Farmingdale, NY, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Cemtrex, Inc. ( www.cemtrex.com , CETX) today issued a response on behalf of its shareholders in relation to a malicious blog post containing false and misleading information published by short sellers on the Seeking Alpha website.
Cemtrex is preparing to take rapid legal action and asks that the SEC investigate these short sellers and their associates for stock manipulation and illicit gains. Cemtrex categorically refutes any allegations of wrong-doing by the Company, its directors, officers and management. In particular, Cemtrex would like to state the following:
Cemtrex has retained multiple auditors in various countries. Per the company’s most recent proxy statement dated January 30, 2017, approximately $95,000 of auditing fees were paid to multiple accounting firms including the Company’s PCOAB-approved accounting firm, Bharat Parikh & Associates, DHMP GmbH, and Stambaugh Ness.
As is easily confirmed by a review of Cemtrex’s proxy filings with the SEC, Aron Govil and Saagar Govil have not sold shares of Cemtrex in several years. In addition, CEO Saagar Govil and Cemtrex Founder Aron Govil are committed to purchasing additional shares of Cemtrex in the open market and will file the appropriate Form 4’s with the SEC accordingly in the days to come.
“We believe it is our responsibility to respond to this malicious article authored by a short seller with a clear motive to manipulate our share price and manufacture a false narrative about our company. Today’s blog post in Seeking Alpha amounts to nothing more than fake news created solely for the purpose of illicit gain by short sellers and we reject its contents entirely. The author has a history of writing rhetorical and damaging articles about companies where he holds a short position and we intend to pursue legal action against him and his cohorts immediately. Cemtrex has never misrepresented its investment proposition or financial performance to its shareholders and we stand by the contents of our SEC filings and press releases. Cemtrex urges the SEC to act quickly to address these malicious actions by the relevant short sellers and their associates. The author has conveniently failed to acknowledge all the tremendous accomplishments over the last three years.” stated Sagaar Govil, CEO of Cemtrex, Inc.
The Company also plans to hold it’s regularly schedule conference call tomorrow at 11AM ET. The details of which are:
Date: Thursday, February 23, 2017
Time: 11:00 AM Eastern Time (ET)
Dial-in Number for U.S. & Canadian Callers: 877-407-8293
Dial-in Number for International Callers (Outside of the U.S. & Canada): 201-689-8349
About Cemtrex
Cemtrex, Inc. (NASDAQ: CETX ) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants used in emissions trading globally.
Safe Harbor Statement This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
Investor Relations Cemtrex, Inc. Phone: 631-756-9116 investors@cemtrex.com
