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Oh no problem kennypooh, and yes I have seen (read) it all on this board and I know how gossip not fact abounds at times.. but I have followed here long enough to pick through the posts and can figure who is in the know.. and who isn't.. so I appreciated your thoughts and are totally understanding being held suspect.. Thomas has emailed me about 3 times,, and this is the first time he has expanded on the timeline.. hope I got to give back in a small way.. I have been given loads of knowledge on this board... Thanks for the Welcome!
you are welcome here. you did a thing by posting here. that why i call him and post his report that he gave me. you got more information than i did from him .Jeff give everybody the run around. have you check out gbrc board?
javakat - thanks for the claification and getting some info about everyone's question at this point... when the conversion?
No offense, but if you have followed these boards as long as I have, you would understand the amount of misinformation that is posted on them with the 'intent' to mislead. There are a lot of differing agendas in the pinks and it's hard to trust new posters. Posting links or info that can be verified always helps avoid these problems.
Welcome, and I hope we all do well with GBRC.
Thomas P. Walsh
Vice President
Alliance Advisors, LLC
500 Fifth Ave.
Suite 2240
New York, NY 10110
P. (212) 398.3486
F. (212) 599.4289
twalsh@allianceadvisors.net
www.allianceadvisors.net
.. my email was sent to Jeff at GBRC...this is who emailed me back...
as for me..I am just a simple and small investor in msrm who has held on for a long time now.. and this board seems to be the place to see what is actually going on.. kennypooh I wrote to the company to ask about Comment letters as you suggested in one of your earlier posts... sorry if I made you suspect my intentions... I was merely proud that I could contrubute. I will think twice about posting any thing I may find in the future... then I will post dragon man anyway.. ha.!
Could you please be more specific as to who 'Thomas' is and his capacity, department or relationship to the company.
I see no Thomas listed as working at GBRC or Investor relations?? Usually company employees or representatives answer emails with both their first and last names.
Since this is your first post ever on any IHUB board, it seems rather suspect IMO.
Please clarify!
KP
Hi I have never posted to the board but I am a msrm investor so I have been looking over your shoulder's collectively .. to see where we are as far as getting our shares of gbrc. I thought you may wish to know I recieved an email from Thomas as to the comments for the SEC filing , this is what he replied to me...
Unfortunately we can not provide you with the nature of the comments. The Second has 30 days or so to respond to our answers or provide us with additional comments/questions. Sorry I could not be of more assistance.
Regards,
Thomas
I did not ask him what the Comments were, so I did not expect a comment about not telling me what they were.. but from what i can read into this email it seems we may be taking it 30 days at a time.. either for a short time or long time.. seems we are just going to have to wait and see...
Much easier to short stocks on the Amex than in pinky land.
I think you are thinking of 'naked shorting' which is a different thing altogether and 'illegal'.
i though that why lots of companies went to amex. hard to short the stock.
Uuummm....happens more often than you might think.
Nothing sinister was intended. If these people aren't insiders, we have a chance for a real rocket ride with significant news.
i do not think inside would short there on stock.
Many of the short positions could be 'against the box' by investors wanting to lock in profits on their long positions until after the 'effect' of the MSRM and CRC conversions.
Hard to tell, but I don't view it as unusual or alarming in any way. JMHO
1,719,894 GBRC shares short as of 4/30/08. The number just keeps getting larger. Someone is betting heavily that this isn't going anywhere. It could get interesting if and ever they release significant news. On the other hand, it could be an insider borrowing money against a cert or options.
it not the company, it the government this time. maybe cause of shell problem.
You can say that again....The exercise was justified but the expectation was nil.
i call thomas walsh, of pr firm for gbrc. it might be a while yet. the government has said anytrhing yet. maybe 3 months. on possible side coin, the company has enought money into banks to go to amx exchange. after msrm goes into gbrc, then gbrc could file to go amex.
do not expect anything soon from him.
Have emailed Jeff today asking if any update is forthcoming.
you know how hard it is to get in touch with jeff.
DM - GBRC filed on February 12, so it has now been 90 days.
The SEC staff reviews the S-1 filing, both from a legal point of view and from an accounting point of view. The SEC then sends a “Comment Letter” to the company, containing questions from the SEC staff, additional requirements for disclosure, suggestions for better presentation of material, etc. In response, the company amends the registration statement, and that amendment is then reviewed by the SEC staff. The staff may send another “Comment Letter” or it may relay final
comments via telephone. When the SEC staff has “no further comments”, the registration statement can become effective.
The entire process is normally completed within 90 to 120 days; obviously, the unknown is the number of SEC staff comments and the time required to respond to them.
You might check with the company to see if they have received a comment letter?
kennypooh, have you anything about date for msrm stock to chan ge name?
Global Resource Corporation Files First Quarter 2008 Financial Results and Business Highlights
Increased Cash Position to a Total of $6.6 Million
Expanded Marketing Agreement with C6 Energy to Promote GBRC Technology
New infrastructure Expansion for Expected Orders Going Forward
WEST BERLIN, N.J., May 12 /PRNewswire-FirstCall/ -- Global Resource Corp. (OTC: GBRC), a developer of a patent-pending microwave technology and machinery for extracting oil and gas, announced today it has filed its 2008 first quarter financial results and is providing a shareholder update. The Company maintains its status as a research and development stage company.
Global Resource is continuing to work on the commercialization of their award winning patent pending technology which utilizes variable microwave frequencies for the recovery of oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms.
For the quarter ending March 31st, the Company reported a net loss of $3.6 million, or $(0.12) per share. Operating expenses increased as Global Resource hired several keys engineers and executives to support the commercialization of its technology. The Company currently has the
infrastructure in place to commercialize up to 25 orders per quarter, allowing for rapid expansion as the company receives orders. During the
quarter a significant amount of resources were utilized in the research and development of the microwave technology. Global Resource continued the development and testing of the 1 ton prototype machine. In addition, the Company completed testing of several feedstock samples from potential partners around the world.
On a cash flow basis, the Company's net loss was $(1.9) million, an increase from previous loss of $(0.68) million in the year ago quarter. The
net increase in the company's cash position, factoring in cash flows from operations, investment and financing was $5.88 million, increasing the cash position from $1.0 million in the first quarter 2007 to $6.6 million in the first quarter 2008.
"Increasing our cash position while expanding our infrastructure to sufficiently support future orders has positioned us for the commercial
launch of our technology in 2008," stated CEO Frank Pringle, "We believe we have more than the necessary capital and internal engineers to fulfill the orders our marketing partners believe to have secured, concluding our internal expansion with the opening of our Rockford, Illinois office. During the quarter we received terrific feedback from our partners, including C6 Energy, as well as newly interested potential licensing
parties regarding orders to be finalized upon our GRFR1 demonstration in the Second Quarter of 2008."
Key Shareholder Updates and Achievements
Global Resource management expanded several agreements this quarter, including Warwick Communications and C6 Energy. Both agreements allow for an expanded sales force for Global Resource without the requisite increase on the operating line that would be typically associated if the Company had internalized a sales force.
Warwick Communications has signed up at least one customer who has agreed to a minimum purchase amount of $5 million for the initial 12 months of the contract and for the same minimum for the next 5 calendar years. Warwick's agreement allows for the company to expand its reach into South America, along with the original Canadian provinces.
C6 Energy has expanded their marketing agreement to include both the Middle East and Asia along with Europe. Management estimates that there are approximately 30 potential customers that C6 is currently engaged in negotiations with. C6 Energy has guaranteed 15% in licensing royalties to the company on a throughput basis and believes they will see orders for between 12-15 machines in calendar 2008.
Global Resource is currently completing the construction and testing of its 1-ton prototype machine and will demonstrate the machine's efficacy for potential customers in the next 60 days. The machine is able to process 1 ton of material per hour. We will demonstrate the prototype with the initial focus on tire as a feedstock.
As of March 31st, the Company had approximately $1.6 million in cash and an additional $5 million in escrow, pending the issuance of common
stock. Global Resource has since issued the additional shares, satisfying the escrow agreement, and currently has slightly more than $6.6 million in the bank. This alleviates the "Going Concern" in previous filings, which the auditors have removed. The Company believes it has cash on hand for 33 months of operations at the current burn rate and does not anticipate the need to raise additional capital over the next 12 months.
"By expanding our marketing agreements to include future royalty payments, Global Resource has begun to execute on its business model to
maintain a strong recurring revenue base," commented CEO Frank Pringle, "This coming quarter's demonstration of our technology will provide further conviction for our sales and marketing partners in executing and will help the Company capitalize on several ongoing contract discussions."
ABOUT GLOBAL RESOURCE CORP.
About Global Resource Corporation Global Resource Corp., (GBRC), is a developer of a patent-pending microwave technology and machinery that extracts oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms. Its process produces significantly greater yields and lower costs than are available using existing technologies. Because the process takes place in an enclosed environment it is emission-free and an efficient and cost-effective tool for cleaning environmental wastes and toxic materials. For more information see: www.globalresourcecorp.com.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements regarding Global Resource Corp.'s business strategies and future plans of operations. Forward- looking statements involve known and unknown risks and uncertainties. The forward-looking statements contained in this news release speak only as of the date hereof and Global Resource disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Global Resource's expectations or future events.
PR/Media Relations Contact
Richard Stern
Stern & Co.
Main: 212-888-0044
richstern@sternco.com
Company Contact
Jeff Andrews, CFO
Global Resource Corporation
Bloomfield Business Park
408 Bloomfield Dr. Unit 3
West Berlin, NJ 08091
Main: 856-767-5661
JAndrews@GlobalResourceCorp.com
Investor Contact
Arun Chakraborty, Stern & Co.
Main: 212 888 0044
achakrab@sternco.com
the msrm stock still in my account. i though i read today it would be gbrc stock. chech nes on gbrc, did see was noting about the stock change in new on gbrcthis morning.
From the 10k report.
NOTE 9 - ALLEVIATION OF GOING CONCERN
----------------------------
At December 31, 2007, the Company reported that it had incurred substantial net losses for the years ended December 31, 2007 and 2006 and the Company had not commenced operations to have a revenue stream to support itself. These factors raised substantial doubt about the Company's ability to continue as a going concern at that time.
During the three months ended March 31, 2008, the Company raised over $7.1 million dollars in cash through a private placement of common stock.(The Company also raised another $2 million in a private placement of common stock subsequent to the balance sheet date as described in Note 13). With this additional capital and projected cash flow expenditures over the next twelve months, Company's management considers the facts and circumstances which raised substantial doubt about the Company's ability to continue as going concern to be alleviated.
The Company also expects to successfully demonstrate its one ton per hour microwave reactor system by end of this second quarter 2008 and deliver the machine in the third quarter of 2008. The Company projects to have significant sales revenue and positive cash flow in the 2008 fourth quarter. In 2009, the Company also expects to continue generating positive cash flow from projected sales.
presumably that bond was never drawn on as the shell folded and fire-fighting tactics had to be employed to get things straight
fogg - I was not involved with this company on 2006, so I do not know details of what transpired. Here is a good example though of why this was not an 'investment' but a 'bet' at that time. I can easily see how your parents could have been fooled into making a 'bet'. Things obviously changed and the company was able to hide behind their disclaimer (see below).
You need only look at the very first post ever on this board. http://investorshub.advfn.com/boards/read_msg.asp?message_id=12091133
However, that is all history now, and my DD for the last 9 months shows great progress and indicates more potential than ever. JMHO and please see 'my' disclaimer below also. LOL
"This news release contains forward-looking statements regarding Mobilestream's business strategies and future plan of operations. Forward- looking statements involve known and unknown risks and uncertainties. The company's risk and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion. The forward-looking statements contained in this news release speak only as of the date hereof and Mobilestream disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Mobilestream's expectations or future events."
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Do not take this post as a recommendation to buy or sell this security.
I think the truth is that millions of shares in MSRM were dumped or unloaded following the "discovery" [sic] "some time in 2006" [let's say for the sake of argument] of its uselessness as a vehicle for the licencing of the technology due to irregularities mentioned on the pink sheet link at the top of this board.
The promoters of this business couldn't get out fast enough when they realised the whole shambles had been rumbled.
You've seen my discoveries from the cunning Mr Fox about "Costa Rica" - enough said. That email came back so fast in response to my enquiry it must have been ready and waiting for such an event.
The true extent of the participants in the MSRM shell was highly irregular to say the least. Enough stock was put the way of the scammers to make a tidy profit @$5.00+ a share which is what my folks paid. Can you believe it now? The reason for this manoeuvre was to sort out the financial arrangements - let's leave it at that before we have any more arguments.
I've said it before and I'll say it again - the MSRM shell deal was so one-sided if we are to believe the Fox account, the Pringle empire certainly weren't doing their DD to protect their own position, let alone the position of hundreds of scammed individuals in the period Feb to April 06.
This is when it all came unstuck for everyone concerned. It's a total disaster. We may have share certificates that have been acknowledged and ratified by GBRC, but let's be careful about future prospects until this mess is publicly acknowledged and a proper pathway to resolution is agreed with the increasingly impatient MSRM subscribers who paid $5.00+ a share for the dubious privilege of buying into nothing more than a temporary vehicle for the business.
It's been mentioned on here there were far more shares than the board realised. Well I say that's no surprise to anyone if my scam scenario is correct.
Some of my folks' share certificates are with the Metropolitan Police's Fraud Squad Operation Archway in London. Don't get me wrong - I'm not blaming the management for this fiasco, but they were duped big time and should have been more careful.
yes, professionals would have helped......but unfortunately the folks were railroaded into it by a slick telephone operation probably based in Spain!
Don't take this too seriuosly by the way - I'm always out to stir it up a bit, but I try to get to the bottom of things which is why I keep banging on about the events in 2006
If a CEO signs off on a 'filing' to the SEC, he is legally liable for the accuracy of it's contents and can go to jail if it later turns out that it was false information. That is why they are full of 'legalese' but usually 'factual' legalese.
However, statements made in company PR's are always followed by a disclaimer which allows a CEO 'wiggle room' should what's stated not work out later.
So DD mainly consists of both the 'interpretation' of SEC filings and the seeking of 'third party verification' of information released in PR's, on bullboards, IR releases, spam mailings, etc. as gossip, rumor or innuendo.
After that, you just trust your own instincts.
There you have it! Good Luck kp
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Do not take this post as a recommendation to buy or sell this security.
when we used to get pr from mobilestream, there was pr state that frank would give up his stock in msrm when it turn to gbrc because he own so much of the gbrc stock. i would have that on ibox but that was before i was moderator and i not sure i find that infornation any more.
I did hire a profesional for advice, my research showed they had been in bussiness for 8 years, had an office in Switzerland and a new one just opening in Australia.
Unfortunatly they where called Auston Rowe.
Boards like this have been a great help, I have learnt a lot.
But I still dont know how to do Due Dilligence.
Anybody know any good tutorials, books etc about DD, preferably in plain, simple languge or blow by blow instructions?
My only access to the world of finanace, stocks and shares, is through the internet and press and they are not that relyable.
I learn the hard way.
Still, Im into Mobilestream and possibly soon GBRC, the same as those who know DD.
Hopefully, despite the stress and tension, my luck will hold and I might not do too badly.
Time will tell.
From the top of this board.
Frank Pringle, the controlling stockholder of Mobilestream, has agreed to convert the balance of his shares of Mobilestream Common Stock to shares of Mobilestream's Preferred Stock.
and the holders of the Preferred Stock will receive 70,472,376 shares of the Company's Preferred stock.
------------------
Doesnt this mean he didnt give them up ?
Wont he receive GBRC shares for his Preferred stock ?
I am as foxed as you. This S1 might tell some people a lot but I can only trust in the US Goverment experts when / if they accept the S1, that everything is on the up and up.
At least pringle has shown willing to be officialy scrutinised which offers hope.
Fogg - Most people in the states hire 'professionals' to advise them on things like buying houses or buying stocks. It's those who don't, like your parents, that get themselves in trouble. You won't get much help on bullboards. JMHO
Everything in the S-1 is hidden right there in plain sight by professionals. LOL
"I think this just goes to show how dangerous this whole market is for people without the knowledge. I can't understand the legalese even when it's staring me in the face and it's there for my benefit.
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Do not take this post as a recommendation to buy or sell this security.
but frank give up all his stock in msrm and all shares for his stock will be retired along with his stock.
kp - Info from the top of this board....................
"In preparation for the Closing, Frank Pringle, the controlling stockholder of Mobilestream, has agreed to convert the balance of his shares of Mobilestream Common Stock to shares of Mobilestream's Preferred Stock. To accomodate that, Mobilestream is (a) amending its Certificate of Incorporation to increase the
total number of shares authorized to 866,000,000 shares, of which 506,000,000 are undesignated Preferred Stock, and (b) filing a Certificate of Designations, designating 503,374,112 shares of such Preferred Stock as the "2006 Series of Convertible Preferred Stock". Upon effectiveness of the Certificate of Amendment and the Certificate of Designations, Mr. Pringle's 503,374,112 shares of Mobilestream Common Stock will be converted to the 503,374,112 shares of the 2006 Series. At Closing, the holders of the Mobilestream shares will receive 1 share of the Company's stock for each 7.143
shares of Mobilestream stock and, accordingly, the holders of the Common Stock will receive 11,145,225 shares of the Company's Common Stock and the holders of the Preferred Stock will receive 70,472,376 shares of the Company's Preferred
Stock. Prior to Closing, the Company will designate sufficient shares of its undesignated Preferred Stock to permit such issuance."
I thought these huge quantities of shares were the result of the forward split and would be converted back in due course. I was also assuming that large quantities of them found their way to traders etc etc
I'm no expert, just an ordinary bloke, and that's why I'm confused by this. The blurb appears to say that Pringle has over 503,000,000 Mobilestream common stock himself. Well does he or doesn't he? I know there's a difference between authorised and issued, but here's someone with over 503,000,000 according to the company's own statement.
I think this just goes to show how dangerous this whole market is for people without the knowledge. I can't understand the legalese even when it's staring me in the face and it's there for my benefit.
There must be hundreds like me who are foxed by the whole series of manoeuvres these companies have performed.
now, hope that msrm turn into gbrc monday. that be sometrhing nice to talk about. how long have we waited for this? 1 year or is it 2 years?
I don't know where you get your info but it appears you don't have the 'Foggiest'... pardon the pun!
11,145,225 GBRC shares have been registered to replace the approx 83 million MSRM outstanding. It was all in the S 1 filed 2/12/08 by the 'company' with the SEC.
http://www.sec.gov/Archives/edgar/data/1128949/000101968708000540/global_s1-021108.txt
What you should care about is what has been filed and pr'd that can be verified and trusted... not what posters on MB's say.
Do your own DD .. verify your own info ..trust your own instincts. But please don't try to convince others to trust 'your' instincts!
JMHO kp
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Do not take this post as a recommendation to buy or sell this security.
well there you have it....in a nutshell that's why the scammed investors are completely at sea with this stuff.
I haven't a clue how such quantities of shares got on to the market if trading was stopped and all the warnings listed in the link at the top of this board were in place.
There appear to be 866,000,000 shares. Are millions of these shares dumped in this trust? Who disposed of them? Was it directors of the company? What the **** were they doing flooding the market with shares that had no value?
The 'Trasnsfer Agent' maintains a list of every registered owner of MSRM shares, whether in street name at a brokerage account, or under someone's bed. Any shares being traded now are registered to the new owners each time a sale is made.
On the day of conversion, all outstanding MSRM shares will be exchanged for 1 share of GBRC for each 7.143 shares of MSRM and issued to each registered owner (regardless of whether they were purchased two years ago or two days ago). Trading in MSRM shares will then stop.
The transfer agent does all the paperwork and if you still have possession of your certificates, you will have to submit them to the Transfer Agent for exchange. If they are in your brokerage account (street name), it will be done electronically.
The company (GBRC) is not involved and has no responsibility as all the new GBRC shares being exchanged are already issued and being held in the liquidating trust at the Transfer Agent.
Where are your certificates?
yes, but what happens when the original subscribers are still in possession of the original share certs and have not parted with them, sold them to brokers or otherwise pledged them? Likewise with the forward split shares.
IE................ no one else has any title to them, as in this case [I believe] where the SEC has placed strict conditions on further dealings in MSRM shares. I'll bet most of the original 2006 subscribers to the MSRM issue have not sold their stock on simply because they paid such a high premium for it.
Nonetheless the little graph at the top of this board shows MSRM trade activity. I don't get it. What are these folk trading?? It is nothing more than an option to purchase something they don't own and probably can't get hold of. I can't see how they can cover their position if they need to.
Fogg - Investors can sell any US stock 'short' provided certain requirements are met.
It's a function of the 'market' and the 'company' has nothing to do with it.
http://www.investopedia.com/university/shortselling/
whoahhh!! let's not get too hot under the collar me old china [plate = mate]. I don't recall that was ever the allegation.
"Costa Rica" was the presence that was raised by cunning Mr Fox in his lengthy explanation of how it came to be that MSRM and GBRC knew nothing about the background of the shell they were buying until later in 06. Apparently everything happened behind a veil of secrecy as the 3E corporation was hijacked, new share capital issued, and then somehow appropriated to the scammers without a value purchaser [Pringle and associates] finding out about the true participants in the shell they were getting into.
What I'm saying is I just can't believe this. Fox's explanation specifically states that there was $1m on offer from "Costa Rica". Well how is it that anyone can put a fledgling business into such a vehicle in the process taking a substantial sum of money from "Costa Rica", without thinking "What are the shell's backers getting out of this?" It seems very one-sided to me and I would certainly be asking questions at that stage.
I'm still confused about this phase of things. However what I was trying to convey in my whining posts was the legal situation seems to be fairly definite, despite the fraudulent origin of the whole deal, and that is that involuntary investors ie those who were scammed into buying MSRM without a clue what they were taking on, have an enforceable agreement with MSRM and now GBRC.
This has been confirmed several times by GBRC management and I do feel the issue of this trading on the pink market by shorters and bashers without any title is cause for objection when here we sit with expensive shares waiting for an undetermined time in the future when GBRC will honour its undertakings to MSRM shareholders. I am not the only one on here going on about this shortcoming in GBRC interaction with its aggrieved shareholders in MSRM.
I just don't know how it's allowed to go on like this, that's all I'm saying.
My sentiments exactly. However, it does not excuse the "powers that be" from the lack of dd and supervisory oversight in the involvement of not one, but two dirty shells. That said, once this mess is cleared up, everyone should be more than OK.
So let's see... someone from Costa Rica was able to buy a large block of newly issued shares from a legally registered US company for x price... take them across the pond and sell them to your relations as restricted shares (for probably 20 times what they paid for them and likely much more than the market price in the US at the time)... pocket the difference... then register the shares back in the US as restricted... in the name of your relations.... with a legit US transfer agent...probably listed as sold at the then US market price.
And this is all the fault of the US company that issued the Shares simply because they are a US company and none of the responsibility should fall on the shoulders of your relations... living in another country... for not checking on anything regarding who was selling what to them and what it's true value was???
Sorry but the whining is getting old! You're damn lucky you have anything of value left at all... most (worldwide) scams leave investors with totally worthless certificates.
Not only do you have certificates, but you are possibly still in on the ground floor of a terrific opportunity.
Maybe your parents will turn out to be smarter investors than you think. LOL
Let's all hope so!.
kp - yes I know about the explanation, but as I've said before I don't believe it. I also know that scamming is not legal.
The type of trading I meant was allowing people to trade in shares issued to subscribers [albeit arising out of a scam fraud] to be passed on and on by shorters and bashers without any evidence of title, making profit presumably, but regardless of that freely able to deal without holding the share certificates.
As far as I can see this trading is still going on and it's the actual holders of the share certificates who are stuck with a massive investment now apparently worth very little until there is a clear way out offered by GBRC.
GRC price recovered well today......roll on test results
you can say that again. when i see ton of gbrc go in to my account and msrm out, i close board out. go gbrc!
90 days up by Monday next....
after conversion....one board and many happy investors
Fogg and enery - the type of trading that your relations got themselves caught up in was not 'legal' on either side of the ocean. I posted the GBRC explanation before (from the GBRC web site). http://investorshub.advfn.com/boards/read_msg.asp?message_id=28954105
The merger of MSRM into GBRC was an attempt by management to correct and stop the illegal activities of others IMO. The SEC has been in control of the timing since then (that's was when the SEC 'investigation' started IMO). KP
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NOTE: The MSRM IHUB header is currently being not being update since the msrm is only shell. if board like i put gbrc update here. let me know. gbrc board is updated with more timely information. ]
Mobilestream Oil, Inc. Signs Memo of Understanding with Global Resource Corp.
WEST BERLIN, N.J., Oct. 30, 2006 /PRNewswire-FirstCall/ -- Mobilestream Oil, Inc. (OTC Bulletin Board: MSRM.PK) and Global Resource Corporation (OTC Bulletin Board: GBRC.PK) jointly announced today they will be entering into a preliminary, non-binding Memorandum of Understanding for Global Resource Corporation's ('Global') acquisition of the assets and business of Mobilestream Oil, Inc. ('Mobilestream'). Mobilestream owns certain microwave technology, embodied in a pending patent, and various proprietary trade secrets for technology that had been exclusively licensed to Carbon Recovery Corporation. Global has recently acquired the assets and business of Carbon Recovery Corporation, including the exclusive license. The technology is a method of decomposing petroleum-based materials by subjecting them to variable frequency microwave radiation at specifically selected frequencies for a time sufficient to at least partially decompose the materials. The initial application will involve the decomposition of waste tires, as described in Form 8-K filed September 27, 2006.
It was originally intended that the licensee would be the operating company, while Mobilestream would continue its R&D into the development of further applications for the technology, including: (1) re-cracking heavy or slurry oil to retrieve the components of hire grade fuels; (2) the recovery of oil from oil shale and oil sands; (3) the reduction of hydrocarbons in drilling cuttings to permit on-site disposal; and (4) the stimulation of mature oil and gas well ('stripper' well) production.
Upon analysis however, both Global and Mobilestream believe that, given the interrelationships of the Companies' management and the probable interface of the R&D with field operations, it will be more efficient, both financially and operationally, to combine the Companies. It is anticipated that the current management charts and the respective responsibilities of the licensor and licensee will be adjusted for maximum effectiveness.
The major acquisition term not yet resolved is the value of the Mobilestream technology and its reflection in the securities of Global. Mobilestream is retaining Corporate Valuation Advisors, Inc. to provide a fairness opinion on the terms when negotiated. Corporate Valuation Advisors, Inc. has previously evaluated the tire decomposition portion of the Company's technology and is therefore generally acquainted with it.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=msrm
Forward Split information:
shs increased by 6 for 1 split
Ex-Date: Jun 8, 2006
Record Date: May 26, 2006
Pay Date: Jun 7, 2006
Company Notes
**Formerly=Mobilestream, Inc. until 3-06
**Formerly=3E International Corp. until 8-05
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