SOURCE: Enviromission LTD

November 29, 2006 10:34 ET

15c2-11 Approval Fires Up US Over-the-Counter Trading

NEW YORK, NY -- (MARKET WIRE) -- November 29, 2006 -- Access to EnviroMission's shares in the United States (PINKSHEETS: EVOMY) sponsored through the Bank of New York's American Depository Receipt (ADR) program has been increased through the additional liquidity created by "market-makers" following the approval of a 15c2-11 filing.

The United States Securities Exchange Act (1943) and NASD Rule 6740, allows for a "market-maker" to make a market in a non-Nasdaq security upon approval of a 15c2-11 filing. A 15c2-11 demonstrates that the market-maker has undertaken due diligence for review and approval by NASD.

Once approved, the market-maker has exclusive rights to make a market for a period of 30 days; when the 30 day period has expired other "market-makers" may participate.

Florida based market-maker, International Trading, filed a 15c2-11 to act as the exclusive market-maker in EnviroMission ADRs -- exclusivity granted to International Trading on 21 September 2006 has subsequently expired allowing other "market-makers" to piggyback on the 15c2-11 filing to make a market in the Bank of New York sponsored ADR, EVOMY.

Five New York- and New Jersey-based "market-makers" as well as International Trading are now making a market in EVOMY in the United States.

"Market-makers" stand ready to buy and sell particular quoted stock on a regular and continuous basis at a publicly quoted price, usually within the context of the Nasdaq or other OTC markets -- many OTC stocks have more than one market-maker.

"Market-makers" must also be ready to buy and sell at least 100 shares of a stock they have made a market in. As a result, large orders may need to be filled by a number of market-makers at potentially different prices.

Two quotations for EnviroMission shares currently operate in the United States OTC market, EVOMY and EVOMF; 15c2-11 approval differentiates EVOMY (Bank of New York sponsored ADR) from EVOMF. EVOMF results from a broker initiated filing as opposed to a sanctioned filing by EnviroMission -- it is issued without a contract governing the terms between the issuer, investor and/or broker and is issued without 15c2-11 scrutiny.

Broker initiated EVOMF mirrors the ASX share price in Australia on a 1:1 basis, it is a non-sponsored security; whereas EVOMY is the result of an agreement executed between the Bank of New York and EnviroMission, it is based on a 20:1 ratio in the ADR market and is supported by full due diligence.

Increased investor awareness and enquiries to buy EnviroMission shares in the United States required EnviroMission to provide access to shares in that market in a seamless and regulated environment.

About EnviroMission LTD

EnviroMission is a renewable energy developer and innovator of commercially viable large-scale power generation driven by solar radiation for zero greenhouse gas emissions.

More information about EnviroMission LTD can be found at: http://www.enviromission.com.au

Notes about forward-looking statements

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.

Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.

Contact Information

  • CONTACT:
    Ms Kim Forte
    Communications Director
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    Alex Livak 347.813.4664
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