Bentley Considers Exiting DTC and CDS System.Business Editors/High-Tech Writers ATLANTA--(BUSINESS WIRE)--Dec. 30, 2002 Bentley Communications Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTLY) announced today that it is considering exiting the Depository Trust and Clearing (DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). ) and Canadian Depository for Securities The Canadian Depository for Securities Ltd. (CDS Limited) is the holding company for three operating subsidiaries: CDS Clearing and Depository Services Inc. CDS INC. CDS Innovations Inc. CDS Clearing and Depository Services Inc. (CDS) systems and moving to "custody-only" trading, in order to combat suspected 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. . Such a move would also help identify individual shareholders as part of the preparation for possible BBX BBX Business Basic Extended BBX Business Barter Exchange BBX Blue Bell, Pennsylvania (Airport Code) BBX Blockbuster Express (UK video store) listing next year. "During recent months, our stock appeared to be under selling pressure that our Board feels is inconsistent with the company's underlying fundamentals," said Harry Hargens, President and 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. of Bentley. "In the past 6 months, Bentley set a new strategic direction focused on payments processing, acquired Kryptosima to implement that new direction, and signed a license agreement with a reseller who will pay for the right to market Kryptosima's services to a particular market. Most recently, we announced letters of intent for two additional acquisitions, established companies with thousands of commercial businesses as customers and a significant revenue base. "Despite this stream of good news, our share price has fallen during recent months. This has caused our Board of Directors to consider the possibility that illegal 'naked shorting' of our stock may be occurring. Therefore, the Board has passed a resolution instructing me to investigate the costs, benefits, and any potential negatives involved in exiting the DTC system, as done by other companies this year to combat short selling. "By exiting the DTC system, which facilitates electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. without certificates changing hands, companies force brokers to actually have and deliver certificates as needed as needed prn. See prn order. for transactions. This makes shorting far more difficult. I have already begun discussions with our counsel and other parties to determine if exiting the DTC system is in the best interests of Bentley's shareholders. "In examining this issue, one of our key concerns will be liquidity. We do not want to make it more difficult for legitimate investors to buy or sell our securities, in the process of attempting to curtail illegal short selling. Our initial contacts with several brokerage firms have indicated that brokers are willing to execute orders for ex-DTC securities." About Bentley Communications Corporation: Bentley's focus is on the implementation of services such as Internet payments via an ATM/Debit card from home or office, and online purchasing of securities, using Kryptosima's payENKRYPT(TM) system. As previously announced, Kryptosima recently became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bentley. For additional information see www.Bentleycommunications.com and www.Kryptosima.com Forward-Looking Statements: Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. |
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