NEW YORK, April 29, 2004 (PRIMEZONE) -- Torbay Holdings In (OTCBB:TRBY) announced this morning that in early April, 2004, the Board's attention was drawn to the fact that TRBY's stock was being traded on the Berliner Bremen Unofficial Exchange in Germany without invitation or the Board's knowledge. The Board immediately contacted the SEC, NASD and the Berlin exchange to share its concerns at the timing and the fact of this event.
TRBY was advised this morning that the Broker, who listed TRBY's stock, has agreed, following the Board's representations, to withdraw TRBY and so de-list TRBY's stock from the Berliner Exchange as of April 30, 2004.
In a separate issue under consideration, the Board of TRBY have sought advice as to the issues of withdrawing from the DTC electronic share transfer system in response, initially, to the uncertainty over the listing of TRBY's stock on the Berliner-Bremen Unofficial Exchange that took place on March 27, 2004, 4 days before the new NASD rules came into effect. Subsequently, following the advice received, the Board is now considering approaching its shareholders to seek their approval to discontinue electronic settlement through the DTC system and transact business in paper certificate form only.