LONDON, Oct. 6, 2009 (GLOBE NEWSWIRE) -- Over the last four years the company (Other OTC:BCIT) has made every effort for the resumption of trading of its stock by complying with all requests made to it by all pertinent agencies. It has done this at great expense and effort but as it has complied; it has found its efforts to be unfairly obstructed. Even with the findings of various government agencies showing Energy Source to be innocent of any wrong doing one private organization continues to block the rights of the company, the Depository Trust & Clearing Corporation (DTCC).
The DTCC its officials and lawyers lead the company to understand that on the completion of all the normal regulatory requirements it would clear its stock for normal trading. This position was reached by mid 2007 after an exhaustive and costly process. The DTCC despite the company being fully filed, having possession of an 15c211 as required by FINRA, consent from NASDAQ to trade the DTCC refused to clear the company's shares unless the company supplied sufficient shares to the DTCC to cover the counterfeit shares it had allowed to enter the market by its gross negligence as well as supporting a tide of naked short selling by its client owners and brokers. The company out of disgust and frustration, had stopped their corporate filings and contemplated what else they could possibly do after spending over $800,000 to that point. The company had complied with all requests, was accused of no wrong doings, yet was not permitted the rights it deserves, to do business.
Energy Source would like to announce that it is, once again, becoming fully compliant in all corporate matters. Empire Stock Transfer Inc. continues to act as the company's stock transfer agent, and the company will update its filings shortly. Any and all other corporate matters found to be delinquent will be addressed and remedied as well.
The company is resolved on behalf of its shareholders and those others who have fallen victim to the ongoing fraud perpetrated in the marketplace to continue in business despite the failure of regulatory agencies to protect the most basic rights of the capital of the company, and the rights of its investors, which has now created a climate of distrust and frustration that needs to be addressed.
The company, after talking with the main investigator of Senator Grassley's office, who has intervened as a moderator for all concerned, feels that it is time to make this effort. Without the effort put forth by Senator Grassley's office and the determination of certain shareholders, who only ever wanted what they paid for - their shares, the company would have had to consider other alternatives.
It is unfortunate that a private monopoly like the Depository Trust & Clearing Corporation and its financial institutional owners, exercises decisive influence over such government agencies such as the SEC and can dictate policy with impunity to the market place to the extent that the owners of a public company are no longer in control of their own capital structure and there is no redress for outright fraud perpetrated by brokers on the company's shareholders. Energy Source is most thankful for Senator Grassley's office demonstrating integrity and concern by stepping in and attempting to moderate in this situation where investors have been fleeced by their brokers and the DTCC.
Additionally the company announces retaining the services of Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C. to assist it with future legal proceedings. An independent effort by our shareholders to help with these expenses has been initiated and the company supports and welcomes their efforts.
Thomas Megas CEO Energy Source Inc.