WILTON, Connecticut, November 5 /PRNewswire/ --
Startech Environmental Corp. (OTC Bulletin Board: STHK), a fully reporting company and the internationally recognized, award-winning Environment and Energy Company announced today that it has engaged the BUYINS.NET service company to monitor, identify and report on any short selling activity in the Company's common shares.
Peter Scanlon, Startech VP and CFO, said, "Our Quarterly Report, filed with the SEC on September 14, shows Shareholders' Equity in excess of US$5 million with approximately US$10 million in Cash on Hand, along with Plasma Converter Systems Sales of approximately US$25 million. In addition, it shows that the Company has also received additional cash partial-payments of approximately US$3.5 million for the Systems sold and being manufactured."
He also said, "With production for the systems sold well underway, the fact is that the Company has never before been as strong as it is today, and getting stronger."
"BUYINS.NET is the only source in the U.S. for short sale time and sales information aggregated from all 9 US stock exchanges. After gathering all short sales in STHK over the past two years, it is clear that nearly 1.5 million shares of STHK have been shorted at the volume weighted average price of US$2.60. Upon closer review, approximately 235,000 of the 1.35 million shares shorted were shorted in the US$1.83 to US$1.92 range. With the stock currently at approximately US$1.80, those shares may begin squeezing where STHK trades above US$1.92," stated Tom Ronk, BUYINS.NET's CEO.
For more information visit http://www.buyins.net.
About Short Selling
Steve Landa, Startech VP said, "Short selling is the practice of borrowing stock, then selling it in hopes that the price will go down and it can be bought back at a lower price, thereby generating profit and allowing one to return like shares for the borrowed ones.
"Naked shorting" refers to "shorting" a stock for sale without first borrowing it. The risk that one may not be able to then acquire the shares needed to deliver on the sale is a contributing factor to the controversy surrounding this practice. Naked short selling can have negative effects on stocks, and could be used as a tool for illegal market manipulation."
He also said, "According to Wikipedia, naked short selling, or naked shorting refers to the practice of selling a stock short without first borrowing the shares or making an affirmative determination that the shares can be borrowed. In the United States, the Securities and Exchange Commission issued a regulation, known as 'Regulation SHO', addressing naked-short-selling issues and concerns."
About Startech -- The Environment and Energy Company
Startech is the internationally recognized, award-winning environment and energy industry company engaged in the production and sale of its innovative, proprietary plasma processing equipment known as the Plasma Converter System(TM).
The Plasma Converter System safely and economically destroys wastes, no matter how hazardous or lethal, and turns most into useful and valuable products. In doing so, the System protects the environment and helps to improve the public health and safety. The System achieves closed-loop elemental recycling to safely and irreversibly destroy Municipal Solid Waste, organics and inorganics, solids, liquids and gases, hazardous and non-hazardous waste, industrial by-products and also items such as "e-waste," medical waste, chemical industry waste and other specialty wastes, while converting many of them into useful commodity products that can include metals and a synthesis-gas called Plasma Converted Gas (PCG)(TM).
Among the many commercial uses for PCG, is its use to produce "green electrical power," Gas-To-Liquid (GTL) fuels such as ethanol, synthetic diesel fuel and other higher alcohol "alternative" fuels. Hydrogen, for use and sale, can also be separated and recovered from the PCG synthesis gas mixture.
The Startech Plasma Converter is essentially a manufacturing system producing valuable commodity products from feedstock-materials that were previously regarded as wastes.
Startech regards all wastes, hazardous and non-hazardous, as valuable renewable resources.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its Plasma Converter(TM) technology. All forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, failure of the customer to obtain appropriate financing for the project, general risks associated with product development, manufacturing, rapid technological change and competition as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.