Friday, November 11, 2016 12:04:35 PM
What bothers me about this one is they left the allowable shares at 140 million.
They imply with a heading "Anti-Takeover Effects" (but no text to explain the heading) that leaving the allowable shares at 140 million is part of an anti-takeover plan. But since they never actually state this anywhere it is highly suspect.
On the other hand there is some hope that it might be mean they need to liquidate another 100 million because they have gotten rid of the convertible debt which is the usual route to uncontrolled dilution.
From what we can see at this time it looks like the investors who bailed WARM out this fall would be negatively impacted by heavy dilution, but they seem to support it (they voted to do it Oct 1 before Gemini invested so they were o.k. with it).
Also there is some support (at least for now) at 10 cents.
Positive's that the Proxy reveals
1. KHIC acquired ~14 million shares Aug 31. After Sept 30 they were allowed to convert up to 50%. As of Nov 7 their shares are over 15 million. So either they didn't convert or they did and then bought more warrants. Their doing either is a positive.
2. Inverom Corporation has invested in the company enough to garner almost 2million shares. They are not a large company so their finally being willing to put money on the table is a positive.
3. Gemini acquired warrants for shares in early Oct. and they still have the full shares available. Although we don't know if the agreement allowed them to sell shares at this point. But it is still positive that they were given a fixed amount of shares instead of the deal to convert at some percentage below the current stock price.
4. Theodore Banzhaf resigned as President so they no longer have to pay his $250,000 salary.
5. Spirit Bear, with over 11 million shares remaining, doesn't appear to have sold much in the rise above 10 cents.
They owe us our monthly update on the work truck progress. I hope to see one early next week announcing they have completed it on schedule and will be having their demonstration before Thanksgiving as planned. If we don't hear anything like that next week support at 10 cents will crumble.
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