Whistler Investment (NASDAQ:WHIS)
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Whistler Investments, Inc. (WHIS) Announces a 640,000-Share Short
in the DTC Stock Holdings of Whistler Common Stock
LAS VEGAS, NV, Oct. 14 /PRNewswire-FirstCall/ -- We have previously
communicated with our stockholders concerning short positions in our stock.
Recently, in connection with the mailing to stockholders of the Notice for our
upcoming Special Meeting of Stockholders to be held on October 26, 2004, our
transfer agent and ADP have reported widely varying amounts of our stock held
in the CEDE & Co. street name as of the October 4, 2004 record date.
According to our transfer agent records, we have 6,014,759 shares held by DTC,
but the ADP broker search indicates of 6,658,599 shares being reported by
broker/dealers as being held on behalf of their customers, a short position of
more than 640,000 shares.
To view this report please visit:
http://www.whistlerinvestments.com/docs/pdf/WI_Oct_ADP.pdf
Given this over-reporting of our stock ownership, we are concerned that shares
voted at the October 26 may not represent valid stockholders, and are
conducting an audit to determine the correct amounts of stock permitted to be
voted by various street holders. We have therefore commenced work with DTC to
commence a formal review of the reported excessive broker/dealer holdings of
our stock, so that we can conduct our corporate affairs properly, in view of
our planned stockholders meeting and future corporate events. We again advise
our stockholders make sure that they receive delivery of any shares that they
purchase, and also that their stock is not being borrowed without
authorization.
Holly Roseberry, President of Whistler Investments states, "We find this
situation startling and difficult to comprehend, particularly in light of the
recent rule adopted by the Securities and Exchange Commission the effect of
which is to limit the maintenance of these open short positions by traders. We
have retained counsel in this regard and intend to get to the bottom of the
excessive short position. Once we put in place a plan for these shorts to get
covered we expect all our stockholders to benefit."
For additional information, please contact:
Telephone - (888) 669-1808
Facsimile - (604) 688-1817
E-mail:
http://www.whistlerinvestments.com/
Forward-Looking Statement
This press release may include forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based on the Company's current
expectations as to future events. However, the forward-looking events and
circumstances discussed in this press release might not occur, and actual
results could differ materially from those anticipated or implied in the
forward-looking statements.
DATASOURCE: Whistler Investments, Inc.
CONTACT: Telephone - (888) 669-1808, Facsimile - (604) 688-1817,
E-mail: , http://www.whistlerinvestments.com/