LONDON, Feb. 14, 2011 (GLOBE NEWSWIRE) -- Cloud Centric Systems, Inc. (Pink Sheets:CLDR) today updates the markets on the latest information received from the Depository Trust and Clearing Corporation.
On Thursday 10th February 2011, the Attorney for Cloud Centric Systems, Inc, Ms. Hamilton, received the following information from the DTCC in the form of an email:
"In cases where DTC places a restriction on services due to legal and regulatory concerns regarding the freely transferable status of shares held in our nominee name of Cede & Co, DTCC will consider requests for reinstatement of services. Given that DTCC performs back office processes on behalf of its bank and broker dealer Participants, we will consider a review for reinstatement of services provided that request originates from a DTCC Participant. To date, no DTCC Participant has contacted us requesting reinstatement of services for Cloud Centric. A list of our Participants is available on our web site" ()
Commenting on the statement, David Lovatt, CEO of Cloud Centric Systems, Inc, confirmed that he had also had a conversation with the DTCC where they had informed him that the Chill Order was in place because of the situation that arose when Big Apple Consulting, the former IR and Management Consultancy Company to Cloud Centric, placed shares with Cede & Co. which CLDR are asserting were not fully earned and were not eligible for removal of the restrictive legend.
Mr Lovatt stated "I believe that we can resolve this in good time once we are able to remove any shares from the float which are with Cede & Co. in the name of Big Apple or their affiliates. I am working closely with our Attorney to achieve this promptly. I can confirm that CLDR had already requested the Transfer Agent place a STOP order in 2010 on a quantity of shares in the name of Big Apple."
He continued "I would encourage each shareholder to contact their broker and request that they contact the DTCC and request that the chill order be removed, as per the advice from the DTCC agent quoted above. I also ask that each shareholder look at the DTC participant listings and use their influence and contacts to request the chill order be lifted."
Cloud Centric Systems, Inc recently setup a blog on their website to allow shareholders and interested parties to gain updated information in real time on the DTCC situation. It can be found by accessing:
About Cloud Centric Systems:
Cloud Centric Systems specializes in cloud based technologies that use the Internet to deliver business critical applications via a global network of partners. Cloud Centric Systems plans to grow via strategic acquisition over the coming 12 months as well as strong sales through its subsidiaries Cloud Centric Systems (UK) Ltd and VizualMobile Ltd.
For more information, please visit:
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: CLDR: Investor Relations (347) 404 5346