Virtual Ed Link Comments on Apparent Short Trading in the Company Stock; Shares Sold Short Will Have to Be Repurchased in the Ma
29 Settembre 2009 - 8:44PM
Marketwired
Virtual Ed Link, Inc. (PINKSHEETS: VRED) has received many
inquiries regarding the ability to transfer shares issued as a
dividend by Viyya Technologies Inc. (PINKSHEETS: VYON) in January
2008 by relying on Rule 144. As of February 15, 2008, the
Securities and Exchange Commission (SEC) instituted certain
amendments and changes to Rule 144.
In view of the recent trading activity of the company stock, it
seems apparent that some of the shares that were issued as a
dividend by Viyya have come in to the market despite the fact that
these shares are ineligible under rule 144(i). Virtual Ed Link has
an opinion issued by a prominent NYC securities firm which
addresses this issue. The company through its transfer agent has
been distributing this opinion to clearing firms and brokerage
houses who have been inquiring about the option of clearing the
dividend shares.
Under this provision, Rule 144 generally may not be relied on
for the resale of securities issued by a current or former "shell
company." Virtual Ed Link merged into Opus Communities, Inc.
("Opus"), which was formerly a "shell company" on November 7, 2007
predating the rule changes. Under the new Rule 144(i), a person who
wishes to resell securities issued by a reporting or non-reporting
shell company, is not able to rely on Rule 144 to sell the
securities. However, once a company ceases to be a shell company, a
person may rely on Rule 144 to sell the securities if (1) the
company is subject to the reporting requirements of the Securities
Exchange Act of 1934 (the "Exchange Act"), (2) the company has
filed all reports or materials required to be filed during the
preceding 12 months, and (3) at least 90 days have elapsed since
the time when the company filed its current "Form 10" information,
which reflects its status as an entity that is no longer a shell
company.
Since the dividend shares are restricted and cannot legally be
traded, clearing firms and brokerage houses that are trading
ineligible shares will be subject to covering those short traded
shares by purchasing them in the market. The company anticipates
that none of the dividend shares will become eligible for at least
120 days.
About Virtual Ed Link, Inc.
Virtual Ed Link, Inc. (PINKSHEETS: VRED) sells the Safety and
Security Management System (SSMS), which uses proprietary core
technology solutions developed by Viyya Technologies. The Safety
and Security Management System is marketed and sold primarily to
schools and colleges around the U.S. and geared to be used as a
collaborative Web 2.0 tool to share general information retrieved
from any internet source among the school users, and especially, in
the event of threats or danger, to disseminate alerts to help and
guide students, parents, faculty and law enforcement in the actions
necessary to help protect school attendees, and school
infrastructure.
For more information, visit http://www.virtualedlink.org
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This news release contains forward-looking
information within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including statements that include the words
"believes," "expects," "anticipate" or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the company to differ materially
from those expressed or implied by such forward-looking statements.
In addition, description of anyone's past success, either financial
or strategic, is no guarantee of future success. This news release
speaks as of the date first set forth above and the company assumes
no responsibility to update the information included herein for
events occurring after the date hereof.
Contact: Pam Dominiczak Investor Relations Virtual Ed Link, Inc.
Phone: 973-276-0555 info@virtualedlink.org
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