Clancy Requests Removal of Unauthorized Listing on Berlin Exchange.DENVER -- Clancy Systems International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLSI CLSI Clinical and Laboratory Standards Institute (Wayne, PA) CLSI Cisco Link Services Interface ) (Clancy) has learned that it is one of more than 200 U.S. publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. whose stock has been listed on the Berlin-Bremen Stock Exchange without the Company's prior knowledge, consent, application or authorization. Clancy is in the process of working with its attorneys to issue a demand letter to the officials at the Berlin-Bremen Stock Exchange requesting an immediate de-listing. In addition, the Company is considering its options to pursue appropriate remedies against the domestic and foreign brokerage firms responsible for this unauthorized listing. The listings appear to be the result of an effort by domestic and foreign brokers to circumvent recent NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). and SEC restrictions against "naked short selling Naked short selling, or naked shorting refers to the practice of selling a stock short without first borrowing the shares or making an "affirmative determination" that the shares can be borrowed. ," specifically Rule 3370. 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. is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to return the shares back to cover their position. Naked short selling involves groups of people working together to manipulate the market by selling fictitious shares of stock in an effort to force a company's share price to go down. By listing the company's common stock on the Berlin-Bremen Stock Exchange, market manipulators attempt to benefit of an "arbitrage" loophole that none of the present regulations are designed to close. Stanley Wolfson, President of Clancy, stated: "We are very concerned and totally surprised that our Company's stock can be listed and traded on an international stock exchange without the company's knowledge, consent, application for or authorization for such listing. We understand there are hundreds of companies now dealing with this same issue. We believe the motives for this unauthorized listing are not for any reason other than to circumvent Rule 3370 and use an arbitrage loophole to engage in naked short selling which could have significant and negative repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl on the market of our stock. While we have just learned of this 'listing' in the past few days, we are taking immediate steps to demand de-listing." Only purchases of Clancy Systems International, Inc. shares from the Over The Counter Bulletin Board (OTCCBB) under the symbol CLSI should be transacted. CLSI shares traded over the Berlin-Bremen exchange or any other foreign exchange are not currently recognized by the Company. |
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