MANASSAS, VA, March 1 /PRNewswire/ - Due to the on-going SEC investigation In re: Matter of Monks Den, and its impact on our business and stock, the Company finds itself in a stalemated position. For example, it is unable to file the Form 211 under Rule 15c2-11, mandated public disclosure to move from the grey sheet market. Even though the Company has a sponsor for filing purposes, the prospective sponsoring brokerage firm has advised us it will not proceed until the SEC concludes its investigation.
Through submission to the Company, not less than 25 shareholders have provided documented information relating to the issuance of physical stock certificates and detailed brokerage account information. In addition, 146 shareholders have provided information to the Company specifically detailing the number of shares they hold on their individual brokerage accounts by share purchase date and by individual certificate number. Those volunteering shareholders have been advised to a person by their brokerage firms that the issuance of certificates will be difficult, not possible or will take up to 8 weeks. It is only possible to conclude the merger when all shareholders and investors are given identical treatment. Therefore, the contemplated merger, in the Company's opinion, is still the most appropriate route forward, but is some weeks off in terms of delivery, specifically due to the issues surrounding physical certificate delivery.
Due to (i) the associated uncertainty (specifically regarding when the SEC will have concluded its investigation) and (ii) costs to pursue its alternatives given these regrettable circumstances, the Company has had to postpone the opening of the flagship store at Limegrove Lifestyle Centre until further notice. Upon conclusion of the SEC investigation, at least as it relates to the Company, we will immediately open the store.
The Company, in line with its open disclosure policy, is publishing its findings and the SEC Advocacy document to the shareholders, public and markets alike outlining its beliefs and evidence supporting its opinion that its stock is being manipulated or questionable trading practices have been employed, including its conviction that a significant naked short position exists in the Company's stock, EIGH.pk.
The Company requests its loyal, long-suffering shareholders, to evaluate the information contained in this PR and the 8000 Inc supporting Evidence Document available to the public on the Company's Facebook page and, hopefully, to continue to maintain their support through this difficult time. The Company is evaluating and assessing all options both commercially and legally and will continue its efforts to navigate the challenges it faces through circumstances largely beyond its control. The Company is, among other possible alternatives, looking at raising funds to progress and maintain the business and will advise its shareholders of any developments accordingly.
EIGH will continue to keep its shareholders apprised as events unfold. Also keep updated on 8000inc developments on Facebook or Twitter
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of 8000 Inc., see published disclosure documents at www.OTCMarkets.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.