMedica's reported results and give a summary of the facts and an opinion about Mr. Lee's retirement. The report also includes an update of the Department of Health and Human Services' effort to cut the rates Medicare currently pays suppliers of blood glucose blood glucose Diabetology The principal sugar produced by the body from food–especially carbohydrates, but also from proteins and fats; glucose is the body's major source of energy, is transported to cells via the circulation and used by cells in the presence test strips. Asensio & Company, Inc. believes PolyMedica's results are not sustainable and that its stock is grossly overvalued Overvalued A stock whose current price is not justified by the earnings outlook or price/earnings (P/E) ratio and thus, expected to drop in price. Overvaluation may result from an emotional buying spurt, which inflates the market price of the stock or from a deterioration in a . Therefore, we have a short position in PolyMedica and have advised our clients to sell PolyMedica shares short. Our reports on PolyMedica are available at www.asensio.com. Asensio & Company, Inc. is actively engaged in short selling Short Selling The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short. and publishes research on securities it believes are overvalued. A complete documented history of Asensio's published work with short-selling transactions, and the firm's definition of gross overvaluation o·ver·val·ue tr.v. o·ver·val·ued, o·ver·val·u·ing, o·ver·val·ues To assign too high a value to: overvalued the painting. , is available on the Internet at www.asensio.com. John Wiley & Sons, Inc. has published a book about Asensio & Company's short selling titled "Sold Short: Uncovering Deception in the Markets." The book can be ordered on the Internet at www.asensio.com. Asensio Brokerage Services, Inc. is a broker-dealer registered with the SEC and is a member of the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). . The firm predominantly advises private institutional clients. 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. Copyright 2002 by Asensio & Company, Inc. All rights reserved. This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. 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 may from time to time acquire, hold or sell a position in the securities mentioned herein. |
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