Ok, this message is for all the moderators who have been with the company for several years as myself...J-Rhino, lakers17, finney, DOLLARLAND, CharlesNet, JustGoLong, and one non-moderator Joepcf. I included Joepcf because he has been the one who has spoken with Dan the last few months. I am (was) frustrated as all of you have been. So, out of my frustration today, I thought I would just give Dan a call (about 6:00 MST)and see if he was even in the office. I was so surprised when he answered the phone! It caught me off guard and I wasn't prepared to take notes. He was able to talk to me because nothing has been approved yet or put in writing. I made it clear that my call was not to try to have him give insider information, but to get a better understanding of where the business is now. There are some serious activity going now and it is not the acquisitions you guys have been talking about. Those are definitely there, but they are pretty much in the background.
What is actually going on is a possible merger with a reporting company. He can tell me this because nothing has been solidified in writing and cannot be for this one critical reason. The other company has filed an S-1 and is waiting for a go-ahead (actually, Dan used the words "comments") from the SEC. The talks with this company started in September, but nothing really got going until this past October. The other company has paid a tidy sum to hire an attorney to get this going to get SEC approval. At the time, this attorney thought he could get the approval within 120 days (which pretty much puts us into February...that why Joe was given the impression something would happen by end of 2012). However, Dan has learned from other sources that the SEC moves very slow (no, not our government!) He was told that many times these approvals can take as long as a year, but that is usually for companies that don't have the assets that WENR does!
For the record, I do have a business background and have see similar situations (not a lot, but some) where the SEC will slow things down.
Anyway, as of last week, the other company is still waiting to hear from the SEC. On another related note, Dan did say if this gets approved, he and the other company will put together a LOI for merger. If you guys understand business, this is pretty like a reverge merger. The other company is looking at office space in WENR's current location. Dan would be on the board pretty much running the company, while the other 1/2 of these business patners would focus on the financial aspects. Speaking of financials, Dan said he was considering it (they are very good...I didn't get numbers and I didn't want him to give me anything that would get him in hot water.) but had not done so yet because he didn't want to affect the review by the SEC; at least that is how I understand it and it makes total sense.
One last thing that Dan mentioned to me. He does know of the large bids being put out there. He doesn't know who or why, but he gave me his thoughts and is seems so logical. Do not hold him to this, but he thinks it is a strong possibility that the other company may be trying to get the stock at a cheap price knowing that if they get approval from the SEC, they and Dan will put an LOL for a merger, in which case they will benefit more from the additional shares. This was just his thoughts and nothing more.
There were some other topics that were discussed but I didn't have a pen and paper handy. But, do remember that Dan said there is lots of interest in the company, but the current situation with this merger is the one that is looking positive now.
A final note...We talked a good 1/2 hour and was so glad to get the opportunity to talk to Dan. If you want to know more, then please do call him now.
Franny
