8000inc (EIGH.pk) Investor Update October 2010
PR Newswire “Press Releases US – English “
MANASSAS, VA, Oct. 21 /PRNewswire/ – The company would like to state that it is
aware of the unfounded and litigious statements being made publicly. It
takes this matter extremely seriously and all incidents of this nature
are passed on to our legal team. The true shareholders of 8000inc
should be made aware that any and all unsubstantiated defamatory claims
made by individuals with vested interests are being investigated and
will be dealt with accordingly and publicly. The company would like to
state that it did not profit from what was a corporate error and has
corrected its internal processes to ensure there is no repeat.
Shareholders have reported that non-associated, non-affiliated third
party entities have been recorded as paying the cancelled dividend for
and on behalf of 8000inc into shareholder accounts. The payments
exceeded the recorded short position in the company. It is therefore
clear and unequivocal that there is a non reported short position in
8000inc which we believe could be detrimental to the company and
Due to these facts and current public activity, the Board has taken the
- Initiated a reduction in the available shares in the public float to 20M
by acquiring shares to retire.
- Expansion of its financing model for acquisitions to extend its
portfolio and to fund the Sporting Centre of Excellence and Corporate
- Progression to a higher exchange. The actions taken will enable 8000inc
to meet the criteria for automatic upward progression through business
activity and valuation. The company will continue to follow its
business plan as publicized.
- The Board is currently assessing a proposed offer to privatize the Group
and a merger with a target entity established on a higher exchange. The
company will announce its decision accordingly.
- The flagship store at Limegrove will be completed on schedule and ready
for October 31st.
- The company is using its financing structures to complete several
acquisitions to be announced in the next few weeks.
- 8000inc has secured the 35 acre site for its corporate HQ and Sporting
Centre of Excellence.
- In line with recent acquisitions, all subsidiaries as recorded are
operational, there are no subsidiary closures and all activities in
2010 will continue and expand through 2011 as per the plan.
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