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Manuel Asensio Report: Oct. 06, 1997 ErgoBilt fails to dispute disclosure failures. |
Manuel Asensio and Asensio & Company, Inc. ("Asensio") report that ErgoBilt has issued a total of five (5) press releases since Manuel Asensio and Asensio published its strong sell recommendation on its shares. Four (4) of these press releases contained comments about the Manuel Asensio and Asensio reports. We found no substance in the press releases. None of ErgoBilt's releases contradicted or gave any possible explanation for the Company's many serious failures to disclose material negative information about its business.
On September 30, 1997 Manuel Asensio and Asensio issued a report on ErgoBilt's pending patent litigation with Dr. Jerome J. Congleton and Neutral Posture Ergonomics, Inc. ErgoBilt then elected to hold a conference call and issue yet another press release concerning most recent ErgoBilt report by Manuel Asensio and Asensio. The ErgoBilt release merely acts to confirm the previously undisclosed risks and events contained in our report. Manuel Asensio and Asensio believe the ErgoBilt release demonstrates management's arrogance and its complete disregard for the legitimate concerns of the investment community. The Manuel Asensio and Asensio ErgoBilt research reports clearly illustrate that ErgoBilt's management has made false public statements and has purposefully withheld material negative information about its ErgoFon'iks product and "alleged" CTSS acquisition. Manuel Asensio and Asensio believe ErgoBilt management's aggressive promotional activity is fraudulent and that ErgoBilt's stock price is grossly overvalued. Based on these concerns and our independent valuations of both ErgoBilt's chair and shorthand machine businesses, Manuel Asensio and Asenso have issued a Strong Sell recommendation. ErgoBilt, Inc. (OTC Symbol: ERGB) (Price: $10.50) |
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