MANASSAS, VA, Oct. 21 /PRNewswire/ - The company would like to state that it is aware of the unfounded and litigious statements being made publicly. It takes this matter extremely seriously and all incidents of this nature are passed on to our legal team. The true shareholders of 8000inc should be made aware that any and all unsubstantiated defamatory claims made by individuals with vested interests are being investigated and will be dealt with accordingly and publicly. The company would like to state that it did not profit from what was a corporate error and has corrected its internal processes to ensure there is no repeat.
Shareholders have reported that non-associated, non-affiliated third party entities have been recorded as paying the cancelled dividend for and on behalf of 8000inc into shareholder accounts. The payments exceeded the recorded short position in the company. It is therefore clear and unequivocal that there is a non reported short position in 8000inc which we believe could be detrimental to the company and shareholder value.
Due to these facts and current public activity, the Board has taken the following actions:
- Initiated a reduction in the available shares in the public float to 20M by acquiring shares to retire.
- Expansion of its financing model for acquisitions to extend its portfolio and to fund the Sporting Centre of Excellence and Corporate HQ.
- Progression to a higher exchange. The actions taken will enable 8000inc to meet the criteria for automatic upward progression through business activity and valuation. The company will continue to follow its business plan as publicized.
- The Board is currently assessing a proposed offer to privatize the Group and a merger with a target entity established on a higher exchange. The company will announce its decision accordingly.
- The flagship store at Limegrove will be completed on schedule and ready for October 31st.
- The company is using its financing structures to complete several acquisitions to be announced in the next few weeks.
- 8000inc has secured the 35 acre site for its corporate HQ and Sporting Centre of Excellence.
- In line with recent acquisitions, all subsidiaries as recorded are operational, there are no subsidiary closures and all activities in 2010 will continue and expand through 2011 as per the plan.
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-harbour" 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 "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. 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.