FOR IMMEDIATE RELEASE
Contact: Media Relations,
Scripophily.com
Tel: 703-579-4209; e-mail: media@scripophily.com
SCRIPOPHILY.COM
RECEIVES SEC POSITION LETTER
ENABLES
FROM PUBLICLY TRADED COMPANIES
WASHINGTON, DC
-
September 3, 2002 --
Scripophily.com ®,
the Internet’s largest
and most recognized brand in the collectible stock and bond market has
received a no-action letter from the Staff of the Division of Market
Regulation of the Securities and Exchange Commission that will enable
Scripophily.com to sell single share certificates without registering as
broker dealers under Section 15 (b) of the Exchange Act..
Prior to the no-action letter, it was not always clear whether anyone could
sell uncancelled stock certificates of currently traded companies as a
collectible without registering as a broker dealer.
With
this clarification, Scripophily.com's customers will now have the opportunity
to easily obtain these certificates online to give as a gift or for their own
collection without having their personal information printed on the
certificate. “Given the increased
interest in high profile companies, this is a major step for the hobby of
Scripophily in capturing a truly unique period of financial history” says Bob
Kerstein, CEO of Scripophily.com. “We are also very grateful for the
cooperation and assistance of the SEC in helping collectors
preserve the history of our times by addressing
this issue”, added Kerstein.
Scripophily [scrip-off-fil-ly] is the hobby’s name for collecting non
redeemable stock and bond certificates.
Certificates are bought for their artistic presence and historical
significance.
As part of the no action Letter, Scripophily.com will
sell one share of stock for at least twice the
trading value of the underlying security.
All shares will be purchased by Scripophily.com thru a
registered broker-dealer and be issued in the name of Scripophily.com. The
back of the certificates will be stamped “non redeemable and non transferable”
and there will be certain disclosures to this effect on the Scripophily.com
website.
The no-action letter can be found on the Securities and Exchange Commission's Website at http://www.sec.gov/divisions/marketreg/mr-noaction/scripophily081402.htm
What is a no-action
letter?
An individual or entity who is not
certain whether a particular product, service, or action would constitute a
violation of the federal securities law may request a "no-action" letter from
the SEC staff. Most no-action letters describe the request, analyze the
particular facts and circumstances involved, discuss applicable laws and
rules, and, if the staff grants the request for no action, concludes that the
SEC staff would not recommend that the Commission take enforcement action
against the requester based on the facts and representations described in the
individual or entity's original letter. The SEC staff sometimes responds in
the form of a no-action letter to requests for clarification of the legality
of certain activities.
CORPORATE PROFILE
Scripophily.com LLC, The Gift of History, is
a leading provider of collectible stock and bond certificates and other old
paper items. The company has a selection
of over 6,300 items on its Stock and Bond Superstore. Scripophily.com also
offers an old stock research service at
OldCompanyResearch.com.
Scripophily.com was
founded by Bob ( Bob.com ) Kerstein. Bob has more than 25 years of senior
management experience in the Communications, Internet, Professional Sports and
Entertainment Industries.
For more
information on Scripophily.com®, visit
www.scripophily.com or
www.bob.com or call 1-703-579-4209.
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