Devcon International Corp. Announces Signing of Restructuring Agreement with Preferred Investors

BOCA RATON, Fla., Oct. 10 /PRNewswire-FirstCall/ -- Devcon International Corp. (BULLETIN BOARD: DEVC) announced today that it has reached an agreement with its Preferred Investors on a restructuring of their security. The restructuring follows the recently announced filing of Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934.

In commenting on the restructuring, Mr. Richard Rochon, the Company's Acting Chief Executive Officer, stated, "We are pleased that during a difficult time in our financial markets we have been able to reach an agreement with our Preferred Investors that provides stability to Devcon. We believe that this announcement, along with our prior announced deregistration, clears the way for us to focus on our operations and achieve maximum shareholder value."

About Devcon

Devcon International's wholly-owned subsidiary, Devcon Security (http://www.devcon-security.com/), is a leading provider of installation, monitoring and related electronic security services, currently serving more than 140,000 commercial and residential customers in Florida, New York City and Staten Island. Since February, 2005, Devcon has made 3 significant acquisitions of full-service electronic security services companies with significant concentrations throughout Florida and the New York Metropolitan region. Currently, Devcon Security Services Corp. is the third largest security monitoring and alarm company in Florida and the fourteenth largest in the U.S.

Forward-Looking Statements

This press release may contain statements, which are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Devcon's future results of operations, financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. You should not rely on forward-looking statements because Devcon's actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations effecting our business, and other risks and uncertainties discussed under the heading "Item 1A - Risk Factors" in Devcon's Annual Report on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission, and other reports Devcon files from time to time with the Securities and Exchange Commission. Devcon does not intend to and undertakes no duty to update the information contained in this press release.

Devcon International Corp.

CONTACT: Devcon International Corp., +1-561-208-7200

Web Site: http://www.devcon-security.com/

Devcon International Corp. Files Form 15 to Voluntarily Deregister Its Shares With the SEC

BOCA RATON, Fla., Oct. 10 -- Devcon International Corp. (OTC Bulletin Board: DEVC.OB) announced today that it has filed a Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934. Devcon expects that the deregistration will be effective within 90 days. Devcon is eligible to deregister its common stock because the current holders of record of the common stock is held by less than 300 persons. As a result of this filing, Devcon's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended. In addition, as a result of the decision to deregister, the Company's common stock will cease to be eligible to trade on the OTCBB.

The Company expects, but cannot guarantee, that its common stock will continue to be quoted on the Pink Sheets after it is deregistered. There is no assurance that any brokerage firm will continue to make a market in the Company's common stock after deregistration. The Pink Sheets is a centralized quotation service that publishes market maker quotes for securities primarily through its website, http://www.pinksheets.com/.

Deregistration of Devcon's common stock was approved at a meeting of the Company's Board of Directors on October 1, 2008, after consultation with management and corporate counsel and deliberation regarding the advantages and disadvantages of continuing SEC registration.

In commenting on the decision to deregister, Mr. Richard Rochon, the Company's Acting Chief Executive Officer, stated, "After carefully considering the advantages and disadvantages of continued registration, including (i) the high financial costs associated with preparing and filing periodic reports and other filings with the SEC in comparison to Devcon's size; (ii) the costs associated with the requirements of the Sarbanes-Oxley Act of 2002; (iii) the demands placed on management to comply with SEC reporting obligations, which detract from time available for overseeing the operation and growth of Devcon; (iv) the limited public trading volume of Devcon's common stock; and (v) the concentrated nature of Devcon's public float, the Board of Directors of Devcon believes that deregistering is in the best interest of the Company and is anticipated to help build long term stockholder value. This action should result in accounting, legal and administrative expense reductions and allow Devcon's management to focus its attention, efforts and resources on Devcon's operations and revenue growth. Many small public companies are choosing to deregister because of similar concerns."

Devcon will continue to issue press releases and make news announcements of important events and post them on its website, which may be found at http://www.devc.com/.

About Devcon

Devcon International's wholly-owned subsidiary, Devcon Security (http://www.devcon-security.com/), is a leading provider of installation, monitoring and related electronic security services, currently serving more than 140,000 commercial and residential customers in Florida, New York City and Staten Island. Since February, 2005, Devcon has made 3 significant acquisitions of full-service electronic security services companies with significant concentrations throughout Florida and the New York Metropolitan region. Currently, Devcon Security Services Corp. is the third largest security monitoring and alarm company in Florida and the fourteenth largest in the U.S.

Forward-Looking Statements

This press release may contain statements, which are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Devcon's future results of operations, financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. You should not rely on forward-looking statements because Devcon's actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations effecting our business, and other risks and uncertainties discussed under the heading "Item 1A - Risk Factors" in Devcon's Annual Report on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission, and other reports Devcon files from time to time with the Securities and Exchange Commission. Devcon does not intend to and undertakes no duty to update the information contained in this press release.

Devcon International Corp.

CONTACT: Devcon International Corp., +1-561-208-7200

Web Site: http://www.devcon-security.com/

Overstock CEO Patrick Byrne Sends Open Letter to President Bush'Enact a market-wide mandatory pre-borrow requirement for all short sales' writes Byrne

SALT LAKE CITY, Oct. 10 /PRNewswire-FirstCall/ -- Overstock.com, Inc. chairman and CEO Patrick M. Byrne sends an open letter to President George W. Bush.

October 10, 2008 Mr. George W. Bush President of the United States of America 1600 Pennsylvania Avenue Washington, D.C. 20500 Dear President Bush,

I was pleased to hear you say today that the SEC is taking action to stop manipulative practices in our markets. One such practice that the SEC must stop immediately is the insidious practice of naked short selling. In order for our stock settlement system to work so that trades actually settle, the SEC (or Congress) must take the following steps:

1. Enact a market-wide mandatory pre-borrow requirement for all short sales; 2. Put in place a market-wide hard-delivery requirement on T+3 for all sales; 3. Require that for any failure-to-deliver, broker-dealers must force a mandatory buy-in; 4. Track each trade cradle-to-grave, so that prosecutors can go after naked short sellers; 5. Require regular and timely disclosure by naked short sellers of when and how many shares they are failing to deliver; and 6. Enforce these rules, including significant monetary penalties and jail time.

In addition, I believe that Washington must conduct a 9-11 Commission kind of investigation into our nation's entire clearing and settlement system.

Naked short selling is a significant issue. It has contributed to the recent fall of some of our financial institutions and exacerbated the current market crisis.

A well functioning capital market should settle trades. Only when there are laws in place that ensure settlement of all trades and when those laws are vigorously enforced, will the scourge of manipulative naked short selling stop.

Sincerely, Patrick M. Byrne, PhD. Chairman and Chief Executive Officer cc: Senator Harry Reid, Senate Majority Leader Senator Christopher J. Dodd, Chairman, Senate Banking, Housing, and Urban Affairs Committee Senator Richard Shelby, Ranking Member, Senate Banking, Housing, and Urban Affairs Committee Representative Nancy Pelosi, Speaker of the House of Representatives Representative Barney Frank, Chairman, House Committee on Financial Services Representative Spencer Bachus, Ranking Member, House Committee on Financial Services Christopher Cox, Chairman, Securities and Exchange Commission Kathleen L. Casey, Commissioner, Securities and Exchange Commission Elisse B. Walter, Commissioner, Securities and Exchange Commission Luis A. Aguilar, Commissioner, Securities and Exchange Commission Troy A. Paredes, Commissioner, Securities and Exchange Commission Eric R. Sirri, Director, Division of Trading and Markets, Securities and Exchange Commission Henry "Hank" M. Paulson, Jr., Secretary, Department of Treasury About Overstock.com

Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com/.

Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding whether the proposed solutions can solve the current financial crisis or stop naked short selling. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.

Overstock.com, Inc.

CONTACT: media, Josh Austin, +1-801-947-4364, joaustin@overstock.com, or
investors, Kevin Moon, +1-801-947-3282, kmoon@overstock.com, both of
Overstock.com, Inc.

Web site: http://www.overstock.com/

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News archive of November 2009
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