DEERFIELD BEACH, Fla., April 17, 2007 (PRIME NEWSWIRE) -- Red Reef Laboratories International, Inc. (Pink Sheets:RRLB) management today announced a discussion was held with Red Reef Board of Directors and The RR Advisory board, and suggestions were called for in the matter of helping to secure a more orderly public trading arena for Red Reef shareholders. A consensus that market activity has not fairly reflected the company's achievements and progress led to an agreement that Red Reef shares are understated.
Trading patterns, which have been consistent and predictable, indicate that some traders either believe that RRLB is over priced or that they are willing to profit from applying manufactured pressure on RRLB shares. Illegal short selling is suspected but difficult to prove. In any case, our assessment is at odds with those who would seek to influence RRLB share value with negative trading techniques as well as those who may believe the shares are over priced.
The Board therefore authorized the systematic, judicious repurchase of shares in the open market, to be retired to treasury, as a way of demonstrating management's confidence in our plan of action for growth, to add stability in the trading place for our shareholders and as an anti-dilutionary measure. The timing, size and purchase price of these buy-backs will be left to the discretion of the President and his advisors.
As an aside, the members of both boards were hopeful that positive actions by the appropriate government agencies will end once and for all the perception and practice of illegal and immoral trading activities which have caused the demise of many small, potentially successful companies and the subsequent losses to many unsuspecting, good faith investors. Aggressive prosecution of individual traders and paid stock bashers who make a practice of keeping publicly traded companies from achieving fair market potential would be a good place to start and a positive blow for America's equity markets.
Forward-Looking Statements
Certain statements in this news release may contain 'forward-looking' information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.