Investors: Press Release
GeckoSystems Reassures Past, Present and Future Investors
CONYERS, Ga., Sept. 1, 2009 -- GeckoSystems Intl. Corp. (PINKSHEETS: GCKO) -- announced today that management sincerely regrets the activities of some market makers and clearing houses failing to fill GCKO orders in a timely and legal fashion, seemingly to facilitate their "naked short selling" activities. The investment community should be aware that GeckoSystems' stock transfer agent, Continental Stock Transfer & Trust Company, accepted GeckoSystems as a Direct Registration System (DRS) Participant on July 24, 2009. GeckoSystems is a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service."
"Recently it has been brought to management's attention by numerous frustrated potential investors in GeckoSystems, that they were unable to get their GCKO buy orders filled in a timely fashion, if at all. Consequently, we have set up a hot line, for the reporting of such instances, as they seem to occur simultaneously with the 'naked short selling' of GCKO stock. Should a GCKO investor have any difficulty in the timely purchase of our stock, please call our toll free investor hotline, 1-866-227-3268. We will listen intently and document the difficulties encountered very carefully," reassured Martin Spencer, President/CEO, GeckoSystems.
In the last few months FINRA has initiated several programs focused on eliminating, if not dramatically reducing, the number of illicit, or unauthorized shares not infrequently issued by "shell" companies. GeckoSystems has an affidavit on file with their transfer agent, Continental Stock Transfer & Trust Company, and on their website attesting to the reality of never having been a "shell company." Often these illicitly gained shares are used to exploit the typical trading price of the "shell" company's stock to the detriment of the legitimate shareholders due to the price of the shares being driven down by "naked short selling" i.e. shares sold by, but not directly owned by, the selling party at the time of the sale.
GeckoSystems received their Pink Sheet trading symbol, GCKO, from FINRA as a result of satisfying all their due diligence requirements from the filing of a Form 15c2-11. Since GeckoSystems secured its trading symbol by successfully satisfying FINRA's due diligence requirements in the 15c2-11 process, the Company has no unaccounted for, or otherwise missing, shares outstanding and issued. "We worked for nearly a year in preparing our initial 15c2-11 submission to, and addressing the comments of, FINRA prior to their issuance of our trading symbol, GCKO. We received our trading symbol, GCKO, from FINRA in September of 2007. In order to enable electronic trading we became DTC eligible in January of 2008. Now, as a DRS Participant, the ability to trade GCKO stock electronically is even more streamlined, efficient, transparent, and reliable," stated Spencer.
DRS provides for the electronic direct registration of securities in an investor’s name on the books of the transfer agent or issuer. It allows shares to be transferred between a transfer agent and a broker electronically through the industry’s DRS Profile Systems. Historically, investors hold their shares either in "street name" with their broker, or they are "registered shareholders" and have a certificate. Consequently, the Company is in a position, as a DRS participant, to readily identify those parties engaging in "naked short selling" of GCKO stock.
"We are very pleased to be able to offer our stockholders this heightened level of ownership transparency and greater ease in their transfers of their holdings in GeckoSystems as a DRS Participant. We wish to reassure our stockholders that this greater efficiency in the marketplace for our stock will further enhance the value and liquidity of GCKO stock and increase the ROI for them.
"Recently Taser International filed suit against Merrill Lynch, Goldman Sachs, and Morgan Stanley for these types of unethical and inappropriate, if not illegal, stock market manipulations. Their alleged "failure to deliver" and/or "naked stock shorting" business practices are prohibited under numerous Securities and Exchange Commission Regulations and actionable under the Georgia State Law entitled 'Dishonest or Unethical Business Practices, 590-4-2-.14.' For example, one of our predominant market makers, Knight Equity Markets, uses one or more of these firms as clearing houses for GCKO order fulfillment, or not, as the case may be.
"We certainly regret the volatility in our stock price these last few months. In part our stock price and volume reflect the nervousness of all the stock markets. And, like many other publicly traded firms, unethical brokerage firms continue to exploit and exacerbate these swings with their need for trading profits with 'failing to deliver' and 'naked short selling.' While we have carefully managed this risk to the degree possible by our attaining our trading symbol from a 15c2-11, becoming DTC eligible, and a DRS Participant, we are appreciative of any support and insights you may provide us by calling our investor hot line number, 1-866-227-3268," concluded Spencer.