Shareholder of Pacel Corp. (PCCN) Requests Confirmation of the Number of Outstanding Shares
A shareholder of Pacel Corp. has sent a letter to the company's corporate office requesting information regarding the company's outstanding shares.
Atlanta, GA (PRWEB) November 26, 2005 -- Ryan Schadel, a shareholder of Pacel Corp. (PCCN-OTCBB), has sent a letter to the corporate office of Pacel requesting confirmation on the number of outstanding shares of common stock the company has issued.
A Form 8-k filed with the SEC on October 25, 2005 states that "..the registrant completed a 1 for 1,000 reverses stock split of its issued and outstanding common stock. After the reverse stock split, the registrant will have approximately 4,983,442 shares of common stock issued and outstanding."
The company's common stock, which trades under the symbol PCCN on the OTC, has seen a dramatic increase in volume over the last 4 days. Share volume for Wednesday November 23, 2005 exceeded 900 million shares on the OTC.
"If the company has only 5 million shares outstanding, it seems impossible that nearly one billion shares could change hands in one day." said Mr. Schadel. "It is important that all shareholders get an understanding of what is happening with the trading of the company's stock." Mr. Schadel owns several million shares of the company's common stock.
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