WILTON, Conn., Nov. 5 /PRNewswire-FirstCall/ -- Startech Environmental
Corp. (OTC Bulletin Board: STHK), a fully reporting company and the
internationally recognized, award-winning Environment and Energy Company
announced today that it has engaged the BUYINS.NET service company to
monitor, identify and report on any short selling activity in the Company's
common shares.
Peter Scanlon, Startech VP and CFO, said, "Our Quarterly Report, filed
with the SEC on September 14, shows Shareholders' Equity in excess of $5
million with approximately $10 million in Cash on Hand, along with Plasma
Converter Systems Sales of approximately $25 million. In addition, it shows
that the Company has also received additional cash partial-payments of
approximately $3.5 million for the Systems sold and being manufactured."
He also said, "With production for the systems sold well underway, the
fact is that the Company has never before been as strong as it is today,
and getting stronger."
About BUYINS
"BUYINS.NET is the only source in the U.S. for short sale time and
sales information aggregated from all 9 US stock exchanges. After gathering
all short sales in STHK over the past two years, it is clear that nearly
1.5 million shares of STHK have been shorted at the volume weighted average
price of $2.60. Upon closer review, approximately 235,000 of the 1.35
million shares shorted were shorted in the $1.83 to $1.92 range. With the
stock currently at approximately $1.80, those shares may begin squeezing
where STHK trades above $1.92," stated Tom Ronk, BUYINS.NET's CEO.
For more information visit http://www.buyins.net.
About Short Selling
Steve Landa, Startech VP said, "Short selling is the practice of
borrowing stock, then selling it in hopes that the price will go down and
it can be bought back at a lower price, thereby generating profit and
allowing one to return like shares for the borrowed ones.
"Naked shorting" refers to "shorting" a stock for sale without first
borrowing it. The risk that one may not be able to then acquire the shares
needed to deliver on the sale is a contributing factor to the controversy
surrounding this practice. Naked short selling can have negative effects on
stocks, and could be used as a tool for illegal market manipulation."
He also said, "According to Wikipedia, naked short selling, or naked
shorting refers to the practice of selling a stock short without first
borrowing the shares or making an affirmative determination that the shares
can be borrowed. In the United States, the Securities and Exchange
Commission issued a regulation, known as 'Regulation SHO', addressing
naked-short-selling issues and concerns."
About Startech -- The Environment and Energy Company
Startech is the internationally recognized, award-winning environment
and energy industry company engaged in the production and sale of its
innovative, proprietary plasma processing equipment known as the Plasma
Converter System(TM).
The Plasma Converter System safely and economically destroys wastes, no
matter how hazardous or lethal, and turns most into useful and valuable
products. In doing so, the System protects the environment and helps to
improve the public health and safety. The System achieves closed-loop
elemental recycling to safely and irreversibly destroy Municipal Solid
Waste, organics and inorganics, solids, liquids and gases, hazardous and
non-hazardous waste, industrial by-products and also items such as
"e-waste," medical waste, chemical industry waste and other specialty
wastes, while converting many of them into useful commodity products that
can include metals and a synthesis-gas called Plasma Converted Gas
(PCG)(TM).
Among the many commercial uses for PCG, is its use to produce "green
electrical power," Gas-To-Liquid (GTL) fuels such as ethanol, synthetic
diesel fuel and other higher alcohol "alternative" fuels. Hydrogen, for use
and sale, can also be separated and recovered from the PCG synthesis gas
mixture.
The Startech Plasma Converter is essentially a manufacturing system
producing valuable commodity products from feedstock-materials that were
previously regarded as wastes.
Startech regards all wastes, hazardous and non-hazardous, as valuable
renewable resources.
For further information, please visit http://www.startech.net or
contact Steve Landa at (888) 807-9443, (203) 762-2499 EXT 7 or
sales@startech.net.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter(TM) technology.
All forward-looking statements are subject to risk and uncertainties that
could cause actual results to differ materially from those projected.
Factors that could cause such a difference include, without limitation,
failure of the customer to obtain appropriate financing for the project,
general risks associated with product development, manufacturing, rapid
technological change and competition as well as other risks set forth in
the Company's filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the date of
this press release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any such
statement to reflect any change in the Company's expectations or any change
in events, conditions or circumstances on which any such statement is
based.
SOURCE Startech Environmental Corp.
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Related links:
http://www.startech.net
http://www.buyins.net
http://www.prnewswire.com/comp/113537.html/
CONTACT:
Steve Landa of Startech Environmental Corp.,
+1-888-807-9443, +1-203-762-2499 EXT 7, sales@startech.net
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