Nasdaq Notifies Cobalis That It Will Remove 'V' From Its Stock Symbol -- an Update on Mandatory Share Certificate Exchange
October 13 2004 - 7:30AM
PR Newswire (US)
Nasdaq Notifies Cobalis That It Will Remove 'V' From Its Stock
Symbol -- an Update on Mandatory Share Certificate Exchange IRVINE,
Calif., Oct. 13 /PRNewswire-FirstCall/ -- Cobalis Corp. (OTC
Bulletin Board: CLSCV), a pharmaceutical company specializing in
the development of anti-allergy medications, announced today that
it has successfully fulfilled all Nasdaq requirements relating to
its mandatory stock certificate exchange and that Nasdaq will
remove, effective October 13, the "V" from the Company's trading
symbol, which will end the "when-issued" designation and trading
with open-ended settlement. As set by Nasdaq, as of October 13,
2004, all trades will now settle on the trade date plus three days
(T+3), under the stock symbol "CLSC." All trades made prior to
October 13, 2004 will require immediate settlement no later than
Monday, October 18, 2004. Otherwise, buy-in procedures may be
initiated. Brokers: please refer to Nasdaq's October 12, 2004
UNIFORM PRACTICE ADVISORY UPC #107-2004. AS PREVIOUSLY ANNOUNCED,
THE COMPANY REQUIRES THAT ALL STOCK CERTIFICATES INCLUDE THE NAME
OF THE BENEFICIAL OWNER. As a result of this the Company expects
that the settlement of all trades made after the new effective date
will be through physical delivery of stock certificates rather than
through DTC. AN UPDATE ON MANDATORY SHARE CERTIFICATE EXCHANGE The
mandatory share exchange became effective on August 27, 2004 and
the Company originally left 45 days, until October 12, 2004, to
alert and allow sufficient time for shareholders, brokerages and
clearing houses to exchange the Company's old stock certificates
for new certificates bearing the new Company name, CUSIP number and
names of the beneficial owners. As of October 12, 2004, nearly all
of the shares are exchanged and only a certain number of shares
remain with DTC. Since the Company understands that certain
shareholders, brokerages and clearing houses were not able to
submit the Company's old certificates for exchange due to good
faith legitimate reasons, the Company decided to extend for two
weeks the previously announced deadline from October 12 to October
26. The Company believes that this extension will allow all
investors, brokerages and clearing houses with good faith
legitimate reasons who failed to submit the old certificates for
exchange before October 12 to comply in good faith with the
Company's requirements within the two week extension period ending
on October 26. The Company is aware that certain brokerage houses
still have the Company's old certificates deposited with DTC and
have not done anything so far to withdraw these certificates from
DTC and submit them to the Company's transfer agent in exchange for
new certificates bearing the new Company name, CUSIP number and
names of the beneficial owners. The Company reminds shareholders,
brokerages and clearing houses that after October 26, the Company's
old stock certificates, with old company name and old CUSIP
numbers, will be void, shall not entitle the certificate holder to
any of the rights of a shareholder or the Company, and shall be
non- transferable and non-tradable in any public or private market
or exchange, and shall have no value except for the right to be
exchanged for the Company's new stock certificates. Furthermore,
the Company is determined to use its legal power given by
applicable laws of the State of Nevada to enforce by action at law
the surrender of any the Company's outstanding old certificates, or
the Company's certificates that do not include the names of the
beneficial owners, after this absolute cutoff date of October 26
against all persons and/or organizations acting in bad faith and
against the interests of the Company and its shareholders.
Stockholders who hold their old certificates in street name with a
broker are advised to contact their broker and urge them to
exchange the Company's old certificates, or the Company's
certificates that do not include the names of the beneficial
owners, for new certificates bearing the new Company name, CUSIP
number and names of the beneficial owners. Furthermore,
stockholders should immediately confirm with their broker that the
broker is including their name on the list of beneficial owners
being submitted to the Company's transfer agent. The Company urges
stockholders to make all communication with their brokers in
writing and keep a record of all communication. Written
correspondence is the only proof of what is communicated between
brokers and shareholders. The Company can only attempt to assist
those who provide copies of written correspondence. Furthermore,
the Company has received a number of complaints from shareholders
regarding certain brokerage houses. While the Company cannot
monitor or regulate trading, clearing or settling of trades, and
cannot assist shareholders with trading issues, the Company will
notify NASDAQ of these situations, from time to time. Stockholders
may desire to contact their broker or the NASD for resolution. To
find the NASD regional office closest to you, please refer to
http://www.nasdadr.com/hearing_locs.asp . Shareholders wishing to
inform the Company of any difficulties can do so by sending an
e-mail to . "We thank our shareholders, the transfer agent, DTC,
Nasdaq, and the brokerage community for their patience and support
during the mandatory certificate exchange procedure," noted Chas
Radovich, Cobalis' President and CEO. "We understand that this is a
time-consuming task for all involved, but it is a necessary part of
our effort to protect and enhance shareholder value and to ensure
the security of all legitimate shareholders of the Company." For
more information regarding the mandatory share exchange, please
refer to the Company's Press Releases dated August 23 and August
27, 2004, and/or the Company's website http://www.cobalis.com/ .
FORWARD LOOKING STATEMENTS This Press Release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that are based upon current expectations or beliefs, as
well as a number of assumptions about future events, including
matters related to the Company's operations. Although the Company
believes that the expectations reflected in the forward-looking
statements and the assumptions upon which they are based are
reasonable, it can give no assurance that such expectations and
assumptions will prove to have been correct, including assumptions
related to the mandatory exchange, Nasdaq's announcements related
to the "when-issued" status, the date in which the stock will
return to T+3 trading, whether future settling and clearing of
trades will occur electronically or solely through physical
delivery, and any other matters related to trading of the Company's
stock. The reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to
numerous factors and uncertainties. Web sites:
http://www.cobalis.com http://www.nasdadr.com/hearing_locs.asp
DATASOURCE: Cobalis Corp. CONTACT: Cobalis Corp., Investor
Relations, +1-949-757-0001, Fax: +1-949-757-0979,
Copyright