Cemtrex (CETX) Responds to False, Misleading Blog Post on Seeking Alpha
February 22 2017 - 2:27PM
Cemtrex, Inc. (www.cemtrex.com, CETX) today issued a response
on behalf of its shareholders in relation to a malicious blog post
containing false and misleading information published by short
sellers on the Seeking Alpha website.
Cemtrex is preparing to take rapid legal action and asks that
the SEC investigate these short sellers and their associates for
stock manipulation and illicit gains. Cemtrex categorically refutes
any allegations of wrong-doing by the Company, its directors,
officers and management. In particular, Cemtrex would like to state
the following:
Cemtrex has retained multiple auditors in various countries. Per
the company’s most recent proxy statement dated January 30, 2017,
approximately $95,000 of auditing fees were paid to multiple
accounting firms including the Company’s PCOAB-approved accounting
firm, Bharat Parikh & Associates, DHMP GmbH, and Stambaugh
Ness.
As is easily confirmed by a review of Cemtrex’s proxy filings
with the SEC, Aron Govil and Saagar Govil have not sold shares of
Cemtrex in several years. In addition, CEO Saagar Govil and Cemtrex
Founder Aron Govil are committed to purchasing additional shares of
Cemtrex in the open market and will file the appropriate Form 4’s
with the SEC accordingly in the days to come.
“We believe it is our responsibility to respond to this
malicious article authored by a short seller with a clear motive to
manipulate our share price and manufacture a false narrative about
our company. Today’s blog post in Seeking Alpha amounts to nothing
more than fake news created solely for the purpose of illicit gain
by short sellers and we reject its contents entirely. The author
has a history of writing rhetorical and damaging articles about
companies where he holds a short position and we intend to pursue
legal action against him and his cohorts immediately. Cemtrex has
never misrepresented its investment proposition or financial
performance to its shareholders and we stand by the contents of our
SEC filings and press releases. Cemtrex urges the SEC to act
quickly to address these malicious actions by the relevant short
sellers and their associates. The author has conveniently failed to
acknowledge all the tremendous accomplishments over the last three
years.” stated Sagaar Govil, CEO of Cemtrex, Inc.
The Company also plans to hold it’s regularly schedule
conference call tomorrow at 11AM ET. The details of which are:
Date: Thursday, February 23, 2017
Time: 11:00 AM Eastern Time (ET)
Dial-in Number for U.S. & Canadian Callers: 877-407-8293
Dial-in Number for International Callers (Outside of the U.S.
& Canada): 201-689-8349
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a world leading diversified
industrial and manufacturing company that provides a wide array of
solutions to meet today's technology challenges. Cemtrex provides
manufacturing services of advanced custom engineered electronics,
industrial services, monitoring instruments for industrial
processes and environmental compliance, and systems for controlling
particulates, hazardous gases, emissions of Greenhouse gases, and
other regulated pollutants used in emissions trading globally.
www.cemtrex.com
Safe Harbor Statement This press release
contains forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Statements made
herein are as of the date of this press release and should not be
relied upon as of any subsequent date.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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