SEATTLE--(Business Wire)--
Typhoon Touch Technologies, Inc. (OTCBB:TYTT)
(www.typhoontouchtech.com), confirms that on July 18, 2008, the
Securities and Exchange Commission ("SEC") temporarily suspended the
trading of the common stock of Typhoon.
In response to the SEC's temporary suspension of trading in our
common stock, we respond as follows. Prior to the suspension we fully
cooperated with the SEC and we intend to continue to cooperate.
Typhoon has filed current and accurate reports in a timely manner with
the SEC. The SEC has not advised us of how or in what manner our filed
information is inaccurate or incomplete. Typhoon intends to continue
to carry on its scheduled dialogue with the SEC and fails to
understand the reasons behind today's actions based on the open and
ongoing dialogue. Typhoon does not know why the stock increased from
$8 to $25 early this week, except publicly available information
indicated that there was very little trading volume in our common
stock, and we filed an 8-K on July 14, 2008 disclosing our suit
against Lawrence Harris.
Typhoon also has no knowledge of the availability of its shares of
common stock for trading and delivery, except notes that a short
seller, Lawrence Harris, and persons who may be associated with him in
selling short our stock, may not have the stock available for delivery
to cover their short positions; e.g., they are naked shorts. The SEC
was advised by us last week that a current list of our common and
preferred shareholders is available from our transfer agent.
An analysis of the trading in our common stock, adjusted for the
return of the music kiosk business to Mr. Shepard and cancellation of
36,000,000 shares of common stock, the expiration of the exchange
offer reducing our shares of common stock to 145,600 shares and 100
for 1 stock split indicates as follows. Between April 29, 2008, the
date our proxy was filed, and June 22, 2008, immediately before we
filed to amend the complaint in the patent litigation, there was no
publicly reported trading volume and the market capitalization
remained constant. As set forth in an 8-K filed on June 23, 2008, the
court granted our motion to file an amended complaint in the patent
litigation adding twelve defendants. There was sporadic trading and
the market capitalization of our common stock increased from
$54,768,000 to a high of $204,988,800, but on very limited trading
volume. As of this Monday, July 14, 2008, the market capitalization
decreased to $117,200,000. Publicly available information indicates
that there were a total of less than 3,000 shares of our common stock
traded between Monday, July 14 and Thursday, July 17, when the price
of our common stock increased from $8.00 to $25.00 per share (a total
market capitalization of $366,250,000). On July 14, 2008 we filed an
8-K disclosing our lawsuit against Lawrence Harris based on his
attempts to force us to buy out his short position so that he would
not lose any money.
We are analyzing the impact of the temporary suspension in the
trading of our common stock, and we will promptly file an 8-K
reflecting that analysis.
About Typhoon Touch Technologies
Typhoon Touch Technologies, Inc. (TYTT.OB), a Nevada corporation,
is the owner of foundational intellectual property in the area of
portable touch-screen computing. Please visit www.typhoontouchtech.com
for more information.
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future. Such
forward-looking statements include, among other things, that the
Company licensing agreement with Nova Mobility will enhance product
development or result in innovative products or applications, or the
growth potential of touch technology and the ability of the companies
to capitalize on this market.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with the
development of an early stage technology company and its products and
the entry into new markets for our products and services. These
forward-looking statements are made as of the date of this news
release, and the company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that the beliefs, plans, expectations
and intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our recent current reports on Form 8-K,
our annual report on Form 10-KSB, our quarterly reports on Form 10-QSB
and other periodic and current reports filed from time-to-time with
the Securities and Exchange Commission.
For Typhoon Touch Technologies, Inc.
Media Contact:
Investor Relations
Charles Moskowitz, 617-633-2259
Copyright Business Wire 2008
