NEW YORK, NY / ACCESSWIRE / September 9, 2021 / AdvanceTC Ltd (NSX:A88)(OTCQB:ATCLF) ("AdvanceTC" or the "Company") has been requested by OTC Markets Group Inc. to issue this statement about promotional activity concerning its common stock.
On September 3, 2021, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and its common stock traded on the OTCQB Marketplace, including the distribution of two promotional newsletter e-mails, each dated September 3, 2021, one published by Epic Stocks Picks and the other by Green Leaf Pot Stocks, discussing the Company, its products and the global size of the satellite phone technology market. The publications also contained a summary of several recent press releases issued by AdvanceTC. OTC Markets provided examples of the promotional material for reference. The Company was not aware of the articles before receiving them from OTC Markets.
The Company takes its investor relations practices seriously, including its obligations to release material information which might reasonably be expected to have significant effect on the market price or value of its securities.
By way of background, the Company's ordinary shares have traded for many years on the National Stock Exchange of Australia (NSX) under the symbol A88. The Company sought to have its shares trade in the U.S. markets and to provide information about the Company. The Company's applied to have its common shares accepted for trading on the OTC Markets. The shares were accepted for trading in early 2021, and the Company secured DTC eligibility by The Depository Trust Company for its shares on the OTC Markets effective March 5, 2021. The Company originally deposited 8,000,000 of its ordinary shares with DTC.
In connection with the Company's efforts to increase its brand and company awareness in the United States, the Company engaged Strattner Group ("Strattners") to make introductions to investment banks and broker-dealer firms, attorneys, consultants, public relations firms, investor relations firms, brand awareness firms, and digital marketing companies in an effort to assist the Company with its goal of achieving broader market awareness and getting the Company's stocks trading in the US markets.
Through August 2021, Strattners worked with several firms to increase awareness of the Company. Additionally, since the Company's shares began trading on the OTC Markets, the Company has issued several press releases relating to the Company's achievements and accomplishments, all of which have been included on the Company's page on the OTC Markets.
In August 2021, Strattners engaged an outside firm to provide marketing services. To the Company's knowledge, that outside marketing firm engaged additional contractors to provide marketing services, which included Epic Stock Picks ("Epic") and Green Leaf Pot Stocks ("Green"), the firms that issued the newsletter emails.
To the Company's knowledge, Epic Stock Picks ("Epic") is a third-party marketing and advertising firm that provides content distribution and advertising services. Green Leaf Pot Stocks ("Green") appears to have a similar business plan. Both Epic and Green state that their newsletters are owned and operated by Link Media.
Each of the newsletters presented factual statements regarding the Company, its business and industry, seemingly drawn from the Company's press releases. Neither the Company nor Strattners viewed or had any editorial control over the materials, and did not review the materials for factual accuracy or even see them prior to their dissemination. While the Company does not believe the factual statements in the newsletters that were based on the Company's prior press releases were false or misleading, both newsletters included information and language that went beyond the factual statements in the Company's press releases. As noted, neither the Company nor Strattners had any control over the content of the promotional materials.
Since the Company's shares began trading on the OTC Markets, trading volumes for the Company's common shares on the OTCQB have been relatively minimal and sporadic. The Company acknowledges that trading volume on September 3, 2021, the date of the two newsletters referenced above, was significantly higher than previous daily volume levels, and that the price experienced an increase on that date compared to that of prior trading days.
As noted, neither the Company nor its officers or directors was involved with the creation of the information in the newsletters, other than the information that was gleaned from the Company's press releases, which press releases were prepared and issued by the Company.
After due inquiry, the Company confirms that it is not aware of any of its directors and control persons, its officers, directors, or any shareholders owning 10% or more of the Company's securities, that may have, directly or indirectly, been involved in any way with the creation or distribution of promotional materials related to the Company and its securities, other than the preparation of the Company's press releases the substance of which was included in the referenced newsletters. As noted above, Strattners was involved in engaging the outside marketing firm that engaged Epic and Green, and advanced funds to the outside marketing firm for partial payment of the marketing services. However, Strattners had no involvement in the creation or distribution of the promotional materials or newsletters.
After due inquiry of management, the directors, control persons, and any third-party service providers, the Company can confirm that neither the Company, its officers, directors, any controlling shareholders, or any third-party service providers have sold or purchased the Company's securities within the past 90 days, except that Strattners has sold approximately 1,289,857 shares of the Company's common stock in the past 90 days.
Other than as disclosed above, the Company has not engaged any third-party providers to provide investor relations services, public relations services, marketing, or other related services including the promotion of the Company or its securities in the last twelve months.
The Company has not issued any convertible instruments allowing conversion to equity securities at prices that constituted a discount to the current market rate at the time of the issuance of such convertible instruments. The Company has also not issued shares at a discount to the market price.
About AdvanceTC Limited
AdvanceTC is a premier company specializing in the design, development and commercialization of high tech mobile wireless computing and telecommunication devices since 2005. AdvanceTC W3, a full Windows® OS microcomputer integrated with cellucar telephony capabilities and the Xplore X7 the world first android smartphone with satellite messaging and emergency service, fully designed and developed using its own patented proprietary technology and engineering innovation.
For further information please contact:
CONTACT:
Name: CP Loi/ Chief Executive Officer
Email: [email protected]
Website: www.advancetc.us
Forward Looking Information
This news release may contain forward looking statements relating to the information discussed, and the future potential of AdvanceTC. Forward looking statements are often identified by terms such as "will," "may," "should," "intends," "anticipates," "expects," "plans," and similar expressions. All statements other than statements of historical fact, included in this release are forward looking statements that involve risks and uncertainties. There can be no assurance that any forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise publicly any of the included forward-looking statements except as expressly required by Australian or U.S. securities laws.
SOURCE: AdvanceTC Ltd