says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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You're mistaken
A 504 allows you to raise up to $1M in any 12 month period. They closed the first round of the 504 before January 16th, 2008.
Regards
A R/S does remove two major impediments
to raising more cash: Available shares, and lack of bid.
The first problem, Available shares could have been fixed with increasing the A/S. But then, you're still up against a No Bid situation whenever major selling hits.
If Peter needs to raise more cash, a R/S is the first important step to that end.
Regards
I heard the NAIAS was a No Sale show
from Emily's post on the FFR forum. Did they sell it with the broken door hinge? That's some seriously good sales job!
Regards
Speaking of 504s
Some key dates from last year:
DECATUR, IN, Jan 16 (MARKET WIRE) --
Revenge Designs, Inc. (PINKSHEETS: RVGD), a specialty car designer and production assembler, announced today that it has closed its first round of financing using its Regulation D 504 offering.
DECATUR, IN, Mar 03, 2008 (MARKET WIRE via COMTEX News Network) --
Revenge Designs, Inc. (PINKSHEETS: RVGD), a specialty car designer and production assembler, announced today that it has closed its second round of financing. The company was able to raise the full amount of its Regulation D 504 offering in its second round.
----
So, the window is opening up again to raise another $1M under 504, should Peter decide to go that route.
I don't think the R/S is a coincidence. 500M @ .0001 would have only raised $50K. Peter needs a loftier price and more shares to raise another $1M.
I think he needs the money. Another round of 504s could be it, after finalizing the R/S.
Regards
It'll fill at .0002 on Tuesday
Unless all the MMs at .0002 evaporate by Tuesday.
Regards
No, it's not perfect
but it was promoted as being an OEM production level automobile.
I have no doubt Peter intends to take it to that level. The show was just the first level. Peter wants to take the company to the next level, his words.
Maybe another year, and another billion shares or so.
Regards
The car is not 'OEM production level quality'
yet.
To wit: No airbags, no 5MPH bumper (forget crash testing and federal certification), door hinges are weak, wires dangle below steering column, air scoop cutouts not done on show car, questions about chassis rigidity after modifications to FFR's design.
It's going to take some time to address these issues. Time and money (shares).
Or maybe another convertible debenture. Does Peter still have Carnes on speed dial?
Regards
By Nevada Corporate law
he needed a majority of shares in order to do the kind of split that he did.
He either had enough shares of his own, or enough along with proxies of others, or he did something very wrong.
I think your dog hunts.
Regards
New symbol INAR 1-1000 R/S
http://www.otcbb.com/asp/dividend.asp?sym_id=IARY&dDate=1/16/2009&sDateType=ex_date
SGLS is no longer a reporting company
they only have 54 shareholders.
Rule 12g-4 -- Certifications of Termination of Registration Under Section 12(g)
1. Termination of registration of a class of securities under section 12(g) of the Act shall take effect 90 days, or such shorter period as the Commission may determine, after the issuer certifies to the Commission on Form 15 (17 CFR 249.323) that the class of securities is held of record by:
1. Less than 300 persons; or
2. Less than 500 persons, where the total assets of the issuer have not exceeded $10 million on the last day of each of the issuer's most recent three fiscal years.
I did a google search of factoryfive.com
for the words: Revenge, Collorafi, Decatur, GTM-R
Zero hits.
If there is a relationship, it's a secret one.
Regards
I don't think there is any AH market for pinks
Maybe it was a Form T from yesterday...someone's attempt to paint the close that didn't quite make the 4PM cutoff.
Regards
Actually, if the plan was to reduce the A/S
proportionally, that could have been done from the start. It's even easier, as it requires no shareholder vote. The path Peter took required shareholder approval (obviously, he must still hold a majority of shares). The A/S could have been set to any number he wanted, as a part of his filing.
He chose 2.5B.
He also told ThinkPad that he would put out a Press Release, detailing the reverse split, after the release of the GTM-R at NAIAS.
Well, the GTM-R has been released at NAIAS, and now we wait for Peter to make good on his promise.
Regards
Whoa!
The warrant thing is just conjecture. However, the underlying common shares should already be a part of the O/S. Remember how it jumped way up when the A/S was increased to 2.5B?
Regards
You might want to contact the Transfer Agent
or order up Document # 20080446390-36 from the Nevada SOS.
Maybe what you have now is a cashless warrant that converts on 4/15/09 into common.
Regards
There are no preferred shares of RVGD
since 7/02/08. Check Nevada SOS. Only one class of stock, 2.5B common shares, par value .001.
Regards
I received PMs explaining why your post
was taken down pre-R/S. I think it's reprehensible. I agree that noobs (who get in post-R/S) will be better off than current shareholders.
Regards
Reverse Split 1000-1
Thinkpad's post has gone missing from the top of the board again.
That is unfortunate; it contains information every potential investor should know. If ever there was a legitimate reason to yellow sticky a post, Thinkpad's post is it.
Please read the post to which I'm replying.
Regards
1000 hrs per car is the generally accepted figure
over on the FF forum site. I think Pennimon has also used the figure.
Regards
It takes roughly 25 Man weeks to produce 1 GTM
Anyone watching the local Decatur Help Wanted ads?
Peter needs at least 50 mechanics/assemblers to turn out 2 GTMs per week, and the space for all their tool sets.
Regards
Reverse Split 1000-1
Please refer to Thinkpad's post. Peter said he'd issue a press release after debuting the GTM-R, disclosing all the details of the reverse split and the substantially reduced A/S.
Thank you for putting Thinkpad's post back at the top.
Regards
One car has been built
--the sleek white one displayed at the Detroit show. Two more are in the process of being built, says Peter Collorafi, Revenge CEO. He had planned to reveal the car in December in Indiana, but delayed when the opportunity in Detroit became available.
http://www.autoweek.com/article/20090112/FREE/901129965
Can we get ThinkPad's post back as a sticky, at least until Peter follows through with his promise of giving the details of the R/S?
Regards
Emily in Front of the GTM?
It's White
revengedesignsinc.com back up again
No change. Never mind!
Regards
Firefox can't establish a connection to the server at www.revengedesignsinc.com.
Anyone? Anyone? Bueller?
I think there's an update coming on the site. Or it's down for the count.
Can anyone bring up the site?
Regards
Press conferences will be held on exhibitor stands unless otherwise noted.
Revenge Designs press conference is scheduled for 1:45PM, Monday the 12th. It will be held at their location on the show floor.
Regards
Watch Live Auto Show Reveals Today
http://www.clickondetroit.com/video/18454372/index.html
I believe their coverage starts right about now, the media passes will be handed out at 8AM (2 hours from now), and the show kicks off at 9AM (3 hours).
Regards
The show opens tomorrow at 9AM
for the media. They'll be roaming the aisles, taking pictures of all the cars.
The GTM-R should be in place by now. It's that cut and dried.
Regards
Application must be made for a new CUSIP and symbol
That process can take a couple of weeks.
Once that process completes, the notice will be given on the OTCBB site, AND IT WILL BE A DONE DEAL THE NEXT TRADING DAY. That means your current shares will be un-tradeable until you get the new certs in your account.
All I can say is, watch for it on OTCBB.
Regards
It says:
3. A certificate filed pursuant to subsection 1 is effective upon filing the certificate with the Secretary of State or upon a later date specified in the certificate, which must not be more than 90 days after the certificate is filed.
Peter filed (actually his TA faxed the form) on 12/11/08. The date of effectiveness Peter put on the form was 12/11/08.
Was that within 90 days of when the form was filed? Yes. It was the same day.
The filing is effective as of 12/11/08 in the eyes of the SOS of Nevada.
No, it doesn't say that
Stop telling people it does, please.
Regards
The Form that Peter filed with Nevada
that is stickied above.
In NO WAY, SHAPE or FORM sets a date for when the split must be completed.
Read the form. Links have been provided to download the PDF.
There is no 30 day period. There is no 90 day period.
That is the point.
If someone says there is a deadline to complete the split, they must be getting their information from some other form or document.
You missed the point entirely
Frustrating.
And that is not even what it means
it means the effective date you put on the form can't be more than 90 days from the date you file the form.
Peter put the effective date as 12/11/08. In the eyes of Nevada, the split is ALREADY effective.
People have been trading pre-split shares up to now. All they need is a new symbol and CUSIP. When that gets assigned, with an effective date (the next business day), the old shares can't be traded, and holders of the old shares will have to wait for the new symbol shares to be put in their accounts.
Regards
If people are getting that off the filing
that's not what it says:
Here's what it says:
7. Effective date of filing: (optional)
(must not be later than 90 days after the certificate is filed)
8. Signature: (required)
http://sos.state.nv.us/business/forms/pdf/AM78.209StockSplitpk.pdf
Regards
Decimated? Not really
Originally that term meant sacrificing every 10th soldier.
We need a new term for sacrificing 999 soldiers, leaving 1 out of a thousand.
non-non-nonimated perhaps.
Regards
He has no production facilities
He calls it a hand-built supercar, and will be selling the special Revenge design parts to other GTM kit builders, probably on his Ebay site, which just celebrated its first $20 sale.
He'll take orders, I'm sure. Delivery date is unclear. How much more money he needs to deliver on orders is also unclear.
After the split, and any ensuing share sales, we'll have a better idea.
Regards
Everything Old is New again
New firm will open in Decatur To modify GTOs; Lingenfelter involved
BY ERIC MANN
The GTO is out to GTM, meaning “Get the Mustang!”
A husband and wife from Australia joined three local officials on Thursday to announce that an automotive business, Revenge Designs, will open in Decatur in two months and plans to have 40 employees by the end of this year.
The company will modify the look, feel, and performance of new Pontiac GTO.
Peter Collorafi, whose wife, Bonnie, is co-owner, revealed at a news conference that Revenge Designs will work out of two large buildings on Patterson St. between 11th and 13th Sts. that once were used by All American Homes. The structures total 87,000 square feet.
Collorafi, who was a car designer in his native nation for Ford, General Motors, and Toyota, said there are some 60,000 unsold GTOs that were made in Australia, from which Revenge Designs will create its versions. He said 1,000 cars are to be produced at first, with eight orders having already been received from the Los Angeles area.
The four-passenger GTOs will come in two styles: the standard Revenge model, priced around $45,000, and a supercharged model modified by the staff of Lingenfelter Performance Engineering of Decatur, a world-renowned name in high-performing engines. The Lingenfelter version will sell for about $55,000. Annual sales could be around $10 million after the first year, it was noted.
GTOs have a top speed of 170 mph, Collorafi said, but the ones with the Lingenfelter touch will go from zero to 60 mph in 3.8 to 4.1 seconds, according to Tom Cress, owner of the Lingenfelter firm.
Collorafi said the GTOs will get 18 to 23 miles per gallon.
He pointed out that the name “Revenge” was chosen by General Motors because GM wants to get back at Ford's Mustang. He also reported that GM plans to redesign the GTO in 2009 so it looks like a modern version of the famous 1960s cars, since many people want cars with that appearance.