New Wave Mobile changing name and CUSIP number to combat suspected naked shorts and reflect upcoming business developments
Wednesday February 28, 8:47 am ET
TORONTO, Feb. 28 /PRNewswire-FirstCall/ - NEW WAVE Mobile Inc (NWWM:OTC) today announced it is changing its name to New Wave Media Inc.. The Company has initiated the process with its stock transfer agent and expects the entire process to be completed within 10 days.
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The Company acknowledges that the CUSIP number change is in response to shareholder concerns regarding "naked shorting" of New Wave Mobile Technologies, Inc. "Our shareholders have expressed fear that our stock is a target of naked shorting activity," said Armando Russo, President of New Wave Mobile Technologies, Inc. "With the increase in regulatory scrutiny of naked shorting activities, we believe the name and CUSIP change could help address those concerns."
Upon completion of the CUSIP number change, all stock certificates representing shares of common stock of the Company must be exchanged for new certificates. All issued and outstanding certificates of New Wave Mobile Technologies, Inc. current common stock will cease to represent an interest in the company and will only represent a right to be exchanged for new shares of New Wave Mobile Technologies, Inc.
Marc Askenasi, President of WP states: "Our name change better reflects our offering which is the convergence of differing forms of media. Online, Mobile Applications, Text Message (SMS), Inter Active Voice Recognition (IVR) and even Print make up. It also allows us to expand by adding new channels into the future."
New Wave Mobile currently has 137,000,000 restricted and 117,000,000 free trading shares for a total of 254,000,000 and the transfer agent is transfer Online of Portland Oregon.
The company currently is not seeking any additional financing and also states there is no convertible debt or any financing instruments outstanding at this time.
This press release contains "forward looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in New Wave Mobile reports that will be on file with the US Securities and Exchange Commission.
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