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Dear Fools,

As part of our policy of not maintaining boards for penny and/or OTC stocks, this board will be closed, but not before at least one week's time. It will still be available as an archive in our Graveyard area after it is closed, but no new posts or replies will be allowed.

The following is the complete statement of our policy regarding penny stock boards.


All folders with closing prices below $3 will be closed

In keeping with our policy of not wishing to foster conversation of penny stock (defined as stocks trading under $5), the Fool has two policies which you should be aware of about our message boards.

1. We will not open boards for stocks trading at under $5. The Fool very seriously believes that the risk associated with penny stocks and the manipulation that can occur with these stocks is a huge detriment to individual investors everywhere.

2. In some cases, misfortune will happen upon a company and cause its stock to fall below $5. What happens then? The Fool recognizes that stock folders develop a community of loyal followers. We don't wish to hurt these communities, but at the same time, we don't want the discussions of penny stocks to continue indefinitely. Therefore, the following will occur should a stock fall below the $3 threshold.

- If the stock falls below $3, the Fool will post a message in the folder informing all of the readers that the folder will be closed in not before 7 days time. This will give shareholders time to discuss their game plans, and choose other boards to continue relationships.

Market Cap Fail-Safe Policy

The only exception to the "under $3" rule will be if a company still maintains a $200 million market capitalization after it falls below $3. This is to ensure that some larger company doesn't get excluded from our boards because it fell below $3.

All stocks that trade on the OTC Bulletin Board will be removed.

In the same spirit as the penny stock rule, we do not wish to foster discussion of bulletin-board stocks. The Nasdaq has certain requirements for eligibility on the National Market System or its Small Cap index. If a company is not financially sound enough to satisfy those minimum requirements, than we would prefer not having the discussion on our boards. Often, these stocks are thinly traded, with small floats and few market makers. They are ripe for manipulation. We realize full well that there are a group of people who have converged on many of these folders and started small groups of like-minded and interested Fools to discuss the merits of these bulletin board stocks.

While we are committed to removing these boards, we are also reluctant to close them down without notice. It's only fair that we give adequate warning so that those who wish to reorganize their conversation elsewhere may do so. We sincerely believe that it's in the best interest of individual investors that the discussion of bulletin board stocks not be discussed in the Motley Fool.

Finally, we understand that some folks will be upset with this decision. While we are always looking for ways to best serve our customer, that sometimes means we have to make unpopular decisions. This is one of those times. We apologize for any inconvenience this may cause people and hope that we can continue to serve you well.

Thank you,

The Motley Fool
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