MANASSAS, VA, March 1 /PRNewswire/ - Due to the on-going SEC
investigation In re: Matter of Monks Den, and its impact on our
business and stock, the Company finds itself in a stalemated
position. For example, it is unable to file the Form 211
under Rule 15c2-11, mandated public disclosure to move from the
grey sheet market. Even though the Company has a sponsor for
filing purposes, the prospective sponsoring brokerage firm has
advised us it will not proceed until the SEC concludes its
investigation.
Through submission to the Company, not less than 25
shareholders have provided documented information relating to the
issuance of physical stock certificates and detailed brokerage
account information. In addition, 146 shareholders have provided
information to the Company specifically detailing the number of
shares they hold on their individual brokerage accounts by share
purchase date and by individual certificate number. Those
volunteering shareholders have been advised to a person by
their brokerage firms that the issuance of certificates will be
difficult, not possible or will take up to 8 weeks. It is only
possible to conclude the merger when all shareholders and investors
are given identical treatment. Therefore, the contemplated merger,
in the Company's opinion, is still the most appropriate route
forward, but is some weeks off in terms of delivery, specifically
due to the issues surrounding physical certificate delivery.
Due to (i) the associated uncertainty (specifically regarding
when the SEC will have concluded its investigation) and (ii) costs
to pursue its alternatives given these regrettable circumstances,
the Company has had to postpone the opening of the flagship store
at Limegrove Lifestyle Centre until further notice. Upon conclusion
of the SEC investigation, at least as it relates to the Company, we
will immediately open the store.
The Company, in line with its open disclosure policy, is
publishing its findings and the SEC Advocacy document to the
shareholders, public and markets alike outlining its beliefs and
evidence supporting its opinion that its stock is being manipulated
or questionable trading practices have been employed, including its
conviction that a significant naked short position exists in the
Company's stock, EIGH.pk.
The Company requests its loyal, long-suffering shareholders, to
evaluate the information contained in this PR and the 8000 Inc
supporting Evidence Document available to the public on the
Company's Facebook page and, hopefully, to continue to maintain
their support through this difficult time. The Company is
evaluating and assessing all options both commercially and legally
and will continue its efforts to navigate the challenges it faces
through circumstances largely beyond its control. The Company is,
among other possible alternatives, looking at raising funds to
progress and maintain the business and will advise its shareholders
of any developments accordingly.
EIGH will continue to keep its shareholders
apprised as events unfold. Also keep updated on 8000inc
developments on Facebook or Twitter
www.brand8000.com
www.8000incgroup.com
www.8000inc.net
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 harbor" 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 published disclosure documents at www.OTCMarkets.com.
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.
SOURCE 8000inc
