Jan, 2002 : Myrient Limits Public Sale of Common Stock

📅 January 9, 2002 - Myrient (myrient.com), an outsourced IT solutions provider, yesterday announced that it has authorized the transfer of 4 million shares of stock formerly held by William J. Kettle to a private investment group.

Myrient has agreed to permit the transfer of the shares provided that arestriction is applied that prevents the shares from being offered forpublic sale for a period of 3 years. Additionally, Myrient has retired500,000 shares held by a former affiliate, and classified an additional500,000 shares as "Non-Negotiable" and expects them to be retired shortly.
"By preventing 5 million shares from being traded on the public market, wehave accomplished an important first step in recovering Myrient's sharevalue," said Bryan L. Turbow, president and CTO, Myrient. "We look forwardto growing the company as well as shareholder value under normal marketinfluences. This capital adjustment reflects management's confidence in thecompany's long-term prospects and enhances Myrient's ability to attract newpublic stockholders."