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I am not Jose. I have been on IHUB for a while. My account with IHUB started on:
02/20/2007 02:49:14 PM
Check my IHUB history before making these accusations that I am Jose or if I misunderstood your response I apologize in advance:
http://investorshub.advfn.com/boards/membersearchresults.aspx?alias=quikfix
http://investorshub.advfn.com/boards/profilea.aspx?user=94004
Feel free to take over the company Snizzle and see if under the same cash strapped financial position with little financing options since the Form 10 is STILL NOT APPROVED you could have done a better job.
Yes, this is what STLK management decided and it's done, no use trying to beat a dead horse. We need to ask questions, and get answers from the CEO regarding future developments as this is critical for all investors here as we can't change the past and if the future looks dim (no revenues and PPA is completely off the table) then there will be more selling, but if future becomes rosy again, we see BLACK in our STLK holdings.
Have a great long weekend!
I totally agree and since CEO Jose is reading this, DO NOT REVERSE SPLIT, IT IS THE WORST MISTAKE YOUR COMPANY CAN DO.
Happy Memorial Day long weekend to all my American neighbours! (yes I spelled neighbours the Canadian way LOL)
I don't think being on the OCTQB matters at this point in time, what matters is the PPA, if they get the PPA, they don't need to worry about any reverse splits as the price will be more than $0.01 in my opinion.
The moment I get these answers to all these questions, I will post.
I am pretty confident the CEO will get a legal opinion before he sends any answers to me as I am pretty sure that a couple of questions I asked can only be answered through an 8K and yes I asked about Tangiers as well since he did mention them.
May I ask what you are talking about a dumper that has been revealed? Do you have proof or a link for this?
Final list of questions sent to CEO. #10 added. Here is the link to the STLK PowerPoint presentation:
http://www.smallcapfinancialwire.com/wp-content/uploads/2014/02/Versant-Presentation-FEB-2014-1.pptx
Here they are:
1) What caused or is causing this day of expected PPA signing from April 2013 till May 2014 and now in the latest 10Q it states the expected date of this signing is end of fiscal year which is Dec 2014. Why does a company CNFL who committed to signing this last April 2013 keep delaying this PPA signing? What is or are the reasons for this?
2) Will you be pursuing the ICE PPA instead of the current CNFL PPA as it doesn't seem to us like they intend to sign this at any point since you qualify for those Costa Rican laws 7200/7508 as mentioned on page 27 of the PowerPoint and can you provide details of expected timelines as we are curious to know if you would need to start from scratch since this a a different contract all together. Also, would the term 25 years and annual revenue projection of 12 million per year remain the same with this new ICE PPA contract?
3) If the anticipated PPA signing date is now Dec 2014 or later if you go with ICE PPA instead, how will you prevent further dilution and toxic financing?
4) Do you have a revenue generating plan of some sort or will we continue to see convertible notes added in the financial quarter after quarter?
5) Do you still want to remain an audited company since it seems to cost a lot or is that required to be remain a SEC reporting company or one of the PPA conditions?
6) What is the expected time frame in your opinion of this Form 10 being accepted by the SEC or when you do expect a response from them regarding those 18 remaining questions. Was the response submitted and when?
7) When will you engage the Ex-Im bank for a new LOI since the last one expired in Mid May 2014.
8) What ever happened with this (page 33 of PowerPoint) and why couldn't this line of credit be used to pay the auditors
Updated list of questions. Added 2 more questions, 8 and 9.
Sorry for question 2, the term was 25 years and not 20 years and here is the link to the Powerpoint:
http://www.smallcapfinancialwire.com/wp-content/uploads/2014/02/Versant-Presentation-FEB-2014-1.pptx
Please note this in page 32:
I just sent a list of questions to the CEO just now by email.
Here they are:
1) What caused or is causing this day of expected PPA signing from April 2013 till May 2014 and now in the latest 10Q it states the expected date of this signing is end of fiscal year which is Dec 2014. Why does a company CNFL who committed to signing this last April 2013 keep delaying this PPA signing? What is or are the reasons for this?
2) Will you be pursuing the ICE PPA instead of the current CNFL PPA as it doesn't seem to us like they intend to sign this at any point since you qualify for those Costa Rican laws 7200/7508 as mentioned on page 27 of the Powerpoint and can you provide details of expected timelines as we are curious to know if you would need to start from scratch since this a a different contract all together. Also, would the term 20 years and annual revenue projection of 12 million per year remain the same with this new ICE PPA contract?
3) If the anticipated PPA signing date is now Dec 2014 or later if you go with ICE PPA instead, how will you prevent further dilution and toxic financing?
4) Do you have a revenue generating plan of some sort or will we continue to see convertible notes added in the financial quarter after quarter?
5) Do you still want to remain an audited company since it seems to cost a lot or is that required to be remain a SEC reporting company or one of the PPA conditions?
6) What is the expected time frame in your opinion of this Form 10 being accepted by the SEC or when you do expect a response from them regarding those 18 remaining questions. Was the response submitted and when?
7) When will you engage the Ex-Im bank for a new LOI since the last one expired in Mid May 2014.
The fiscal year for STLK is end of year (Dec 31) as written here:
http://www.otcmarkets.com/stock/STLK/profile
Feel free to email the CEO here at jquiros@v3rsant.com and he will answer all your concerns. He has explained what has transpired this quarter with as much detail as he is allowed to give investors in numerous emails thus far as I am pretty sure he did NOT anticipate to be in this predicament at this point in time or do you think he purposely did this to screw us all and also drive his company to near bankruptcy?
The reality is the PPA should have been signed by now, it hasn't so an explanation is needed as to what's causing the delay and the plan of action moving forward since the ICE PPA based on those Costa Rican laws makes STLK eligible now for this non CNFL PPA that has yet to be signed as was supposed to be signed last April 2013.
We need answers to these questions by the CEO, period!
These notes have been mentioned in all past filings and most investors here still decided to invest in STLK based on the PPA in the past despite all these convertible notes.
The issue is the PPA hasn't been signed as of yet and the CEO needs to address this as this is the CATALYST for this stock, right now the financial statements mention this:
There is no surprise here as we knew it was coming, it was needed to pay the auditors and there really wasn't much more financing choice out there since their FORM 10 is still not signed off by the SEC.
The CEO made this financing decision based on the finance options available and LEGAL to him at that time.
BTW, STLK's share structure is still a fraction of many "stinky pinkies" out there trading more than STLK that have BILLIONS not millions in common shares outstanding.
The float is currently still tiny for this stock (less than 40 million) and can move on any decent news. I hope this rough patch is now over.
10Q out and As of May 20, 2014, there were 180,618,630 shares outstanding of the registrant’s common stock issued and outstanding.
So the common increased by 27,497,000 since then which is part of that financing as mentioned in this filing.
Won't we know more about the financing deal and outstanding shares in this report due today?
10K is due today, this should be interesting.
ICE is government electrical utility entity in Costa Rica, they also own the company CNFL as seen at bottom of their home page:
http://www.grupoice.com
I am sure those questions you ask will be answered if this CNFL PPA is no longer in the works in the event that they go with the ICE PPA by the CEO.
We shall wait and see. Keep in mind, we do have an annual shareholder meeting soon as last year's meeting was on July 30th, 2013.
You guys obviously either have no patience or have no idea how things operate in countries outside of the good ol' US of A.
I'm from Italian descent and something like an ESTATE matter that would take 1 week in Canada (where I am from) takes anywhere from 6 to 12 months to complete in Italy as ONE example.
Things can seem to take a lot longer in other countries hence their work to live mentality while us North Americans have the live to work mentality. We have a CEO and company that have been honest with shareholders from day one, the PPA being delayed and OTCQB De-Listing BS was out of their control and I'd rather have this honesty, than deal with most of the BS and lies, and pumping, and constant share printing that most pinkies make their shareholders experience.
Sure, you may not like how the CEO went about to obtain financing but they needed to pay approx $50K to their auditors so they can remain an AUDITED company and compliant with the SEC. Without a Form 10 that is signed by the SEC, their financing choices were pretty limited.
If you don't like what you invested in, swallow your pride, and take a loss and move on. Just my 2 cents which we will see again in my opinion.
June 2014 will be a make or break month for this stock in my opinion.
If you read my prior posts and all of the info we have so far, we can assume that if this PPA with CNFL as a buyer gets delayed any longer the CEO will pursue the alternate PPA with ICE as a buyer as per those Costa Rica Laws that are mentioned on page 27 of that powerpoint (read my prior posts for links and info on this) which apparently they qualify for.
Latest update on Arbitration case from CEO that I received approx 3 months ago by email:
-----Original Message-----
From: Jose Quiros [mailto:jquiros@v3rsant.com]
Sent: February 14, 2014 1:24 PM
To: quikfix
Subject: Re: What ever happened with that Arbitration case?
Good afternoon. Nothing to report yet, testimony went well, we had some favorable rulings but still in process. We stopped providing time frames simply due to the delays on this matter. Once something happens of significance we will report. To think this is the "speedy process".
Thanks,
José P. Quirós
CEO/Managing Director
STLK/ Versant Corporation
Skype jose.quiros1
www.v3rsant.com
Link to Costa Rican Law 7200/7508 as mentioned in my previous post http://investorshub.advfn.com/boards/read_msg.aspx?message_id=102094882:
http://www.acope.com/sites/default/files/Ley%207508%20en%20ingles.doc
This is straight off their Form 10 http://www.sec.gov/Archives/edgar/data/1569055/000149315213001414/form10.htm here:
Important info on page 27 of Powerpoint that can be found here (read the bold and red writing) http://www.smallcapfinancialwire.com/profile/stl-marketing-group-inc-stlk :
The end of May 2014 is right around the corner folks.....
Company Offer:
- 10% less than Buyer’s current costs (estimated at $0.1026/ kWh)
- No investment cost to Buyer for installation, service, maintenance, etc., other than the cost of electricity.
Current Status:
- We have agreed on the Terms and Conditions. Price is at $0.083/ kwh, 25 years is the term and they will “collect” at the site.
- We expect to have a PPA signed by May 2014 under current conditions.
- If we experience a delay, we may pursue the Alternative Strategy at the end of May 2014, as all our studies should be completed and we should be eligible under Law 7200/7508 for a contract with ICE.
The STLK Powerpoint is located here:
http://www.smallcapfinancialwire.com/profile/stl-marketing-group-inc-stlk
Question about Pinksheets/OTCQB and Financing answered by CEO:
Thank you. We are in the middle of a significant amount of work including the 10Q. Please bear that in mind.
I think it is important for everyone to familiarize themselves with the OTCQB Rule changes. We continue with all OTCQB requirements as before, the new rule for a set PPS is new and only on that we have been moved off OTCQB. A consequence of the OTC, and in our opinion, arbitrary, heavy handed and unannounced, rule change, is that there are now TWO types of PINK companies.
OTCQB adherent companies that are fully reporting but do not meet the PPS and typical PINK companies that are self reporting and are unaudited etc. It is our position that the rule change has hurt our shareholders and has lumped companies like STLK that are in the middle of a lengthy, complicated, time consuming and expensive SEC process in with self reporting companies. So companies doing the "right thing" are punished. Any complaint that can be made has been made, we have been diligent and loud in our objections to the OTC on the issue of the Rule Change.
As can be seen from our public disclosures, just this year alone we have paid RRBB over $50,000 CASH in total to ensure continued "fully reporting status". That was precious cash we could have used elsewhere- IR, operations, PPA etc. So our commitment to being fully reporting has not flagged but it has a price and a cost. We do a 10Q due in a few days (extensions had to be filed) otherwise our filing and reporting status will continue to adhere to the SEC's standards.
Our restrictions on funding derive from the SEC process, not our OTC level. Namely the Form 10. The Form 10 restricts us because WE CANNOT RAISE funds (we cannot issue free trading shares unless using an "exemption") through an offer or a private placement until this process is finalized. It is my understanding, based on our experience, that our only options for fundraising until the SEC approves our Form 10 are:
1. Convertible Notes
2. 3(a)10
No one likes these options, but those are the only "exemptions" we believe are allowed until the SEC finalizes all the approvals. Without use of these mechanisms we have no capital. As we have previously mentioned, we need the capital and have been honest since the onset that we need to raise funds.
So we are not OTCQB due to lack of filings or reporting, but due to a brand new PPS test. The PPS is a test that is difficult to meet with the challenges entailed in undertaking the Form 10 process. More so for us who have to operate, pay for studies etc etc without much funding until the PPA is signed and or we add opportunities to provide us revenues as we achieve our PPA. Our focus is the business, more than the OTC level, as we cannot control the OTC's changes.
As to the price per share, we do not control that nor can we comment on what we think the price should be or will be, that would be a clear violation of SEC rules.
Best regards,
José P. Quiros
CEO/Managing Director
Versant Corporation
Skype jose.quiros1
www.v3rsant.com
Tel. (USA): +1.719.219.5797
Mobile (USA) +1.719.505.3785
What the conversion is, the float and outstanding shres will still be tiny to moderate in my opinion especially in comparison to most garbage stocks trading in the pinks currently with a much higher share price than STLK with billions in shares outstanding and in the float.
I know the share price sucks right now, but this is still better than bankruptcy right if he didn't take care of this debt issue.
I am not worried, the float is still tiny and it still has lots of room to move.
Drop some more so I can get some cheapies!
I spoke to OTCMarkets and also emailed the STLK CEO and in a nutshell OTCMarkets.com screwed alot of companies by de-listing them a month earlier than anticipated as they don't follow their own NEW rules http://www.otcmarkets.com/learn/otcqb as this was supposed to happen in May 2014 and not in April 2014.
This is what I was told:
----- Forwarded Message -----
From: quikfix
To: "Jose P. Quiros" <jquiros@v3rsant.com>
Sent: Thursday, 8 May, 2014 8:01:48 AM
Subject: OTCMarkets.com Explanation of Demotion to Pinksheets
Hi Jose,
I was fedup of waiting so I called them today at 212-896-4420. This is their explanation. A company must maintain a closing bid price (note the word BID price, not closing price) of over 1 penny over 30 days and according to them the highest STLK had was a BID PRICE of $0.097 on April 2nd.
He also told me that once STLK goes over a penny (bid price once again), the company must maintain this over a penny status for 30 consecutive days and at that point the company can then re-apply to be put on the OTCQB.
Hope this helps.
You won't get any info from the TA, I tried in the past and they won't release anything.
The company is diligent and let's OTCMarkets.com know and as of right now the last update was the following:
http://www.otcmarkets.com/stock/STLK/profile
Have you ever asked yourself this question?
Why would the CEO and his father and chairman of STLK who used to run the electrical utility government company in Costa Rica take over a company and go public?
The answer is simple, to create a 300 million revenue generating wind farm project over 20 years.
Yes, there have been delays and people must understand, this is Costa Rica, and the way things work in non-North America is a little different. This company has always been honest, always been transparent, and these unforeseen delays has caused them to eliminate debt and whether you agree or disagree on how they went about doing so that is your opinion.
We went from a penny trading on the pinks to a SEC filing OTCQB company with AUDITED financials and this costs money. There are two things that can happen here:
1) PPA is signed soon, hopefully by the ETA of May 2014
2) PPA signing is delayed, and STLK is either forced to find some revenue generating income or give up completely and shut its doors. Please remember, Jose is a smart guy and there was a distributor arrangement last year that they cancelled as they wanted to focus on the PPA.
Did you guys even notice this comment on his email response to me?
CEO Explains the May 2014 ETA
I asked the CEO can you explain how you came about with a May 2014 anticipated date on page 27 of the Powerpoint.
This was his response and he also gave his opinion that if there is a delay past May 2014 that there would be an 8k in his opinion, and he believes his attorneys would agree. So an 8K plus a Press Release would occur if delayed past May.
----- Forwarded Message -----
From: "Jose P. Quiros" <jquiros@v3rsant.com>
To: Quikfix
Sent: Thursday, 17 April, 2014 2:36:45 PM
Subject: Re: Curiousity question about May 2014
Thank you for being patient. The audit is always tedious and time consuming. We have to pull files for verification as requested by the auditors, so it does get messy.
As to your question, that is exactly what the anticipated buyer said. They have been working on how to handle our offer from a political and legal perspective, which we hope they will resolve as they have stated. In the interim, and also as previously reported, we continue working on methods for bringing revenue on-line soonest. Any "material" news on the above will be fully reported.
Best regards,
José P. Quiros
CEO/Managing Director
STLK/ Versant Corporation
Skype jose.quiros1
www.v3rsant.com
Tel. (USA): +1.719.219.5797
Mobile (USA) +1.719.505.3785
Tel. (Costa Rica): +506.2505.5840
Mobile CR: +506-8302-1141
Even if it bounces back which it won't I can't trade it (look at my prior posts as I have tried) since it is suspended by the SEC and on the greys.
This stock is a huge elephant POS.
Question about Share Structure (for Reference on April 2, 2014)
Share Structure
Market Value: $1,350,468 a/o Apr 02, 2014
Shares Outstanding: 139,223,524 a/o Oct 16, 2013
Float: 39,223,524 a/o Oct 16, 2013
Authorized Shares: 2,600,000,000 a/o Oct 16, 2013
Par Value: 0.001
Does that mean the 13,908,430 shares that were given to Asher today are added to the float or are they added to the shares outstanding?
The Costa Rica election is this Sunday.
This is the last piece of the puzzle and it is happening in 3 days. I am not too worried about the share price I wish I had some powder right now to load up some more!
I am not too worried about dilution, the float is still tiny for this stock and look at other stocks such as LATF that have billions in outstanding http://investorshub.advfn.com/boards/read_msg.aspx?message_id=99652783 and to be honest, this one (LATF) is most like a hi-jacked shell and it trades more than STLK right now.
What do you think is going to happen when news of a $300 million PPA hits the market and one must also consider the timing of this dilution....will it happen all at once, later in the future, in increments, etc.
I am not worried at all. We still have a gem here!
New Colorado SOS filing:
Nothing major, just some paperwork regarding Change of Registered Agent / Change of Registered Agent Address as per Colorado SOS.
http://www.sos.state.co.us/biz/ViewImage.do?fileId=20141166308&masterFileId=19991029450
The election will still happen on Sunday April 6th whether the candidate dropped out or not. Read below:
http://ca.news.yahoo.com/costa-ricas-ruling-party-presidential-candidate-drops-runoff-205323874.html
The winner of this election is a no brainer!
So does that mean there is no more runoff election and the other candidate Luis Guillermo Solís becomes president in the next couple of days?
I think this is good news which means there is less time to wait for STLK since this election political BS will be all said and done earlier as wasn't the runoff supposed to be on April 6th?
I agree!