Message #19 From:
NewsBot Date: July 28, 2005 08:55:00 AM
PFSD News Pacific Sands Updates Status of Company Investigation Into Unusual Trading Activity
RACINE, Wisc.--(BUSINESS WIRE)--July 28, 2005--Pacific Sands, Inc. (OTCBB:PFSD) management and advisers have begun their investigation into the recent sharp decline in the price of their common stock under apparently heavy selling pressure.
After closely examined trading records from the week of July 15 through July 22 serious discrepancies have emerged between the number of shares reported as traded and the number of shares which have been reported by DTC as actually changing hands.
According to NASDAQ, 608,636 shares were traded during the week in question. A day by day and broker by broker examination of the securities position reports provided by the Depository Trust Company shows that approximately 284,639 shares actually traded hands, a discrepancy of approximately 324,261.
While small discrepancies in these numbers are common, in this case, the number of "phantom shares" exceed actual trades by more than 100%.
Management is committed to identifying and pursuing the source of this apparent hostile manipulation of its stock.
Management added that, concurrent with beginning of the apparent stock manipulation, an unsuccessful but ongoing attack was launched via email virus bombs and attempted intrusions into its web servers.
As of the posting of this news release, according to our records and those of our transfer agent, the company has 29,410,111 shares issued and outstanding. That compares to 30,298,973 at the end of fiscal year 2004.
About Pacific Sands
Pacific Sands, Inc. develops, manufactures and markets environmentally safe, nontoxic cleaning, and water treatment solutions for industrial and consumer products. For more about the Company, visit www.pacificsandsinc.com or www.PacificSands.biz. For product inquiry, call 877-492-8123.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company's business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.
