Post by same53 on Jun 11, 2007 17:53:24 GMT -5
Paivis, Corp. Alerts Shareholders and Addresses Unauthorized Listing of Its Common Shares on the Berlin Stock Exchange
Monday June 11, 10:02 am ET
ATLANTA, GA--(MARKET WIRE)--Jun 11, 2007 -- Paivis, Corp. ("PAIVIS" or the "Company") (OTC BB:PAVC.OB - News) management today announces that it has been made aware that its common shares have been listed, without Company knowledge or authorization, for trading on the Berlin-Bremen Stock Exchange.
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Listing of shares on the Berlin-Bremen Stock Exchange has in the past been associated with naked short selling of shares in the United States. The Berlin listing possibly creates a "sham" arbitrage between the two markets that apparently may generate a "loophole" in the Reg. SHO naked short selling regulation that governs short selling in the U.S. securities markets.
The Company is investigating this matter and is now in the process of formally notifying authorities to immediately remove PAIVIS shares from the Berlin-Bremen Stock Exchange. The Company has also requested its Securities Counsel to report this incident to the proper regulatory authorities and immediately ascertain who is behind the unauthorized listing and pursue any and all appropriate legal remedies available to the Company.
Upon brief investigation, it appears that Paivis is one of a number of small U.S. publicly traded companies whose stock has been listed on the Berlin-Bremen Stock Exchange without the Company's prior knowledge, consent or authorization. The Company's management and Board of Directors is appalled to learn that it is possible for the Company's common stock to be listed and quoted for trading on an international stock exchange without the Company's approval.
The Company urges investors interested in acquiring shares of Paivis, Corp., to do so only on the Over-the-Counter Electronic Bulletin Board maintained by the NASD, under the trading symbol "PAVC.OB"
Mr. Greg Bauer, Paivis, Corp. CEO, stated, "The Company is investigating the high possibility there may be discrepancies and imbalances in the Company's share structure. We are in the process of taking steps to protect our shareholders from any irregularities in our trading market and potential illegal naked shorting of its security."
About Paivis Corporation
Paivis, Corp. is a wholesale telecommunications carrier that sells prepaid "point-of-sale activated" and live cards. Paivis generates its revenues through the sale of prepaid calling cards and wireless services, and international wholesale termination. Products are sold throughout many of the country's major retail outlets, including Duane Reade, 7 Eleven, and Chevron.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the "PLSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the PSLRA. PAIVIS intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause PAIVIS actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in PAIVIS annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission which can be viewed free of charge on its website at www.sec.gov.
Contact:
Contacts:
Paivis, Corp.
Greg Bauer
Phone: 404-601-2885
Chief Executive Officer
www.paivis.com