Did this ever happen? I didn't see anything. Company has not done a PR since to update investors.
May 06, 2014
OTC Disclosure & News Service
Rochester, NY -
National Properties Trust, a Colorado corporation (US.ENTI.PK), announces that its Board of Directors fixed the record date for its stock merge at May 9, 2014. Concurrently with the fixing of the record date, National's senior executive management will undertake the preparation of the necessary documents that it will submit to various regulatory and self-regulatory agencies on or before May 13, 2014. The company expects its 1:1000 reverse stock split to become effective on May 23, 2014, if not sooner, or later following the review of its notifications of corporate actions by the respective various agencies. In chorus with the corporate notification of the reverse split, National will be notifying the respective agencies of its name change, the fact that National's Board of Directors will file and amendment to its Articles of Incorporation to restate its capital to authorize 500 Million shares, in total, of common stock, and to restate the conversion terms of National's preferred stock from that stock's present terms to that of one (1) year's advance notice to the shareholders thereof, in writing, prior to the conversion thereof.
Randolph S. Hudson, National's Chairman of the Board, President, and Chief Executive Officer, said, "I realize that reverse stock splits, in general, are extremely unpopular with a sub-penny stock's shareholders; however, in the case of National, at its present capitalization, will never realize any significant price per share value. It confounds me to conceive that some shareholders (although very few in number) think National can demonstrate a significant price per share value of between one and five dollars in the coming years (based on an estimated $250 million in operating assets by year-end 2016), if there are billions of shares issued and outstanding. The company will always be relegated to the OTC Pink Tier. Moreover, as National plans to apply for a listing on NYSE Alternext as soon as it is practicable, it must maintain a certain price per share in addition to maintaining a value of its public float. While it could meet the value of the shares in gross, it could not meet the price per share requirements. Worse yet, the company's stock would not attract serious long-term individual or institutional investors who or which are interested in a company with sustainable growth through a stock valued at between one and five dollars per share. My heck, if our stock was trading at $5.00 per share, we'd still be a penny stock by the SEC's definition. We're not going to reach that plateau, especially, with billions or even hundreds of million shares out there."
National has been repositioning itself over the past four and one-half months in anticipation of expanding its operations into the commercial and residential real estate markets. Initially, the company will be focusing on selected properties in New York, Nevada, Florida, Colorado, and Arizona. National is a unit of First Hudson Trust of New York ("First Hudson") and Electronic Merchant Systems Rochester, Inc. ("EMSR"). National is a company affiliated with other companies in the Hudson and Grande fund complex and is not a holding company or representative of any of the other companies; rather, it will own the real estate for the other companies within the fund complex but, of greater significance, it will also acquire, develop, and manage other properties for its own account. (No other companies, public or private, that are owned or controlled by First Hudson, EMSR, Mr. Hudson, or Michael P. Grande, will be associated with the current First Hudson and EMSR fund complex; that is to say, if the companies are not named in this press release, they will not participate in the current plan of operations.)
The company, for over three months, has been engaged in conclusive negotiations with three principals for the acquisition of their respective properties; however, until the date that National completes its restructuring, it will not enter into any definitive agreements to acquire any property. Mr. Hudson said, "From my past experience, I have learned not to divulge the details of definitive negotiations; specifically, due to the unprofessional actions by overly-enthusiastic shareholders and investors who contact the sellers and disrupt or negate the acquisition. It just makes good business sense to get the company's house in order and retain as confidential the status of ongoing discussions and negotiations. If and when a deal closes, then the company will announce the results."
AI
