Analytical Surveys says Tonga Partners sells its shares following "unusual" trading activity

By Sheri Kasprzak

Atlanta, Nov. 22 - Analytical Surveys Inc. released a statement Monday in response to news that investor Tonga Partners LP had sold the shares it converted from a promissory note.

On Nov. 10, Tonga announced that it planned to convert a $1.7 million convertible promissory note into 1,701,349 common shares. Tonga then sold all of the shares, no longer holds any shares of Analytical Surveys and has relinquished its right to elect officers.

Analytical Surveys attributes Tonga's actions, according to the statement, to "unusual" trading activity in its common stock.

"The company reiterated that it is unaware of any business reason for the recent unusual trading activity in the company's stock," the Analytical Surveys statement said.

"Beginning late in the trading day Nov. 9, ... the trading volume of the company's stock reached unprecedented levels, and unusually active trading continued through the close of trading yesterday. On Nov. 10, ... total volume exceeded 8.5 million shares compared with average daily volume of approximately 3,070 shares during the month of October."

Tonga did not respond to requests for comment on the Analytical Surveys statement.

Based in San Antonio, Texas, Analytical Surveys is a data collection, creation and management service. The company's stock closed down $0.18 Monday at $2.87.

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