SCOTTSDALE, Ariz., June 13 /PRNewswire-FirstCall/ -- Private Trading
Systems, Inc. (Pink Sheets: PVTM) which, through its wholly owned
subsidiaries, operates a platform for trading financial instruments in
electronic form with instantaneous clearance and settlement in real time,
announces that Private Trading Systems PLC ("PTS"), a new company
incorporated in the United Kingdom, a wholly owned subsidiary of PVTM, has
been granted permission to trade the Company's Ordinary Shares on the PLUS
Market in UK. PTS issued the whole of its share capital to PVTM in exchange
for the entire share capital of The Private Treaty Market Limited ("PTML"),
formerly a subsidiary of PVTM, and the intellectual property rights vested
in a patent, applied for in August 2006.
The agreement for the exchange of shares between PVTM and PTS has now
been completed and PVTM will now issue them by way of a special dividend in
kind to existing shareholders in PVTM prorata:
10 shares in PTS for each existing share of stock held in PVTM.
The record date for the dividend is today's date, June 12, 2007, and
the shares of stock in PVTM will be marked ex-dividend as of today's date.
The Registrars for PTS, Computershare Investor Services PLC, PO Box 82, The
Pavillions, Bridgewater Road, Bristol BS997NH, United Kingdom will issue
new share certificates in respect of the PTS shares to shareholders of PVTM
who present evidence of title by way of (a) definitive stock certificate(s)
in respect of PVTM shares. The Registrars will dispatch the new PTS share
certificates together with PVTM stock certificates in respect of the
existing PVTM shares of stock to the registered owners.
NO NEW SHARE CERTIFICATES IN PTS WILL BE ISSUED WITHOUT PRESENTATION OF
EXISTING PVTM STOCK CERTIFICATES.
Shareholders should therefore send original stock certificates in
respect of PVTM shares to Computershare Investor Services PLC in order to
receive the new PTS share entitlements.
This will result in shareholders holding 10 new shares in PTS and their
existing 1 share in PVTM in respect of each existing PVTM share.
Additionally PTS is completing an institutional placing of 29,411,765
(6.4%) of its new ordinary shares to raise GBP 1.25 million (one million,
two hundred and fifty thousand pounds sterling, approximately $2,465,434)
of working capital.
The board of directors of PTS comprises Mr. Walter Goldsmith
(Chairman), Mr. Lindsay Smith (Chief Executive Officer), Mr. Austin Burrell
(Non-Executive), and Mr. Robert Stevens (Non-Executive). It is intended
that further appointments to the board will be made as appropriate.
Mr. Austin Burrell, Chairman of PVTM, commenting on these developments,
said: " ... by effecting the share exchange and being admitted to Trading
on PLUS Markets in London we have now ensured that shareholders have a
dealing facility in a regulated public market. They will be able to trade
their shares freely in unrestricted form. We are especially delighted that
institutional buyers have now become investors in the future of our trading
platform and we look forward to bringing the platform into full operation."
Mr. Walter Goldsmith, the Chairman of PTS, said that he was pleased to
have joined a company with such opportunities to bring an innovative
approach to the marketing of financial instruments, and looked forward to
an exciting future for PTS.
This news release contains forward-looking statements within the
meaning of the Securities Litigation Reform Act. The statements reflect
PVTM's current views with respect to future events that involve risks and
uncertainties. Among others, these risks include the failure to meet
schedule, or performance requirements of the Company's contracts, the
Company's liquidity position, the Company's ability to obtain new
contracts, and the emergence of competitors with greater financial
resources and the impact of competitive pricing. In the light of these
uncertainties the forward-looking events referred to in this release might
SOURCE Private Trading Systems, Inc.