ORLANDO, Fla., Dec. 12, 2006 (PRIME NEWSWIRE) -- Promotora Valle Hermoso (OTCBB:PVLH), one of the leading providers of housing solutions in Ecuador, today announced that it believes that a substantial and persistent short position exists in its stock.
"Based on the volume and price activity of our stock, I believe there is a substantial short position and I would encourage all shareholders to request that their stock be converted to a certificate form," stated Maria Fernanda Rosales, President and CEO of Promotora Valle Hermoso.
The conversion to a certificate form can be accomplished in two ways. Either the shareholder can request that the certificate be issued to the broker for the benefit of the shareholder, or the shareholder can request that the broker have certificates issued directly in the shareholder's name and at the shareholder's address. In the second case, the shareholder will obtain the physical certificates and will be responsible for their safekeeping.
The company is currently reviewing steps that have been taken by other public companies to reduce the blatant shorting of their stock. The company expects to adopt certain protective measures in the near future.
About Promotora Valle Hermoso:
Promotora Valle Hermoso invests financial resources in housing projects in Quito, Ecuador and its suburbs. Its goal is to build real estate which offers comfort and space to families preferring a lifestyle in a harmonious and peaceful environment. Housing inner-areas have natural lighting, resulting in energy savings, and are equipped with modern technology installations.
Promotora Valle Hermoso targets a housing deficit of 1,200,000 houses in a country that has a yearly growth of just 60,000 housing solutions. The efficient structure of Promotora Valle Hermoso allows building fast economy housing and targets providing the middle-class population with affordable living.
More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: http://www.promotoravh.com/indexe.html.
The Promotora Valle Hermoso, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2777
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