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Many companies prefer to keep their shares in the over-the-counter market as they continue to grow, especially when there are not enough outstanding for an active market anyway. If the company declares stock splits and stock dividends or issues more shares, this impediment to listing disappears. But is it possible that the stock will appreciate in value before it lists? Absolutely. Many of the stocks included in the 2002-2003 edition of Walker's Manual of Unlisted Stocks have stayed put on the OTC Bulletin Board and yet have outperformed the market:
 
Biloxi Marsh Lands Corporation   up 1638%
Westech Capital Corp. up 850%
Reinhold Industries up 710%
Archon Corporation up 535%
 

Percentage change in share price plus dividends from 12/31/01 to 12/31/04