Hop-on DTCC Chill Clarification, Finra Short Position, and Company Retains SEC Attorney
After Tuesday’s announcement Finra.org shows Market Makers Short Hop-on stock over 60% of trading volume
TEMECULA, Calif., May 3, 2012- Hop-on, Inc. (OTC: HPNN.PK) announced today that it had retained SEC Attorney Joseph Pittera to resolve the chill issued by DTCC and any other outstanding issues involving DTCC. The Company’s stock was heavily shorted by Market Markers on Tuesday and Wednesday.
Peter Michaels CEO of Hop-on stated, “Hop-on does not have a CHILL on its trading ability primarily due to the amount of shares already in electronic format in the DTCC system. The ‘chill order’ means that the Company’s stock cannot be transferred using DTC brokers, limiting them from freely trading the company stock without hurdles resulting in shareholders inability to buy or sell stock in the open market. No notice or explanation was received prior to the chill or after the chill was put in place a move which has clearly damaged investor confidence. Market Markers are taking advantage of the negative so called “Chill”. The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA's mission is to protect America's investors by making sure the securities industry operates fairly and honestly. Their website at: http//:Finra.org shows huge short positions on our Company 20120501|HPNN|39020192|0|58690940|O Tuesday http://regsho.finra.org/FORFshvol20120501.txt (Over 39,000,000 Short Tuesday) and 20120502|HPNN|10700007|0|24336646|O Wednesday http://regsho.finra.org/FORFshvol20120502.txt (Over 10,000,000 Short on Wendesday)”
The confusion surrounding why some brokers are alleging a Chill on the stock is due to the fact that Hop-on was DTC qualified and had the capability to transfer certificates electronically as opposed to issuing stock certificates. DTCC recently placed a Chill or non DTCC eligibility on the majority of PinkSheet companies and Chills for DWAC transfer of new issuances. Hop-on did receive a Chill status for DWAC transfer only, this does not affect the ability to transfer certificates in the traditional manner, and the company does not have a chill or non eligible status on its tradability.
Some brokers are charging astronomical fees for clearing non DTCC eligible and Chilled stocks and appear to be taking advantage of the Chill situation at the expense of the Investors.
About Hop-on, Inc.
Hop-on, Inc. is a leading international manufacturer of electronics. Since the company's inception, it has been known for developing the world's first $10 disposable cell phone. Today, Hop-on remains one of the few U.S.-based manufacturers of cellular technology. The Company currently develops and manufactures electronic cigarettes and cigars for distributors throughout the U.S. and internationally. Hop-on also offers multimedia services and has secured licensing agreements from essential patent holders for GSM, CDMA and WiFi technologies.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
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