IRVINE, Calif., June 22 /PRNewswire-FirstCall/ -- Hop-on, Inc.
(OTC: HPON) today announced that it is taking immediate steps to de-list its
common stock from trading on the Berlin Stock Exchange. The Company's shares
were listed on the Berlin Stock Exchange without the Company's prior
knowledge, consent or authorization.
Legal counsel to the Company is sending a written demand to the
Berlin-Bremen Stock Exchange (BBSE) that it immediately stop trading in the
Company's common stock by designating the Company's common stock as "NA" on
the next trading day while concurrently proceeding without delay to completely
de-list the Company's common stock from the BBSE.
Dan Gannon, Chief Executive Officer of Hop-on, said, "We are simply
outraged that our shares could be listed without our prior knowledge, consent
or authorization. This is unacceptable and we are taking appropriate legal
action."
The listing appears to be part of an effort by domestic and foreign
brokers to circumvent the recent restrictions by the National Association of
Securities Dealers (NASD) and Securities Exchange Commission (SEC) against
naked short selling. Naked short selling occurs when traders borrow stock and
sell it with the hope that the stock price will decline before they have to
return the shares to cover their position. Naked short selling involves groups
of people actively working together to drive down a company's share price.
More than 200 U.S. publicly traded companies are estimated to have been
targeted by brokers to circumvent NASD and SEC restrictions against naked
short selling.
About Hop-on
Hop-on (OTC: HPON) is the developer and marketer of the world's first
disposable, recyclable and contract free cell phone. Its initial IS-95 CDMA
phones provided a much-needed alternative to full service cellular contracts
and prepaid calling cards and also provided the end user the capability to add
on additional minutes. Hop-on has expanded its product portfolio to include
the next generation CDMA2000 handsets designed by its Dallas R&D team as well
as GSM/GPRS handsets. Hop-on targets its phones to both emerging market
carriers and other domestic carriers and resellers needing an entry level
priced phone. Hop-on also offers a line of innovative and attractively priced
wireless accessories for both Hop-on phones and other leading manufacturers as
well as affordable, wireless surveillance systems. For more information,
visit http://www.Hop-on.com.
CONTACTS:
David Pasquale, 646-536-7006, or Andrew Rodriguez, 646-536-7032
Both of The Ruth Group, http://www.TheRuthGroup.com
Forward-Looking Statements: All statements contained in this press release
that are not historical facts are forward-looking statements that are not
guarantees of future performance or events. Rather, they are based on current
expectations, estimates, beliefs, assumptions, and goals and objectives and
are subject to uncertainties that are difficult to predict. As a result, our
actual results may differ materially from the statements made. Often such
statements can be identified by their use of words such as may, will, intends,
plans, believes, anticipates, visualizes, expects, and estimates. These
forward-looking statements speak only as to the date of this release, and,
except as required by law, we undertake no obligation to publicly release
updates or revisions to these statements whether as a result of new
information, future events, or otherwise. Consequently actual events and
results may vary significantly from those included in or contemplated or
implied by such statements.
SOURCE Hop-on, Inc.
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Related links:
http://www.Hop-on.com
CONTACT:
David Pasquale, +1-646-536-7006, or Andrew
Rodriguez, +1-646-536-7032, both of The Ruth Group, for Hop-on,
Inc.
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