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spidy-- you just have to stop... you've lost all credibility on this board when you made over a dozen demands asking how winmax was ever involved in mining in the first place...
"Now eatr comes up with an annual report showing a large stash of gems. They were a media company and now have changed their focus to their gem store. Amazingly now they have these gems, but have never mentioned them before."
A rudimentary few of the most basic research shows Winmax involved in mining deals since 1999.
and then you declared that with all your extensive research that winmax had never had any press releases regarding mining gems, and may have taken them from Prom Resources (??).
I've seen over a 100 press releases from winmax regarding mining gems in the past hour. And now, instead of admitting your clear investigative errors, you're just chiming in on any statement made to throw your negative slant up in the air.
Remember you're post yesterday--
"No i am not a private eye, but i would still like to know and will not stop until i know where these gems came from."
well now you know-- they got them through various mining deals in madagascar over the past decade. Then winmax opened up 13 retail outlets to sell them. Can you shut up now and be stupid somewhere else? You're embarrassing yourself here. I know it stings, that you lost money in Prom, and you want someone to blame.. and now you just want to hate on the stock to make sure you made the right decision to sell your position. We get it... but it's time to move on, spidy. Don't even pretend you're still long. you're not adding anything of substance here, you rarely make sense, you're facts and conclusions are consistently wrong, and it's getting pretty sad. Take the pride you have left- go take a nice long walk- walk it out, and move on with your life.
I'm just replying to a comment made that winmax has never issued PR about mining gems. As of late, I've only been looking at the BnetTV side of the equation to be honest. But when people make silly accusations like Winmax was never into mining and just stole stones from other companies- of course i'll refute it if the general facts show differently.
I'm happy to share the information I find - but please, be considerate when posting information that's based on opinions and not facts. To respond to your questions:
I have done more than my fair share of looking. Where is the paperwork that shows where winmax mined? You seem to know that they mined, yet all they ever pr'ed was bnettv.
There's a great website called google-- (www.google.com)- it's a search engine. typing in the words "Winmax & Madagascar", the first listing that comes up:
www.thefreelibrary.com/Winmax+Trading+Group,+Inc.+Furthers+Business+Model.-a080726949
"On November 16, 2001, Winmax entered into an Agreement with a Malagasy Corporation, Stone and Woods s.a.r.l., whereby Winmax will be assigned Stone and Woods interest in various properties in Madagascar from which gemstones will be extracted. The Agreement between Winmax and Stone and Woods provides that Winmax will bear sole financial responsibility for the extraction of gemstones, in return for which it will receive 75% of all gemstones extracted from the properties; the remaining 25% will be deposited with Stone and Woods. Stone and Woods shall bear sole responsibility for payment of the various land and license taxes to the Malagasy government."
All that jumping up and down w/ baseless accusations.... and all you had to do was look on google. I mean really spidy- I don't have time to straighten out your misconceptions every week. This isn't the first time, either.
Did you see a filing showing the management has put millions of dollars of their own money into this company? Or where are you seeing that the company is still pumping hundreds of thousands of dollars each year into the company?
Yes, it's all there... do your homework. How do you think the company got started? Gerald put his own money up to start this operation, and has put in money each and every year. Only thing he has to show for it, from what i've seen, is equity-- just like us. If the company doesn't succeed- he loses more then any of us. As management told me several times, failure is not an option.
I have looked at your posts and you always seem to have enough info about this company. Do you have some heavy communication going on with the company?
You got that right. I'm the guy to listen to, b/c I do my homework- and i'm telling you- regardless of what the company did or did not do in the past, it's all coming together now. A commited management team, a good product, and a vehicle to move it. It's a little annoying that I do the homework, and then get second guessed by people just looking to cut down the stock.
Lots of good news coming soon for BnetTV-- should start coming out about a week after the divy is issued.
BnetTV, Stock Dividends, Gemstore, and more to come....
I see a lot of sour grapes out there, and attempts to misdirect everyone's attention from the great things the company has done this year with BnetTV, to dumb conversations regarding the location of their old mining operations. Even a dumber conversation trying to link EATR with other companies that failed (as if to forecast things to come).
EATR has no obligations to tell shareholders where their mining operations are located. I don't even know why this has to be said. Even a fully reporting mining stock doesn't divulge this information. If you guys don't like it, then don't invest in mining stocks. Complaints about this company not being transparent don’t make sense. EATR currently has the highest listing on the Pink Sheets for transparency, right under 'fully reporting'. They’re more transparent then 85% of all Pink Sheet stocks. If you need more transparency, then go trade big board stocks.
From what I see, the management at EATR put in millions of dollars of their own money over a 10 yr period which was never recouped. Management still pumps in hundreds of thousands of dollars of their own money each year to allow company profits to be redirected right back into the company. What other management group in the pink sheet world does that? When the stock was trading at $15.00 a few years ago, the insiders didn't dump any of it. They held on to all their shares.
EATR has promised that next year, they'll concentrate on spinning out The Gemstore. They'll have audits done on that division, etc- just like they did for BnetTV. I'm giving them the benefit of the doubt that they’ll do the same for The Gemstore as they just did for BnetTV. EATR having Gems isn't new- they had 13 retail jewelry stores in 2005 and 2006, with leases all around the country. They had mining operations and properties in Madagascar for years. They also have an online jewelry store. People are surprised that their recent filings showed holdings of gems? What did you think would be in their inventory, cupcakes? If they were really scamming everyone, they could've stayed non-reporting, and pocketed the gems.
The attempt to connect PRMO and EATR together is meaningless, even if there is a connection. Even if both companies had some big secret partnership (which they don't)-- it doesn't mean anything. PROM Resources, whose main offices are in Bangkok, is mining gold from Madagascar. EATR, headquarters in Orland is a media company that also did some mining in Madagascar- mostly through 2007. Maybe they shared some of the same properties, or equipment, or security for cost control. Just because another company that may have done some business with EATR, fails-- it doesn't mean it was a sham. And even if it was a sham, it says nothing about EATR. There is no guilt by association in business. You know how many companies had relationships with Madoff? Some sat on the boards of both companies. Is Morgan Stanley a sham then? If you have complaints about Prom, go to Prom's investorhub page, and whine over there-- or go to the authorities and turn them in.
Since the management at EATR are majority shareholders, don’t draw salaries, and still choose to help promote the company out of pocket-- I'll safely assume what they do is in the best interest of the shareholders. To date, no one has been able to show that EATR management is financially benefiting at all from running this company. Show me the big salaries, and luxury expenses. I've been through the books, these guys run it very lean.
I'm pretty excited to be part of BnetTV via that nice dividend i'm getting next week with more to come. Glad EATR came through on all their promises regarding BnetTV (audits, financials, dividends, etc). You could have a financial opinion that BnetTV isn't worth anything (although I would disagree) but at least EATR's management is giving it over to us. A typical company would keep the shares of BnetTV as an EATR 'holding'. They would then sell BnetTV shares as part of a BnetTV offering. With all that money in the till, EATR could just pay themselves huge salaries and expenses with bonuses to legally drain all the money for themselves. Instead they're giving shares of BnetTV directly to their shareholders. EATR management didn't even participate in the last dividend insuring that shareholders get the entire 10% dividend for themselves.
BnetTV is doing really well and I wouldn't be surprised if they were a publicly traded stock on a major exchange in the next few months. They just signed a few big deals, and their webpage activity is going through the roof. It looks like it has great potential, especially at this price with 90% of the dividends still to come. Keep your eyes on their news page for updates:
www.bnettv.com/about/bnet_news
They'll be some big news coming out soon. I mean BIG news. Get ready boys.
I've seen plenty of PR releases about their minoring operations in Madagascar. Company has no obligation to tell you details on how they procure their gems. If the company had operations in madagascar, which they've suspended, that would explain inventory, without having high current overhead. They had, at one point, 13 retail locations around the country, including an online store-- so they obviously do have a source of gems and inventory. Mining operations even in public traded companies, are often not disclosed.
The 2 yr audit was on BnetTV, although they have posted unaudited financials for The Gemstore. When I asked earlier this year- how come they weren't auditing the other divisions, it was a timing issue. They needed the audit done for BnetTV immediately as that's the company that they sold which had the greatest potential for an upcoming liquidity event. As it was, it took 3 months for that audit. I'm glad that wasn't delayed further.
For a pink sheet company, this company is more transparent then most I've seen. You guys are all looking to poke holes in this story, but they've been holding up their end. Just remember, a yr ago, there was no audit, no financials, no investment bank at the table, no white shoe law firm, no pink sheet upgrade, an old website, etc, etc. They came a long way in the past 8 months, and i'm looking forward to them continuing this upwards trend.
In the next few weeks, I'm really interested to see the BnetTV PPM. That's a very telling document. You don't spend 60K at a top notch law firm, and retain an investment bank for nothing. This could be a very big deal, very soon- and you guys are crying about where their gems are coming from? If you think .0004 is too high of an evaluation, sell it, short it, move on.
You'll have to be a bit more specific.... if you have recent examples of the company not coming through on promises, please, give us an example. Last January they said they would spin off BnetTV and start giving shareholders their equity stake in this new entity via stock dividends. They started with a 10% dividend last month. The company completed a 2 year audit contradicting your statement that the company has no revenues. Winmax (now Eastern Asteria) also upgraded their pink sheet status, and filed their quarterly report.
BnetTV is not run by Eastern Asteria, and we own a large stake in that company. BnetTV is issuing a PPM (which is needed to do a private placement), has retained a very high end law firm as well as a reputable investment bank. They revamped their website, and continue to cover all the international mobile events.
You say the company will say anything to get buyers to buy the stock... I just don't see it. A company in their position could've hired a stock promotion group, and they haven't. They've also issued very few releases this year, and they lived up to all of them. If anything, it doesn't look like they care at all about propping up the stock. I'm sure Eastern Asteria is content that they have a winner with BnetTV, and it doesn't really matter if it's reflected in the stock price. You hold the stock, you get the dividends this year, it's that simple. I think that mitigates a lot of your risk, especially with the stock at this price.
As well, if you look at the balance sheet, Eastern Asteria doesn't have a ton of overhead. Having sold BnetTV to a seperate group for a 42% equity stake, Eastern Asteria is no longer responsible for BnetTV's overhead. With low expenses, and a big stake in BnetTV- it's just a waiting game. BnetTV gets financing and a $35MM evaluation in the next few months, EATR will be trading 10 to 15 times below its actual value. Now EATR does the same thing with The Gem Store next year, you start seeing where this could go.
BnetTV company news is up on the site
http://www.bnettv.com/about/bnet_news/
Looking good-- they retained auditors, a white shoe law firm, transfer agent... now a PPM, and meetings with investment banks. Looks like a company going places.
It would seem an independent law firm, hired by EATR has written an opinion piece, confirming much of the information issued in the company's quarterly report, including outstanding shares.
The opinion also concluded, among other things, that no insiders or officers are currently being investigated for any wrong doing. As well, the law firm stated that the company followed correct procedure and compliance considerations in issuing their quarterly report.
Hats off to Eastern Asteria-- i'm sure the company laid out a pretty penny here to assure shareholders that they're maintaining a high level of transparency.
so because one of the insiders had an issue 17 years ago, you're assuming that this publicly traded company (which recently completed a two year audit, and upped their standings with the Pink Sheets last week) is now defrauding their shareholders with the announcement of a non-existent dividend? Why would they have gone through great lengths to procure a CUSIP number, and register the dividend with their transfer agent? I spoke to their transfer agent, and they confirmed the dividend.
If you have factual information, buddy, to support this claim- please let us know. Otherwise, let us enjoy getting the dividend and the other dividends to follow.
The dividend, as clearly stated in the release, is to be distributed at the end of August. Instuctions on how to get the dividend are pretty clear.
More Big News coming out over the next couple weeks.
Developments at BnetTV that are going to make EATR's shares of the company worth something substantial. We just have to wait a little bit here. Best news is yet to come.
BnetTV is key to the future for EATR
-- This isn't the last day of the dividend, it's just the last day for the latest dividend. Company will issue more dividends soon. The next one should be coming in late September.
-- BnetTV is a private company as of now. As BnetTV increases in value, so will the value of EATR's holdings of BnetTV. BnetTV is looking to go public. They will be raising money this fall to expand their business model. To raise money, BnetTV will do an offering to sell shares of stock.
-- As a shareholder of BnetTV, EATR could entertain selling their stake in BnetTV to an institutional buyer and issuing a cash dividend to their shareholders. If BnetTV begins trading on an exchange, EATR shares of BnetTV will be unrestricted, free trading stock. EATR as we see today is intending to distribute this stock to their shareholders.
-- As to the value of BnetTV, and what it means to the EATR shareholders, I have the following for you. Currently EATR has around 40% of BnetTV. EATR is worth about a million dollars. For every $10 million that BnetTV is worth, EATR's 40% stake should be worth roughly 4x it's current value.
Meaning in three weeks, if BnetTV raises $10 million for a third of the company- BnetTV will have an assessed, on paper valuation of $30,000,000. EATR should be worth around 12x its current evaluation.
-- If BnetTV is moving forward with an offering in the next few weeks, you're going to see them issue a 60 page offering memorandum called a PPM. This will have all the information from financials, business plan, board members, projections, risks, etc that you could ever dream up.
-- I wouldn't get preocuppied with EATR's share price. Just buy and hold, tuck it away, and wait for more news from BnetTV.com. As you're issued more and more stock, you'll see that EATR's share price is irrelevant. In fact, we should be happy that all the short selling is affording you the ability to buy into BneTTV at such a low price. Take advantage of the situation. Buy and hold.
The Math with the conversion- BnetTV / EATR:
--one million shares of EATR costs you $500 to buy....
--one million shares will give you 1300 shares of BnetTV tomorrow alone.
-- there is a total of around 35,000,000 shares of BnetTV Communications outstanding.
BnetTV is doing an offering memorandum trying to raise $15,000,000 - $20,000,000. Even if they failed miserably and had to give up half the company for $10,000,0000-- it would still mean one share of BnetTV is worth over .$50
Meaning tomorrow alone (forget all the other dividends coming), you're $500 worth of EATR (which you'll still have on monday)- should hand you on the low end, $650 worth of BnetTV.
If they do 10 such dividends over the next 6 months, you're $500 worth of EATR should give you $6,500 worth of BnetTV. Any you still own the stock. If BnetTV successfully offers shares for $1.00 per share- you're looking at $13,000 of BnetTV stock. This doesn't even include The Gemstore division.
Yes the shares are private, but of course the company is actively pursuing a liquidity event to become publicly traded. It may take 5 or 6 months, but that's not a long time to wait.
On the flip side, if you're short EATR tomorrow, you are responsible for purchasing shares of BnetTV Communications to give your clearing firm to hand over to the EATR shareholders.
New company press release just came out now -- very impressive.
http://ih.advfn.com/p.php?pid=nmona&article=43803131&symbol=NO%5EEATR
-- 10% dividend for shareholders of record by tomorrow....
-- Upgraded Pink Sheets listing
-- Conversion Rate- for every million shares of EATR you have, you'll receive 1300 shares of BnetTV Communications.
Yes, expecting a press release to come today -- Hopefully by lunch time... dividend terms, etc.
Tomorrow is the dividend day. Shareholders holding shares through the weekend will get a stock dividend. From what I understand, they'll be piecing out BnetTV via these dividends over the next 6 months. I think the next dividend will be at the end of September. From what I understand, EATR holds around 15 million shares of BnetTV Communications- roughly 40% as of when they announced the original terms in the spring.
Looking forward to dividend terms to be released tomorrow a.m.. I think that would gel with the company's position that they're not looking for new shareholders to come running in at the last minute, just for the dividend.
From what I understand, shareholders of record by the close on Friday will be included in on the dividend.
how do we update the update above, with the new CVS-1 post from yesterday? moderator, pls.
NEW UPDATE - DIVIDEND NEWS / PINK SHEETS
From conversations with the company... the latest update:
----July 31st dividend is still on schedule. Company originally stated that the stock dividend would be be between 5% - 10% of EATR's holdings of BnetTV Communications. From conversations I've had with the company, they're planning on giving a 10% dividend. Interesting enough, from what I understand, the insiders (who own roughly 50% of EATR) are not going to partake in the dividend. Meaning if you are a shareholder of record by this Friday, you'll be receiving shares of BnetTV. Why aren't they updating the terms here in a press release? Good question- I think their main shareholders, and people who are in touch with the company have the info. Perhaps they don't want new people, to just jump in here in the last day or two, to become shareholders of BnetTV.
According to submitted documents, EATR owns approximately 42% of BnetTV Communications. EATR, from what I'm told, will be issuing several stock dividends of BnetTV Communications over the next year, turning everyone's EATR shares into a large percentage of BnetTV Communications. The next dividend I'm told will be issued in late September.
----EATR is in the process of upgrading their listing with the Pink Sheets. If you've noticed, the company posted 2009 numbers, as well at Q1 2010. They should hopefully be announcing their new upgraded listing status with the Pink Sheets in the next few days. This new level of transparency should give investors much more to go on. I've heard people make mention that these numbers aren't audited. The 2009 numbers relating to BnetTV were actually audited and the numbers submitted to FINRA for 2009 regarding the pink sheet upgrages were directly from the BnetTV 2008 / 2009 audit. The Gemstore division has not been officially audited as of yet. Since you can argue that at this time, 80% of the value in EATR is related to BnetTV- you could say that 80% of the financials you see on the pink sheets were actually in fact audited.
----The 2008 / 2009 audit for BnetTV Communications has been completed. BnetTV has also retained the law firm of Loeb & Loeb, a very high end NYC based law firm, who is finishing BnetTV Commuication's Private Placement Memorandum (PPM). The PPM will include the audit, and contain detailed information on the company, including financial projections, executive team, revenues, acquisition strategy, business plan, etc. BnetTV is not releasing the audit before the offering, as that can be miscontrued as an attempt to solicit funds for the offering. The company is expecting to release the PPM in the next week or two.
----BnetTV Communication's business moving forward... Big part of my investigation pertains to BnetTV. As the shareholders are poised to own 42% of BnetTV, EATR shareholders have a huge stake in the success of BnetTV. If BnetTV becomes a $50MM company, EATR's 42% stake should catapult the company to very respectable levels. As mentioned earlier, BnetTV will be raising capital as per their new offering. The company is looking to raise a minimum of between $10 to $20 million in their first round of financing. Aside from the help from Loeb & Loeb, BnetTV is bringing in a notable investment bank that will assist with and oversee the offering and subsequent acquisition strategy. The company is looking to become a listed, publicly traded entity, possibly on the AMEX Exchange by January or February. This is a top priority for BnetTV from what I was told, and they have several acquisition options that can bring them to this goal rather quickly.
BnetTV will also be announcing their management team, and other company news shortly. Their new website is almost done, and it looks pretty solid. Still waiting for them to put up the company news section which should fill us in on what's happening with the company on a weekly basis.
----Quick analysis- I have not been able to dealve into The Gem Store division of EATR, although it seems they have considerable assets, and no liabilities here. Just on EATR's ownership of BnetTV, if BnetTV can do a successful raise, giving the company between a $20 to $25 million dollar initial evaluation, EATR should benefit immensely. Anyone short EATR, at these levels, is shorting BnetTV Communications at around a $2 million evaluation, and whatever the Gemstore may be worth. I'm curious to see them release the management team for BnetTV, I've heard they have some real players on the table. The completed PPM will be a big deal for the company. I'll be interested in looking through that in the next couple weeks. I'm curious as well to see how the shorts deal with the dividend. If the company does 10% on Friday, and 10% at the end of Sept, anyone short the stock is going to have to buy shares from BnetTV to hand over to EATR shareholders. Based on a $20 million offering, those shares won't come cheap.
Definitely will be an exciting month. Looking forward to watching it play out.
--The New Updates to the Website Look Great-- I'm very impressed with the functionality and design. It was a critical step towards BnetTV becoming a viable media company. From what I understand, they'll be putting up new pieces to the site over the coming weeks. So far, so good.
I did a little research after reading a few comments about an a purported increase in O/S, dilution, etc. From I see, the float's been around 750,000,000 and the total shares at 2.2 billion for about a year now. I have not seen any increases in these numbers.
Now that the company has some financials, I'm looking closely for a report on the company's intention to upgrade their status with the pink sheets. From what I understand, the process could take a week or two.
Most importantly, I'm looking for BnetTV to create some momentum here. If BnetTV can come out of the gates with financing giving themselves a 15 - 20 million dollar evaluation- I'd be pretty excited with EATR's position (with EATR shareholders holding roughly a 40% stake in this company). If EATR's current evaluation is at 1.3 million (with the stock at .0006), you can see how a successful BnetTV run could potentially move EATR. And that's not including any progress the company may have with The Gemstore. Certainly would provide downside protection.
Interested to see more news coming out over the next couple weeks that should give us some idea how this will play out.
The conversion rate really doesn't mean too much... if EATR's float is 800,000,000, you can deduce that this equals approx 40% of BnetTV. Meaning 80,000,000 million shares will eventually turn into 4% of bNETTV Communications.
I'm curious to see how the shorts play out here... If someone is short 200,000,000 shares of EATR stock over the next year, they'll have to pony up the stock dividend (25% of BnetTV Communications stock). People short EATR will become short BnetTV Communications as well.
The big number to see will be the financials of BnetTV Communications and their subsequent financing. If we can put an initial evaluation of 20, 30 or 40 million dollars to BnetTV, based on an initial raise, we'll be able to back in the numbers from our shares of EATR. If BnetTV goes public, or gets bought for cash, it will immediately put a value to EATR. The other option EATR has is to sell their entire BnetTV stake to an outside investor, for a one shot cash deal.
It's going to be an interesting summer following this one. I'm keeping my eyes on BnetTV's page for news updates. That will be half the story here.
We know exactly what we're going to own in BnetTV. You need to do your homework, Spidy... I'm tired of doing it for you, and then you misrepresenting my findings. It's all right here. EATR shareholders will own between 40% to 50% of EATR. So if you own 10% of EATR's outstanding shares, you'll own roughly 4 to 5% of BnetTV. The exact ratio the company said they would announce shortly. I imagine the dividend will be parceled out in increments over the next year. I doubt they'll do more then 5% or 10% at a time. EATR will continue to be a majority shareholder in BnetTV, while they dividend out shares to their shareholders.
As BnetTV increases in value, so does EATR, just as if it was a division. Whatever EATR doesn't give it's shareholders, it retains on behalf of the shareholders. Even if they give all of us only 1 share, that means the rest of the 40% to 50% of bNET Communications is still owned by EATR, and we're still shareholders of EATR. BnetTV goes up, EATR goes up. If we get the entire dividend by next year then as BnetTV goes up, you personally go up as a new shareholder.
Many companies, both private and public have interest in outside companies. Nothing at all unusual here. LaBranche (LAB) for example owns a huge portion of NYX.
All you need to know is that as EATR shareholders, we're either getting a stock dividend of BnetTV or we're holding a controlling interest in the company. The benefit of BnetTV as a seperate company as opposed to a division is easy to see. BnetTV as a seperate entity can go public, can raise money on their own- have a management team, etc. This will bring more value and opportunities to the shareholders then if it was a division of EATR.
If the audit was finished last week, how were they suppose to give it to you beforehand? If BNET TV said they're putting out a private placement memorandum (PPM), they couldn't hide the financials if they wanted to. It will all be there for you to see, along with the management team, board members, use of proceeds, acquisition strategy, etc. Have a little patience, stop tearing apart everyone else's work to bring some light in here. I don't believe for a second, BTW, that you're long the stock.
spidy, sorry that doesn't make any sense. If they told you that EATR shares we're going to convert 1 to 1 for microsoft shares as per a sale of assets to microsoft, it would be the same situation. EATR wouldn't come out with a news release about a new XBox game- that's Microsoft's news. It's just not how it works.
Without having to sell your EATR shares, you're getting shares of a new company, that is run by industry executives, with a business plan, that's promising transparency. A group that's already retained a top law firm, and went through a 3 month audit, and drew up a private placement memorandum. Seems like a pretty good situation, without knowing all the details. If the only draw back is that we have to go to their site, to see their news- that's not so bad. Do you're own homework- I did. If you look over the audit, the corporate docs- the management team- and you're not happy with their prospects- sell your EATR shrs before July 28th, and you won't have to worry about owning shares of this new company.
I'm thrilled there's finally answers to all the questions-- someone just had to ask. That's what analysts do- they don't just sit around waiting for news releases. I do my own homework- other people's interest has no affect on mine.
--UPDATE-- Spoke with Bnet TV Communications, I spoke with two different people on Friday and this morning. This is what I gathered from the calls.
-- They're revamping the website, a portion of it when up this weekend, other pieces will go up over the next couple weeks. The new website was in the works for the past 4 months.
-- Regarding the audit... Apparently the audit was finished as of last week. It was a 3 month audit covering 2008 & 2009. They said they plan on making the audit public record. From what I understand, they're going to post a link to the audit on their "press release" page, which is one of the website pages that will be up shortly.
-- The company has been consulting with Loeb & Loeb which is a very high end NYC based international law firm that specializes in structuring corporations.
-- One of the biggest questions I had pertained to who was running the company... Apparently they retained a very high end executive that used to run the Mobile Marketing Association, as a consultant, who is helping put together the Bnet TV team. They are going to put out a press release with details of the management team soon.
-- Spent most of the time talking about the direction of the company. Currently their discussing options that could lead them to an exchange listing very shortly. They said they completed a private placement memorandum, which would allow them to sell a portion of the company. This would serve one or two purposes- to either raise money or bring in a strategic partner. Either way, it's a great sign. Any company that does an offering before going public needs to draw up this document, which is very detailed and quite expensive. This document would elaborate on the use of assets, the past financials, the management team, business plan, acquisition strategies, law firms, stategic parteners, risks of the business, etc.
It will be easy to get ahold of this document, although I'm sure they'll just make it public record. Most companies make them public to avoid a hundred phone calls an hour for the document. Anyone calling the company's investor relations person, saying they are interested in a private placement, would be sent this document.
-- They discussed their acquisition strategy, to potentially buy several companies that will increase revenues and provide more mobile content for their site. Again they said they'll be making announcements soon. By next year, if everything goes well, they said they want to triple the number of conferences they cover globally.
-- Discussed the relationship between EATR and Bnet TV Communications.... As I expected (and reiterated by EATR on Thursday)- these are two different companies. EATR shareholders will own roughly half of BNET TV Communications after the dividends, but EATR will have no say in the day to day operations of BNET TV. BNET TV will be putting out their own news releases.
-- I asked if they've been meeting with investment bankers... their response is that they've met with a few investment banks, but that's private company information. If they do retain a bank to assist them, they'll issue a press release at that time.
Overall I was very happy with the call. I think these guys know what they're doing, and I'm looking forward to them releasing information confirming what they told me over the next 30 days.
One important thing I took away from this is that we're going to have to look to BNET TV for the press releases. For example, if Bnet TV announces next week that they're being bought out by ABC News- it is not a story going to be released here by EATR. If we want to know what our dividend is buying us, we need to keep an eye on Bnet TV. Of course we can post the news from BNET TV here ourselves.
That's a good question I'll ask tomorrow. From what I know, EATR shareholders will become shareholders of BNET TV Communications and they'll be no controlling interest by EATR. BNET TV Communications will be run by a new management team according to a new business plan.
Hoping to get details of the business plan, projections, details of when they'll post the audit, etc tomorrow. Any other questions you have- PM me, I'll make sure I ask tomorrow.
no, private companies do press releases all the time... that's not really something to find fishy. I just want to hear it from BNET TV themselves. If BNET TV Communications is as legitimate as it seems, and they have a business plan to move this forward, and we can own a piece of it, just by being shareholders of EATR- I'm all in. I just want to take a look under the hood. If they're serious then I'll know-- who are their attorneys, auditors, investment bankers, strategic partnerships, employment agreements, corporate docs, etc.
can't fake the real thing.
As I see it, the company had two options- one to try to grow the company internally within winmax- second was to bring in a new management team, new investors, etc under a new umbrella.
A top notch management team, dedicated to bringing BNET TV to a liquidity event, isn't going to do it under EATR. So I understand the benefit of doing what they did (if it works). Also remember, the current EATR management is getting the same deal. Their shares turn into shares of BNET TV Communications just like yours- so if it doesn't benefit you, it doesn't benefit them either. It's not like they're getting a different conversion rate, and EATR will not be able to dilute your ownership in BNET TV Communications at some later time.
To me the biggest question is the direction of BNET TV Communications. I myself like the fact that they'll be new management. If my shares of Winmax are going to equate to a 1% ownership of a company run by a group of industry professionals, dedicated to making bNET TV the next big thing in mobile media- then I'm all for it. A liquidity event with BNET TV on a real exchange could be something to look forward to. That would never happen in EATR.
If your biggest gripe is with current management- then you should be thrilled that our biggest asset is now being transplanted into the hand of industry professionals, under a whole new company, no? If we have to give a chunk of BNET to secure this team, and bring in new money- I'm all for it.
The answers regarding the audit were pretty clear, and I didn't sense anything fishy. I said the exact same thing you did- the years of the audit was when Winmax owned the company, and we should have an absolute right to those financials. The company added that they've been spending an enormous amount of time assisting with the audit- that these auditors have been asking them hundreds of questions a week, and are camped up in their offices in Canada climbing through all their books. And this has been going on for almost four months.
Part of their agreement with the new management team at BNET Communications was to finish the audit. EATR told me today that they would love nothing more then for the audit to be done, and the financials to be released. Makes sense to me.
I asked that very question-- how is BNET Communications going to release the audit. They said BNET TV is a media company, and the least of their concerns is with BNET's ability to release press stories about their company.
I'm going to find out more with this call with BNET TV tomorrow. I have a ton of questions and I don't pull any punches.
--UPDATE-- Just got off the phone with the company-- after almost an hour long call- a few things I took away that cleared up a few things:
-- they're still aiming for a July 31st stock dividend. Basically if you own shares of EATR by the 28th of July, you'll receive shares from the transfer agent of BNET TV Communications. The conversion rate of how many shares you'll get per share of EATR they said they'd announce in the coming weeks.
-- I asked what the deal was with the BNET TV spin out. From what I was told, it wasn't technically a spin out. EATR sold the assets of BNET TV to BNET TV Communications in return for equity in the new company (not money). EATR shareholders will own roughly 50% of BNET TV Communications. I was told that as a standalone company, with its new management team, BNET TV Communications would have a much better opportunity to grow the business.
-- Biggest question I had was regarding the financials of the company as I've been hearing about this for the better part of 5 months. Seems like a good news / bad news situation. BNET TV Communications has been going through an audit of their 2008 & 2009 numbers since March. From what I was told, the audit is close to being finished (maybe this week). Bad news is that EATR can't release this audit, because it's not their company anymore (even though we'll be shareholders). But I was told, and I'm going to try to confirm this, BNET TV plans to release the audit and make the financials public. This to me is really important- if I can see the BNET TV financials, I can have an idea of its value- I can decide if I want to own it, and how much EATR I'd have to have to own a good stake in this new company
-- My other big question-- BnetTV Communications is a private company- we're going to own around half of this new company- what's the plan with the company moving forward? Are they going public, are they trying to sell themselves, who's going to run it? Yes I had a ton of questions, but I was told pretty bluntly that I'm asking the wrong company- that I'd have to talk to BnetTV Communications to get clarification on their business.
So I have a call with BNET TV tomorrow. Hope to have some more answers. If anyone has questions they want me to ask-- let me know. You can send me a PM.
website is down, server issues, spoke to the company & there going to try to get the site back up by today. From what I know, most of the news has been released, although from what I can see, there is some new information to come. I see the board has been taken over by a few stock promoters. Curious to what people are expecting news wise, maybe that combined with what I know would clarify where this is all heading.