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Rapid Fitness, Inc. Announces Its Company Update

By: Rapid Fitness |  0 Shares     214 Reads

FT. LAUDERDALE, FL--(Marketwire - November 14, 2007) - RAPID FITNESS, INC. (PINKSHEETS: RPDI), a publicly traded company currently on the Over the Counter, announces today its company update and shareholder request.

Rapid Fitness, Inc. has made the corporate changes:

--  Founder Anthony Mellone as CEO, moved on to new ventures

    Internationally.

--  Mr. Mellone has revamped the corporate structure and, concurrently, is

    moving forward with its business plan and corporate restructuring and made

    acquisitions, with plans to add more structure and acquisitions to the

    company's bottom line.

--  The company is looking for a new Director and officers Geoffrey

    Grosso's expansion of the franchise and investment seminars.

    

The Company may be the subject of naked shorting a practice that can hurt share prices and market valuation. We are presently under valued. As a consequence, the company is asking all shareholders who have their certificates with brokerage firms (which firms can therefore lend those certificates to support the naked shorting practice) to request delivery of their physical certificate. All stock purchased in the market, please ask for cert delivery.

The company is making this request in the hopes that having certificates sent to shareholders (and taken out of "street name" to use brokerage parlance) will undercut any naked shorting and will help stabilize if not bring value to the company.

We intend to file against several of the brokers as well as ask for a Failure to Deliver report compiled by the SEC and/or NASD and if, necessary, we will file a Freedom of Information Act with the SEC and NASD.

On his web site, Dr. Patrick Byrnes summarizes "The Naked Shorting Problem."

--  "...The gist of naked shorting is simply, when a hedge fund [or other

    "Seller"] pretends to short a stock (I say, "pretends" because it is stock

    that it does not really own, and which it does not really borrow). It sells

    those made-up shares into the marketplace, and collects the money just as

    though it sold real shares (note that this is "counterfeiting," more or

    less, though with electrons rather than paper). If it is stock in a small

    company, and does not trade with much liquidity, then the hedge fund can

    keep "selling" its made-up shares and drive the stock price down to

    wherever it wants it to go.

--  In a healthy market, the check-and-balance on shorting would simply be

    the number of shares that are available for short sellers to borrow and

    sell. Since there would only be a finite number of shares to borrow and

    sell, there would be only a finite amount of pressure the shorts could

    bring upon a stock (and it would be offset by buying pressure holding that

    stock up). But if naked shorting is allowed, then there is no limit on how

    many bogus shares hedge funds can create. Thus means they can drive a

    stock's price down close to $0. At the very least, this practice destroys

    people's savings (remember, the shorts make money by driving the stock

    down, whereas any stockholders lose that same amount of money as the stock

    price drops). Some folks believe companies have been driven out of business

    by this, because they cannot raise new capital once those stocks have

    cratered badly enough.

--  The key is this: if given the right to create an unlimited number of

    new shares, essentially out of thin air, not limited by the number of

    shares "in the borrow" as legal shorting requires, these hedge funds can

    always drive the price down and always cover for a profit. That is why

    it's, "illegal."

 

For more detail, including a description of "How Naked Shorting Can Occur in Our Regulated Markets" and what is being done, http://www.overstock.com/Patrick-Byrne-and-naked-short-selling.html

UPDATES:

Website:
www.rapidfitness.com

Email:
[email protected]

Phone:
Ph. 954-625-2720
Fax. 954-625-2250

Officers:
Anthony Mellone, Chairman / CEO
Donna Yamin, Secretary / Dir.
Geoffrey Grosso, Franchise Pres.

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Global Web TV, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.
Contact:
Anthony Mellone
954-625-2720
[email protected]
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