SOURCE: HouseRaising, Inc.

May 10, 2005 08:00 ET

HouseRaising Requests NASD to Investigate Naked Short Selling of Its Common Stock

CHARLOTTE, NC -- (MARKET WIRE) -- May 10, 2005 -- HouseRaising, Inc. (OTC BB: HRAI) ("HRI" or the "Company") announced today that it has formally requested the NASD to investigate into what appears to be a wave of coordinated, "naked" short selling by a few individuals, which has depressed its stock price and may be in violation of the NASD's rules and regulations.

Bob McLemore, HouseRaising's Founder and President, stated, "We are well aware that investors have the option of investing in our stock by taking long or short positions. However, after discussing the matter in which two or more market makers have conducted what appeared to be coordinated steps to force the price lower, we believe these acts constitute more than legitimate long or short positions in our common stock. HRI's shareholders have a right to understand the nature of these activities. After our attorney had discussions with the NASD, we decided to formally request this investigation to find out if these trades were proper or not.

"On February 1, 2005 the closing price of HRAI common stock on the OTCBB was $2.00 per share. Despite the company meeting its business milestones and sales goals, and announcing a strategic alliance with one of the largest home mortgage lenders in the country, the closing price of the company's common stock on May 6, 2005 was $.53 per share. We do not believe this significant fall in price was the result of any negative news, press releases or public filings by the Company."

Despite the reduction in share price, HouseRaising's development plans are continuing as scheduled and the company expects to meet its financial projections for 2005 and 2006 as stated in earlier announcements.

About HouseRaising, Inc.

HouseRaising currently owns and manages three (3) wholly owned subsidiaries: HouseRaisingUSA (HR-USA); HR HomeBuyerDirect (HBD); and HouseRaisingAcademy (HRA). HR-USA operates regional companies that design and build homes for discriminating homebuyers. HR-HBD is an Internet-based company working for homebuyers desiring to act as the builder of their own home. HRA is an Internet-based technology company providing management software and support structure for all HouseRaising activities. Each entity functions as a profit center for HouseRaising, Inc.

For more information, please visit our website at http://www.HouseRaising.com.

CERTAIN INFORMATION CONTAINED IN THESE MATERIALS IS "FORWARD-LOOKING" INFORMATION, SUCH AS PROJECTIONS, ESTIMATES, PRO FORMAS, OR STATEMENTS OF INTENTIONS, EXPECTATIONS OR PLANS. ALL FORWARD-LOOKING INFORMATION IS SUBJECT TO KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, MANY OF WHICH ARE OUTSIDE OF THE CONTROL OF THE COMPANY. CONSEQUENTLY, ACTUAL RESULTS MAY, AND PROBABLY WILL, DIFFER MATERIALLY FROM THE RESULTS CONTEMPLATED IN SUCH FORWARD-LOOKING INFORMATION.

Contact Information

  • Contact Info:
    Charles M. Skibo
    Chairman and CEO
    (704) 532-2121 Ext. 105
    E-mail Contact

    Robert V. McLemore
    Founder and President
    (704) 532-2121 Ext. 106
    E-mail Contact