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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.
Home / Markets / Industries / Industrials
Thursday, July 10, 2008
ABAT's Intelligent Battery Management System to be Utilized At the National Aquatic Center During the 2008 Beijing Summer Olympics
Comtex
NEW YORK and HARBIN, China, Jul 10, 2008 (PrimeNewswire via COMTEX) ----Advanced Battery Technologies, Inc. (Nasdaq:ABAT) today announced that its power management system has been put into place and will be used by the 2008 Beijing Summer Olympics at the National Aquatic Center -- or otherwise known as the Water Cube Olympic Swimming Pool. This Power Management System was developed and derived from ABAT's Intelligent Battery Management System (IBMS). Advanced Battery Technologies, Inc. develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) battery cells for use in electric vehicles, mining equipment, and a variety of other consumer electronics.
"It is a great honor to be commissioned by the Beijing Olympic Committee. It further validates our technology by its multiple uses. We will continue to put our R&D efforts in perfecting our Intelligent Battery Management System. A project of this magnitude authenticates the utility and functionality of our Polymer Lithium Ion batteries for Electric Vehicles also," concluded Mr. Zhiguo Fu, CEO and Chairman of ABAT.
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. The Company has a New York office, with its executive offices and manufacturing facilities in China. For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: http://www.abat.com.cn.
Safe Harbor Statement:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that the results of future performance will not be consistent with the forward-looking statements, risks that the backlog will not be fulfilled due to reasons of either the Company or the customer, and the risks that the batteries of competitors receive better market acceptance than those of the Company's PLI batteries. We undertake no obligation to revise or update publicly any forward-looking statements.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Advanced Battery Technologies, Inc.
Informed IR John Tsemberides 917-734-1524 john@informedir.com 44 Wall Street, 12th floor New York, NY 10005
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.
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