Typhoon Responds to Trading Suspension by the SEC
July 18 2008 - 6:49PM
Business Wire
Typhoon Touch Technologies, Inc. (OTCBB:TYTT)
(www.typhoontouchtech.com), confirms that on July 18, 2008, the
Securities and Exchange Commission (�SEC�) temporarily suspended
the trading of the common stock of Typhoon. In response to the
SEC�s temporary suspension of trading in our common stock, we
respond as follows. Prior to the suspension we fully cooperated
with the SEC and we intend to continue to cooperate. Typhoon has
filed current and accurate reports in a timely manner with the SEC.
The SEC has not advised us of how or in what manner our filed
information is inaccurate or incomplete. Typhoon intends to
continue to carry on its scheduled dialogue with the SEC and fails
to understand the reasons behind today�s actions based on the open
and ongoing dialogue. Typhoon does not know why the stock increased
from $8 to $25 early this week, except publicly available
information indicated that there was very little trading volume in
our common stock, and we filed an 8-K on July 14, 2008 disclosing
our suit against Lawrence Harris. Typhoon also has no knowledge of
the availability of its shares of common stock for trading and
delivery, except notes that a short seller, Lawrence Harris, and
persons who may be associated with him in selling short our stock,
may not have the stock available for delivery to cover their short
positions; e.g., they are naked shorts. The SEC was advised by us
last week that a current list of our common and preferred
shareholders is available from our transfer agent. An analysis of
the trading in our common stock, adjusted for the return of the
music kiosk business to Mr. Shepard and cancellation of 36,000,000
shares of common stock, the expiration of the exchange offer
reducing our shares of common stock to 145,600 shares and 100 for 1
stock split indicates as follows. Between April 29, 2008, the date
our proxy was filed, and June 22, 2008, immediately before we filed
to amend the complaint in the patent litigation, there was no
publicly reported trading volume and the market capitalization
remained constant. As set forth in an 8-K filed on June 23, 2008,
the court granted our motion to file an amended complaint in the
patent litigation adding twelve defendants. There was sporadic
trading and the market capitalization of our common stock increased
from $54,768,000 to a high of $204,988,800, but on very limited
trading volume. As of this Monday, July 14, 2008, the market
capitalization decreased to $117,200,000. Publicly available
information indicates that there were a total of less than 3,000
shares of our common stock traded between Monday, July 14 and
Thursday, July 17, when the price of our common stock increased
from $8.00 to $25.00 per share (a total market capitalization of
$366,250,000). On July 14, 2008 we filed an 8-K disclosing our
lawsuit against Lawrence Harris based on his attempts to force us
to buy out his short position so that he would not lose any money.
We are analyzing the impact of the temporary suspension in the
trading of our common stock, and we will promptly file an 8-K
reflecting that analysis. About Typhoon Touch Technologies Typhoon
Touch Technologies, Inc. (TYTT.OB), a Nevada corporation, is the
owner of foundational intellectual property in the area of portable
touch-screen computing. Please visit www.typhoontouchtech.com for
more information. This news release contains �forward-looking
statements,� as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release that are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things,�that the Company licensing agreement with Nova
Mobility will enhance product development or result in innovative
products or applications, or the growth potential of touch
technology and the ability of the companies to capitalize on this
market. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
the development of an early stage technology company and its
products and the entry into new markets for our products and
services. These forward-looking statements are made as of the date
of this news release, and the company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our recent
current reports on Form 8-K, our annual report on Form 10-KSB, our
quarterly reports on Form 10-QSB and other periodic and current
reports filed from time-to-time with the Securities and Exchange
Commission.