UTICA, N.Y., March 27, 2003 (PRIMEZONE) -- Dr. Albert Reynolds, Chairman of Life Energy & Technology Holdings Inc. (OTCBB:LETH) (Deutsche Borse DE:LFT), today welcomed the SEC Amendment to the Collateral Requirements in Rule 15c3-3, which requires broker-dealers to provide full collateral when borrowing fully paid and excess margin securities from customers (http://www.sec.gov/news/digest/). Dr. Albert Reynolds said, "This amendment is good news for U.S. Public Companies. I whole-heartedly endorse and commend the SEC for this initiative and I intend to redouble our lobbying and legal efforts to ensure that Rule 15c3-3 is fully and completely enforced. From what I can observe, the trading system in America has allowed for abusive trading practices to over inflate share ownership in a U.S. Public Company. Both Senator Vance Hartke and myself are hoping to convince the U.S. Congress and Senate of the need for immediate passage of this rule and the enforcement thereof.
"The 3-day settlement securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U. S. Public securities. A few market makers and brokers are determining the value of a company and not the legitimate buyers of the securities. The U.S. has been faced this last year with much corporate misconduct, but has not faced the fact that the U.S. Trading System lacks integrity, until now that is. If these corrupt practices are not fixed, they will destroy the next generation of business in the United States. Who is to say that with the OTC-BB market down over 75% in value; how much our economy has been damaged by and shareholders defrauded by unscrupulous market makers and brokers. What happens when the World Markets realize that short sellers can sell you securities, never deliver them, and yet they can still collect the an insidious cancer through which unscrupulous market makers are determining company valuations rather than shareholders and market money for selling something that they do not own? You would have to ask yourself why anyone should invest in American Companies. I brought Life Energy to the US stock markets to give all shareholders maximum value for the company in which they have invested. I have been appalled that such illegal practices are allowed to continue in the backbone of America's financial system. Naked short selling, and the market manipulation that it represents, are not only anti-American but are indeed forces. We will take all steps necessary to protect our shareholders."
About Life Energy & Technology Holdings Inc. (http://www.le-th.com)
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM), supplies energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, safely and efficiently, processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural, effluent, medical, industrial, shale oil, sour natural gas and many other traditional and non-traditional waste materials. The company is chaired by Dr. Albert Reynolds the former Prime Minister of Ireland who is widely regarded as the architect of the Irish Peace Process.
LETH, through its local Washington counsel, has begun an effort to lobby Washington to make changes in the laws so this practice cannot continue to hurt small U.S. Public Companies. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.