HOLBROOK, N.Y., Dec. 17, 2014 /PRNewswire/ -- Northstar
Global Business Services, Inc. (OTCPink:MDIN) today announced that
The Depository Trust Company (DTC) has made their final decision
and has determined to lift the Deposit Chill on the Company's stock
effective December 15, 2014, and has
resumed accepting deposits of Northstar's common stock for
depository and book entry transfer services. All deposit
restrictions have been removed, and the Company is now once again
fully "DTC Eligible", and has resumed electronic trading of the
Company's common stock.
A DTC "Chill" is a restriction that requires shares to be traded
and cleared manually, using paper certificates instead of the
electronic system operated by the DTC. It was originally placed on
Northstar several years ago due to a large number of share
issuances, which the DTC views as a red flag to potentially
unnecessary dilution. To remove the restriction, Northstar had to
prove that every issuance the company has done to date were legal
issuances that were important for the company's growth and
survival. The removal of the chill means that shareholders who have
brokerage accounts with firms that do not allow transactions
involving non-DTC eligible issuances will once again be able to buy
and sell Northstar's common stock through the electronic system
that controls clearance and settlement. This should bring
Northstar additional liquidity, and save investors from paying the
extra fees some firms charge for non-DTC eligible stock purchases.
The company reasons that a much larger population of potential
investors, now being able to more easily buy Northstar shares,
should translate into liquidity and a larger demand for common
stock in the company, especially considering the recent
developments.
Northstar's CEO, Justin
Sindelman, commented, "The issue of the chill is one that
has handcuffed Northstar and limited trading of the stock for more
than two years. The company's legal counsel, Kaleem Sikandar, worked extremely hard to
satisfy all of the DTC's requirements, and that hard work has
definitely paid off. I'm thankful that we've finally provided
sufficient proof to demonstrate to the DTC that Northstar has
always operated with both the growth of the company and its
shareholders' best interests at heart."
According to Sindelman, the chill removal could not come at a
better time. The company has many exciting plans for the future,
and this represents the first of many big leaps forward. New
Co-Chairman, Michael Diep, has been
working diligently to engineer distribution deals to help thrust
Northstar into a period of consistent growth. Although the
company is being careful not to give out any details before they
are ready for release, Mr. Diep has made substantial strides
forward, including advancements towards structuring a deal that
will bring the entire product line to a very large and well known
distributor, with channels in several Asian countries. The company
aims to release full details as soon as possible.
About Northstar
Northstar Global Business Services is dedicated to producing the
best alternative healthcare products to the world. The company's
products include Snorenz®, Good Night's Sleep®, Stem-Intense, and
more. Most of the company's products use a unique or patented spray
delivery system, and all have received rave consumer reviews all
over the world, selling millions of units from 1996 to the present.
www.medgeninc.com.
DISCLAIMER
This Press Release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company has tried, whenever possible, to identify
these forward-looking statements using words such as "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "potential"
and similar expressions. These statements reflect the Company's
current beliefs and are based upon information currently available
to it. Accordingly, such forward-looking statements involve known
and unknown risks, uncertainties and other factors which could
cause the Company's actual results, performance or achievements to
differ materially from those expressed in or implied by such
statements. The Company undertakes no obligation to update or
advise in the event of any change, addition or alteration to the
information catered in this Press Release including such
forward-looking statements.
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SOURCE Northstar Global Business Services, Inc.