FOR IMMEDIATE RELEASE
Contact: Media Relations, Scripophily.com
Tel: 703-579-4209; e-mail: email@example.com
RECEIVES SEC POSITION LETTER
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
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
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.
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.