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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Thursday, June 26, 2008
eFoodSafety's OraPhyte Patent Granted by U.S. Patent and Trademark Office
Comtex
Scottsdale, AZ, Jun 26, 2008 (WORLD STOCK WIRE via COMTEX) ---- eFoodSafety.com, Inc. (OTCBB: EFSF), a researcher, developer, and marketer of whole foods and nutraceutical products, through its wholly-owned subsidiary Knock-Out Technologies, Ltd., has received approval from the U.S. Patent and Trademark Office for the issuance of a patent for the Company's OraPhyte(TM) disinfectant, filed September 22, 2006.
OraPhyte(TM) is an environmentally friendly product that is highly effective at killing microorganisms, including bacteria, molds, fungi, and viruses. U.S. Department of Agriculture tests have shown OraPhyte(TM) to be effective at eradicating nematodes, a parasite known to be harmful to plants, commonly found in freshwater, marine, and terrestrial environments. Crop damage attributable to nematodes accounts for significant economic losses in the multi-million dollar range.
To date, three major U.S. universities have conducted year-long agricultural studies of OraPhyte(TM), all of which resulted in the positive treatment of nematodes that affect plants or food crops. Based on the positive outcomes, these universities plan to continue testing. Additionally, a fourth major university will begin testing the product in its agricultural department undergoing crop-specific research. The additional testing will serve to refine the product and further identify specific uses in an effort to obtain a use-specific licensing agreement(s).
"The issuance of this patent is a monumental step towards the ultimate marketing of OraPhyte(TM) and serves to protect the intellectual property and formulation of the product," stated Robert Bowker, President of Knock-Out Technologies, Ltd., and formulator of OraPhyte(TM). "This patent protection, coupled with the anticipated test results from participating universities, represents an important milestone for eFoodSafety as the Company moves towards licensing OraPhyte(TM)."
About eFoodSafety.com
eFoodSafety.com, Inc., based in Scottsdale, Arizona, is dedicated to improving health conditions around the world through its innovative technologies. Among eFoodSafety products currently available:
Citroxin(TM): an environmentally safe product formulated entirely of food-grade components that kills six major bacteria as well as avian influenza.
Cinnergen(TM): a clinically researched, non-prescription liquid whole food nutritional supplement that promotes healthy glucose metabolism.
Cinnechol(TM): a multi-faceted nutritional supplement specifically designed to naturally promote healthy cholesterol and triglyceride levels without causing any negative side effects, as well as enhance overall cardiovascular health.
PurEffect(TM): an anti-acne skin care system.
Immune Boost Bar(TM): a non-dairy, no refined sugar, all-natural and comprehensive multi-nutrient product that helps fortify the body's immune system and is available in four delicious flavors: chocolate, oatmeal-raisin, chocolate mint and peanut butter.
Talsyn(TM): a product that has been clinically proven to facilitate and improve the appearance, redness and strength of scars.
Please visit the company's website at: http://www.efoodsafety.com.
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are "forward-looking statements." Such forward-looking statements are sometimes identified by words such as "intends," "anticipates," "believes," "expects," and "hopes." The forward-looking statements are made based on information available as of the date hereof, and the Company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from those in these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the Company's products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for the Company and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Patricia Gruden
efoodsafety.com, Inc.
7702 East Doubletree Ranch Road
Suite 300
Scottsdale, AZ 85258
USA
Phone: 415-884-0348
Fax: 480-348-3999
Source: efoodsafety.com, Inc.
Note: The following press release was submitted by: efoodsafety.com, Inc., and World Stock Wire, Inc. is not liable for the contents of this press release.
(C) 2008 World Stock Wire, Inc. All rights reserved.
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