Astrom Shell and Dan -> Look at this PPRM Astrom Shell point 9
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/8/t/014621/p/1.html
What the hell ???
FROM::RB, believe or not:
Dan returned my phone call. Here's my post.
Dang, this post will rival anything the MountainMan has put out…in length that is.
We talked for about 40 minutes. I’ll start off by saying what everyone else has said: He talks fast and tosses information at you as if he were firing it from a machine gun. At times we were both talking at the same time. He was firing off law firm names, Accounting firm names, names of the lawyers, names involved in Skiershop, accountant names, etc. It’s safe to say my head is swimming. I couldn’t write fast enough to keep up.
Enough of that. Lets get to the reason you’re reading this post. What follows is a list of my questions and how Dan responded. I warn you, there’ll be material for pumpers and bashers….read at your own risk! LOL.
1) COMCAST LOI:
He expects this to close soon. (No definition of soon, he doesn’t want to fall into the same hot water he’s in with Skiershop. More on that later) He’s looking to secure channel 17, 18, or 19. He said the programming comes from RSN (Resort Sports Network) and will broadcast 24/7 on cable. Dan sees the benefit to PRRM in the areas of Marketing/Advertising, as it relates to all the companies in the PRRM “roll-up”; i.e. N’East magazine, Stockli, Skiershop, and other future entities they wish to market. Dan defined it as a “back-door entrance” opportunity for the Advertising and Marketing team.
2) N’EAST MAGAZINE:
Dan knows the issue is delayed. He says the issue is two weeks behind schedule and may be shipping now or very soon, but it will ship. No reason given for the delay. Concerning the website being down, Dan said it may have to do with the transition of the company. He said there is a lot going on in the company and the web site may be part of the changes. He said he’d look into it. At that point the conversation took an unexpected turn concerning N’East Magazine. I got the impression that N’East Magazine is a type of afterthought. An experiment. It appears to be another “back-door” Marketing/Advertising opportunity that presented itself, should the magazine become successful. To hear Dan describe it, the magazine owner was struggling and Dan saw an opportunity for marketing the PRRM entities in the Magazine. He gave me the impression that if N’East didn’t work out he’d not loose sleep over it. I doubt that revenues to PRRM are as much a concern as the marketing /advertising opportunities.
3) NAME AND SYMBOL CHANGE:
Dan stated these items are wrapped up in several events that are happening all at once. He claimed that recently two significant opportunities presented themselves, relating to Phase II, causing him to delay the name and symbol PR’s. Whatever the “opportunities” are it appears they are the type of opportunities that have to be acted on quickly. It was at this point in the conversation I thought he was telling me, in so many words, that he was building up to a string of PR’s for the future. Part of this “string” would include the name and symbol change. I expressed m my thoughts. Dan was quick to tell me that certain things he has to PR right away, indicating that a string of PR’s is not likely. The name and symbol change are the type that can be PR’d later, one would presume, at a more strategic time. He stated the property purchase as an example of a, “got to PR it now” kind of PR. The name has been chosen. He wouldn’t go into the specifics of the symbol change.
4) SKIERSHOP:
Dan acknowledged his frustration over the delays in closing Skiershop. He summed up the delay with the following:
- 5 Different attorney’s involved.
- Several financial institutions involved.
- Unexpected Phase II opportunities, listed in #3 above, required immediate attention, putting Skiershop on the back burner, so to speak. Rhetorically he asked, “Should we have let these opportunities go by to focus completely on Skiershop or should we look into them right now and delay Skiershop.”
- Property purchase. (This part is interesting. Dan stated the reason for the purchase was to “take a partner out.” I’m assuming the partner was throwing a monkey wrench into the works and added to the delay.)
- 4th of July weekend
- Required property/building appraisal for the purchase of said property.
Referring to my statement in #1, the reason Dan will not define “soon” is his inability to predict circumstances that can cause delay, resulting in investor anger. The Skiershop delay is an excellent example.
He says that Skiershop will close. His statement was, “Either you believe in what we are doing or you don’t.” I took it to mean that if I can’t handle the wait, then perhaps I shouldn’t be in PRRM. Fair enough.
At this point in the conversation I mentioned to Dan that there are some who post on the message boards, claiming they have talked with Dan and that Dan has stated Skiershop would close “soon.” To avoid confusion it would help to put information in a PR rather than to a few select investors. Many of us can’t make informed decisions except to call the CEO and hope he gives us honest information. He acknowledged frustration about how misinformation might occur on a pink sheet stock. Several times he admitted he could PR certain bits of information but purposely choose not to for his own reasons. He gave the number of his restricted shares as an example, or when certain restricted shares are eligible to be cashed in (OCT, 2006)
5) FINANCIALS:
There’s something you’re about to read that many of you are not going to like but I’ll get to that in a moment.
Dan says he’s still planning on financials. He would not go into details, but referred to the financials he’ll release as a “compilation.” He did not use the term unaudited or audited. He did list the name of the accounting firm and the accountant who would be handling it.
He added one thing I’ve not heard before. He said he was planning/considering (I don’t recall which) releasing an annual report in Jan/Feb of 2006.
Now the part many of you are not going to like. Dan outlined circumstances where he would consider a reverse split. In each instance the decision to R/S wrould revolve around a requirement for a specific PPS level in order to accomplish a specific objective. What follows are the examples he gave:
- In the instance where a debt had to be dealt with, requiring a certain price on the PPS to generate the needed cash.
- Financing an acquisition might require a R/S.
- Elevating PRRM to the OTCBB might require a certain price on the stock that may require a R/S to obtain that price.
So, while a R/S may not happen upon the name and symbol change, as outlined in the PR(s,)a R/S is a real possibility when it comes to growing the company in the absence of cash on hand.
SIDE NOTE: The reader decide the significance of this information on their own.
6) THOUGHTS ON ASCENDING TO THE OTCBB:
Perhaps after reading #5 you may not be so keen for this to happen! I got the impression from Dan that ascending to the OTCBB is in the back of his mind but other issues place this project near the bottom of the list.
7) STRATEGIES ON REDUCING THE OS:
I invited Dan to discuss any strategies toward reducing the OS. His reply was that he buys PRRM stock and the stock is restricted. He reminded me that he owns most of the restricted. No other strategies were presented by Dan.
8) PR OF REDUCTION IN THE AUTH. SHARES TO 80 BILLION.
He told me he will file the necessary paperwork, just not right now. Dan did not provide me with an explanation. Apparently that’s all I needed to know.
9) PURCHASE OF THE ASTROM SHELL:
Dan mentioned there were two outstanding convertibles involved with Astrom’s shell. When I asked Dan to quantify the cost of the shell. He said there was one “large share holder.” He then gave me a couple of figures. $150,000 and $600,000. This may have been the cost associated with the convertables. I don't think he was giving me a range of the cost of the shell. This part of the conversation was difficult on Dan's side. Dan was reluctant to tell me the total cost of the shell. I have no reason to believe that you can take the total of the two figures above as representing the total cost. Dan did say that the Annual Report would include all the information on the purchase of the Astrom shell.
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