Investors: Press Release
GeckoSystems, a Mobile Robot Solutions Co., Now Electronically Traded as a DRS Participant
CONYERS, GA, Aug 05, 2009 (MARKETWIRE via COMTEX) -- GeckoSystems Intl. Corp. (PINKSHEETS: GCKO) reported today that their stock transfer agent, Continental Stock Transfer & Trust Company, has accepted GeckoSystems as a Direct Registration System (DRS) Participant on July 24, 2009. GeckoSystems is a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service."
Prior to becoming a DRS Participant, GeckoSystems' shareholders did not have the following transparency, cost and time saving benefits:
1. Shares are held in book entry (electronic) form and not in physical form.
2. The shareholder receives a statement reflecting the shares owned in-lieu-of a physical stock certificate.
3. If the statement is lost, the shareholder does not need to complete an Affidavit of Loss.
4. The shareholder can initiate the electronic transfer of shares.
5. Should a stockholder request a physical stock certificate, the cost to issue is less.
GeckoSystems received their Pink Sheet trading symbol, GCKO, from FINRA as a result of satisfying all their due diligence requirements from the filing of a Form 15c2-11. "We worked for nearly a year in preparing our initial 15c2-11 submission to, and addressing the comments of, FINRA prior to their issuance of our trading symbol, GCKO. We received our trading symbol, GCKO, from FINRA in September of 2007. In order to enable electronic trading we became DTC eligible in January of 2008. Now, as a DRS Participant, the ability to trade GCKO stock electronically is even more streamlined, efficient, and reliable," stated Martin Spencer, President/CEO, GeckoSystems.
In the last few months FINRA has initiated several programs focused on eliminating, if not dramatically reducing, the number of illicit, or unauthorized shares not infrequently issued by "shell" companies. Often these illicitly gained shares are used to exploit the typical trading price of the "shell" company's stock to the detriment of the legitimate shareholders due to the price of the shares being driven down by "stolen shares" sold into the normal marketplace.
"While it may be uncommon for a company that is trading in the pink sheets, to not be a 'shell or blank check' company, we are not, and never have been, a 'shell or blank check' company. To further substantiate the legitimacy of that foregoing statement, we have posted a copy of an affidavit in the OTC Disclosure & News Service section at PinkSheets.com under our symbol, GCKO, and in the Investors section of our website. This is a notarized affidavit from me. The original of this affidavit is on file at our transfer agent, Continental Stock Transfer & Trust Company per their request. This document attests, without equivocation, that we have never been a 'shell or blank check' company," assured Spencer.
Since GeckoSystems secured its trading symbol by successfully satisfying FINRA's due diligence requirements in the 15c2-11 process, the Company has no unaccounted for, or otherwise missing, shares outstanding and issued.
DRS provides for the electronic direct registration of securities in an investor's name on the books of the transfer agent or issuer. It allows shares to be transferred between a transfer agent and a broker electronically through the industry's DRS Profile Systems.
Historically, investors hold their shares either in "street name" with their broker, or they are "registered shareholders" and have a certificate.
DRS provides investors with an attractive alternative. With DRS, investors can now elect to have their holdings registered directly on the issuer's records in book-entry form. Instead of having to safeguard valuable certificates, shareowners will receive a statement from the issuer or the transfer agent reflecting their ownership. They will also receive communications directly from the issuer or agent in a timely manner since they will no longer be in an anonymous "street name." (This may reduce "naked shorting" since true ownership and number of shares held is now known with investor specificity.) The investor can subsequently transfer the DRS book-entry position to a bank or broker/dealer, or vice versa.
"We are very pleased to be able to offer our stockholders this heightened level of ownership transparency and greater ease in their transfers of their holdings in GeckoSystems. We wish to reassure our stockholders that this greater efficiency in the marketplace for our stock as a DRS Participant will further enhance the value of GCKO stock and increase the ROI for them," concluded Spencer.