WRMT Addresses OTC Markets Group 'Inappropriate' "Caveat Emptor" Designation; Believes That Recent Share Price Growth Is Solely Due To Previously Announced Business Activities
MIAMI, Jan. 17, 2017 /PRNewswire/ -- World Media & Technology Corp. ("Wor(l)d") (www.worldmediatech.com) (OTC PINK: WRMT), today would like to address OTC Market Group's recent designation of the stock as "Caveat Emptor", citing a Public Interest Concern under its guidelines.
WRMT confirms that it is fully compliant with all reporting requirements of the OTC markets alternative reporting guidelines and is Pink Current tier. WRMT also confirms that it is not involved in any type of stock promotion or other activity that would justify a "Caveat Emptor" designation. Instead, WRMT believes that its recent share price appreciation is solely related to the recently announced success of Helo in the marketplace, its partnership with Toshiba at CES and the pending launch of its glucose estimation technology, a world's first in the wearable industry.
Fabio Galdi, CEO, World Media & Technology Corp., said, "It is unfortunate that our success has triggered such a concern by OTC Markets. While our current share price performance may be unusual for a Pink Sheet stock, it cannot be completely unexpected either given that we have publicly announced some significant and tangible news in recent weeks. For example, our partnership with Toshiba, the pre-launch of Helo at the Consumer Electronics Show in Las Vegas and the announcement of, what we believe, is the World's first wearable, non-invasive, continuous, blood glucose estimation technology using Helo which will generate recurring revenues for WRMT."
Mr. Galdi continued, "All of these announcements, combined with the worldwide success of our Helo device in the market, are understandable grounds for significant interest in and demand for WRMT stock. Whereas we fully respect OTC Markets desire and responsibility to protect investors, in this case we firmly believe that this designation is entirely inappropriate. WRMT has few shares available in the public float and if demand for our stock is high, then understandably this may have triggered such rapid recent price appreciation. I can also confirm categorically that WRMT is not involved in, and we are unaware of, any promotion/spam activities at all, and that we are not aware of any investigation for fraud or other criminal activities which normally trigger a "Caveat Emptor" designation. We are currently in discussions with, and are providing some requested information to, OTC Markets Group to resolve this issue as soon as possible. In the meantime, we will continue to focus on our day to day business, despite this unwelcome distraction."
About Wor(l)d
World Media & Technology Corp. designs, manufactures and sells connected, next-generation, innovative wearable devices which use its proprietary Life Sensing Technology. It has end-users in over 80 countries which it supports through its exclusive distribution partnership with Wor(l)d Global Network (www.worldgn.com). For further information, see www.worldmediatech.com.
This press release contains forward-looking statements. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group and with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE World Media & Technology Corp.
Share this article