Megola responds to shareholder inquiries regarding short selling
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Megola responds to shareholder inquiries regarding short selling 18 August 2010Point Edward Reporter: Steven Lafferty
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Megola Inc. has provided information to shareholders regarding short selling of the Company's common stock since June 1, 2010
Recent trade activity of Megola's stock since June 1, 2010 (after conversion dates of Megola's preferred series A and B shares), shows that of the approximately 450,000 shares traded over 63 per cent, or approximately 287,000, have been Short Sales.
"Short selling is, unfortunately, an investment strategy for some investors that can have a negative impact on long term holders in the short term. As a company all we can do is to continue to build growth, sales and profitability in hopes that it may deter some short sellers from targeting our particular stock," states Joel Gardner, Megola CEO. "We have a large insider position holding, a relatively low market float and we feel we are in a good position to overcome such minor obstacles as management continues to strive to increase shareholder value," continued Gardner.
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