Cloud Centric Systems, Inc. Comments on DTCC Stock Chill
CLDR Fights back on news of DTCC Chill Order
LONDON—February 7th 2011 - Cloud Centric Systems, Inc. (Pinksheets:CLDR) CEO, David Lovatt announces today that the company would aggressively support its shareholders in a fight to remove the chill order put in place by the DTC.
On Thursday 3rd February 2011, the DTCC placed a ‘Chill Order’ on the stock of Cloud Centric Systems, Inc meaning that stock could not be transferred using brokerages who are using DTC services. No explanation, prior or post notification, was given to the Board of Cloud Centric Systems in a move which has clearly damaged investor confidence.
David Lovatt, CEO of Cloud Centric said “…I tried at least twenty times to get a response from the relevant parties at the DTCC but could receive no satisfactory reason as to why this had occurred. At one stage, I was told that they were under no obligation to speak with me, however, after several more calls in to their switchboard, a compliance officer agreed to call me back before Tuesday 8th February 2011. All efforts are being made to resolve this issue.”
The company has taken steps to ensure that shareholders are furnished with the very latest information about this matter by setting up a blog on the company’s website. It can be reached directly by going to http://www.cloudcentricsystems.com/content/investorrelations
In commenting on the cause of the Chill order, David Lovatt had this to say: “Whether there is a compliance issue around the decrease of the Authorized or whether, as we suspect, this action has been taken because of ‘naked short selling’ of our stock with the intent of artificially altering the price of the stock. We intend to fight aggressively to get back on track. Whatever action is required, legal or otherwise, will be taken to restore our good standing and to ensure the DTCC remove this restraint.”
About Cloud Centric Systems:
Cloud Centric Systems specializes in cloud based technologies that use the Internet to deliver business critical applications via a global network of partners. Cloud Centric Systems plans to grow via strategic acquisition over the coming 12 months as well as strong sales through its subsidiaries, Cloud Centric Systems (UK) ltd and VizualMobile Ltd.
For more information, please visit www.cloudcentricsystems.com
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
Contact:Investor Relations1 347 404 5346Source: Cloud Centric Systems, Inc.
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