IDAHO FALLS, Idaho, June 15, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV), a renewable energy company, announced today that after weeks of trans-Atlantic negotiations with the Committee of European Security Regulators and the Berlin Bremen Stock Exchange -- where the shares of ITR have been trading without the consent of the company -- the listing broker, Berliner Freiverkehr (Aktien) AG and the Berlin Exchange, have agreed to de-list ITR's shares.
ITR's Executive Vice President, Jacob Dustin stated, "The recent trading activity in ITR's shares forced our management to investigate various transactions and general market trading activity. We were shocked and dismayed to learn that ITR shares were listed for trading on the Berlin-Bremen Stock Exchange and actively traded without our prior knowledge or consent. We believe that this listing was in contravention to the interests of the majority of our shareholders. Based on media accounts, there are possibly over a hundred companies that have been listed on foreign exchanges without the companies knowledge or consent and we believe that institutions and individuals are using an arbitrage loophole to illegally engage in naked short selling, which may have had significant negative repercussions on the market price of our stock."
The suspension in trading of ITR will be effective June 28, 2004. As part of the negotiations with European regulators and the Berlin Exchange, ITR allowed sufficient time for previous trades to clear and long or short positions to be closed out. ITR continues to trade in the US on the over the counter Bulletin Board.
About Intrepid Technology: We are a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.