Click here to close now.


News Feed Item

Alternative Energy Partners (OTC BB: AEGY) Response to Recent SEC Suspension of Trading

LOS ANGELES, CA -- (Marketwired) -- 06/09/14 -- The SEC determined on June 6, 2014 to impose a temporary suspension in trading of the stock of Alternative Energy Partners, Inc. (OTCBB: AEGY) (OTC Pink: AEGY) (PINKSHEETS: AEGY) ("the Company") that may extend through June 19, 2014. The purpose of this statement is to inform shareholders about the information currently available to the Company and to address, to the extent possible, several of the questions we have received from shareholders and investors.

The Company did not have any advance warning, hint, or knowledge of the impending SEC suspension order. The Company learned of the SEC's actions at the same time as the market, on the morning of June 6, 2014 and has not received any direct communication from the SEC. The Company has no knowledge of irregularities that may warrant a suspension of trading in its securities but the fact remains that the SEC ordered a trading halt, as it is permitted to do by law.

The Company has reached out to the SEC to learn the SEC's concerns and then endeavor to address them. The Company will not speculate about the reasons, and the Company recommends that investors, even though they are disappointed by this temporary result, not speculate either but wait to see what happens as a result of this process. As soon as any regulatory concerns are identified for the Company, the Company will address them fully.

The Company understands that the SEC has expressed concerns with the market sector, medical cannabis, in which the Company operates and has shut down several companies in that space before its recent order affecting the Company. We are operating a viable, established, and visible business in California, as we have been doing for over a year, and are distinguishable from the many companies in the medical marijuana space that are little more than stock promotions.

The Company continues and will continue to operate its business in all of its forms, notwithstanding the SEC order. The SEC order does not affect the Company's core and day-to-day business operations and we will continue to deliver high quality products and services that enhance the lives of medical cannabis patients in California.

If the history of other stocks in the marketplace is any guide, after the SEC order expires or when trading resumes there is likely to be a negative impact on the market price of the Company's stock. The Company will do everything it reasonably can do, within the regulatory requirements, to minimize the impact of the SEC's decision on its shareholders and business relationships. We urge our shareholders, customers, and partners to engage in calm consideration of information as it becomes available but we do understand that this is a very difficult time for all involved. We appreciate your frustration, as we are similarly frustrated. We have operated in this space for more than a year and are perplexed after having built a lawful new business, in a new and growing space, that is viable, visible, active, and objectively confirmable, to find that the SEC has as yet undisclosed concerns, but they are engaging in their role as provided by law and we respect that. While the SEC did not provide more than formalistic language justifying the suspension in its order, that too is their prerogative. We look forward to working with the SEC to identify its concerns and address them proactively.

We are confident that we are building an industry leading business in the medical cannabis space and we will continue to do so. Undoubtedly those on the investor boards who accomplish some form of investment reward by spreading fear, uncertainty, and doubt, will use this as an opportunity to do so with even louder volume; but do not be misled, they too lack any information as to why the SEC did what it did, as only the SEC knows that. We certainly are not going to opine on that subject and we would caution you to view with a great deal of skepticism anyone on any investor board who does so.

We are committed to launching the products and services we have already announced we will launch -- they are under development and some are nearly finished. We are also continuing to move ahead with the merger we have already announced and hope to complete that shortly but in due course given the current situation.

We remain fully dedicated to finding out what gave rise to the SEC concerns and to keeping shareholders fully informed when reliable information is obtained. In the meanwhile, we ask that our shareholders and investors maintain a demeanor of calm and patience notwithstanding frustrations that we all feel in this challenging time. Acting on frustration will not accelerate our path through this process and may actually hinder it.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Scott Guthrie's keynote presentation "Journey to the intelligent cloud" is a must view video. This is from AzureCon 2015, September 29, 2015 I have reproduced some screen shots in case you are unable to view this long video for one reason or another. One of the highlights is 3 datacenters coming on line in India.
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...