WILMINGTON, Del., Oct. 15, 2004 (PRIMEZONE) -- Newmark Ventures, Inc. (OTCBB:NMVN), through its Directors, wishes to announce that it has learned that its shares have been listed, without Company knowledge or consent, for trading on the Berlin-Bremen Stock Exchange. The Company is now in the process of formally notifying Exchange authorities to immediately delist its 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 against them.
It appears that the listing occurred in late March 2004, perhaps coincidentally timed to seamlessly create a "back door" to circumvent the new anti-naked shorting regulation, Reg. SHO, that was put into effect April 1, 2004 by U.S. regulatory authorities. Apparently, the Berlin listing creates a "sham" arbitrage between the two markets that apparently generates a "loophole" in the new naked shorting regulation. Though the Company has no idea if there has been any illegal shorting of its stock, management is somewhat puzzled.
Upon cursory investigation, it appears that NMVN is one of a number of small U.S. publicly traded companies whose stock has been listed on the Berlin Exchange without the Company's prior knowledge, consent or authorization. The Company's Board of Directors is appalled to learn that it is possible for the Company's stock to be listed for trading on an international stock exchange without Board approval. There appears to be no justification for this listing other than "naked short selling."
Cautionary Statement: This news release may include certain "Forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements in this release are expressly qualified by this notice.