Stock Price Takes a Substantial Hit on Questionable Institutional Trading
DALLAS, Texas, Nov. 15 /PRNewswire/ -- Edward W. Sample, Chairman and CEO
of Piranha, Inc. (OTC Bulletin Board: BYTE), issued a statement today to
respond to yesterday's unusual drop in Piranha's stock price. The
finalization of the acquisition of JJT, Inc. is also announced.
"We received a call yesterday from a broker representing a large
institutional investor notifying us of their intention to sell over 60,000
shares. Certainly, it is within the rights of companies and individuals to
sell shares, but the law requires that such transactions not be 'commercially
unreasonable'. Most brokers use reasonable care to execute sell orders in a
'piecemeal' manner being mindful of average daily stock volumes. The normal,
orderly and professional process may require a sell off to occur over a
substantial number of days. Given the fact that the decision to sell such a
large block of shares corresponded with the actual day of Piranha's 10QSB
(quarterly filing) and given the recent volatility of the overall marketplace,
we believe that such action was done in a malicious manner and is indeed
commercially unreasonable. Piranha intends to investigate legal remedies to
yesterday's actions," stated Sample.
"It is very important that all of Piranha's shareholders understand that
with the exception of this single unprofessional action there is no underlying
reason for the dramatic reduction in our stock price yesterday," explained
Sample.
"Piranha is making significant progress in its primary sales and marketing
objectives, and feels that today's 10QSB reflects the positive progress that
we have promised," continued Sample. "Additionally, and representative of the
very positive things that are happening, Piranha is very pleased to announce
the completion of its acquisition of JJT, Inc."
About Piranha, Inc.
Piranha, Inc., based in Dallas, Texas, provides digital data compression
technology through its three commercially available products; Piranha
Stream(TM) a real-time streaming video product, Piranha Net(TM) an image based
Web page product and Piranha Byte(TM) a publishing and printing product
focusing on digital media workflow. Piranha products are available on Linux,
Windows and Macintosh systems. More information is available at
http://www.piranha.com .
About JJT, Inc.
In 1997, the Library of Congress contracted with JJT Incorporated, a SAS
Institute Quality Partner(TM), to digitize some 300,000 images from
photographic negatives, prints, slides and transparencies. To successfully
meet the challenge, John R. Stokes and his imaging team developed a one-of-a-
kind digital imaging production system. Since that time, JJT has offered
Digital Imaging Services, Data Warehouse Applications, Decision Support
Applications, Data Access and Data Management Systems and now, through their
partnership with Piranha, Inc., Data Compression capabilities for Archival
Storage, Workflow Communication and Imaging File Diversification.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
Included in this press release are certain "forward looking" statements
within the meaning of the Securities Act of 1933, as amended. Although the
Company believes that the expectations reflected in such forward looking
statements are reasonable, actual results may differ materially from those
anticipated in the forward looking statements as a result of certain factors
including sales levels, retention, competition trends, and other market
factors.
CONTACT: Edward W. Sample, C.E.O. of Piranha, Inc., 972-937-0373, email,
edsample@piranhabyte.com.
SOURCE Piranha, Inc.
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Related links:
http://www.piranha.com
CONTACT:
Edward W. Sample, C.E.O. of Piranha, Inc.,
972-937-0373, email, edsample@piranhabyte.com
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