Firemans Contractors, Inc. (FRCN)

[Peggy]

While waiting at the airport for an early flight I thought it was time to re-read the most recent 10Q issued by this worthless company. Two portions are extracted below:

On August 19, 2013, the Company filed a Certificate of Change regarding a 1 for 50 shares reverse stock split. The split was effective September 3, 2013. Corresponding change resulted in 19,000,000 shares of Common Stock being authorized.

Effective August 22, 2013, the Company filed an amendment with the Nevada Secretary of State to increase authorized shares of all Classes of Stock: Common Stock – from 19,000,000 to 600,000,000 shares; Class A – from 250,000 to 350,000 shares; and Class B – from 5,000,000 to 40,000,000 shares.

The reverse split of 1:50 was bad enough and decimated shareholder value. But it was nauseating to see what the company did a scant 3 days later before the ink was even dry on the reverse split.

Increases in AS of 600 Mill Common, 100K Class A and 35 Mill Class B!

Without a doubt most of these new shares have been or will be awarded to insiders in reflection of their outstanding stewardship of shareholder value ... and certainly dumped into the market.

Absolute crock.

Please allow me to put this into perspective.

On 8/23 FRCN closed at .0001.

After the 50:1 reverse split FRCN closed at .005 on 9/03.

Yesterday FRCN closed at .0007! That's down a slick 86% from the point at which the reverse split was executed. And that loss is on top of the effect of the reverse split. Good grief, this is the worst POS I've seen.

Clear that insiders stuffed their accounts with post reverse split shares and promptly dumped, driving the pps back down to the triple zeroes.

Add to this the reality that this steaming pile is losing money hand over fist.

So, someone, please tell me why this POS is worth anything?