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Reverse split in the works
Probably a 1:300 reverse split as part of the share restructuring plan HRNF announced.
I know HRNF indicted that there was no PLAN at the time to do a reverse split, but we all know how HRNF puts out info that cannot be relied on, IMO.
SO HRNF maintains the false information now?
They were sent the exit of HRNF cussip # and clearing restriction letter by the DTCC.
They have been contacted by shareholders about the trading ban at major brokerages, per messages posted here.
Not correcting that press release is pretty suspicious.
They can't dilute more right now. They have already issued many more shares than they have authorized.
Steal - HPNN has incorrect info on pinks, IMO. HOP-ON also has indicated it issued more shares than authorized (See Nevada SOS info).
from pinksheets:
HPNN Security Details
Share Structure
Market Value1 $542,700 a/o Jan 26, 2011
Shares Outstanding 2,713,500,000 a/o Oct 26, 2010
Float 1,115,000,000 a/o Sep 30, 2010
Authorized Shares 5,000,000,000 a/o Oct 26, 2010 Par Value 0.001
From Nevada Corporate commission (HPNN's state of incorporation)
Action Type: Amendment
Document Number: 20100106444-32 # of Pages: 1
File Date: 2/19/2010 Effective Date:
Previous Stock Value: Par Value Shares: 1,490,000,000 Value: $ 0.0001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 159,000.00 New Stock Value: Par Value Shares: 2,490,000,000 Value: $ 0.0001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 259,000.00
Yes, trading suspended.
Suggest contacting HRNF investor relations to see why they put out a press release claiming restrictions were lifted.
No buys or sells HRNF allowed at major brokerages.
Press Release Source: Heathrow Natural Food & Beverage, Inc. On Thursday January 20, 2011, 9:37 am EST
LAKE MARY, Fla.--(BUSINESS WIRE)-- Heathrow Natural Food & Beverage, Inc. (Pink Sheets:HRNF.pk - News) is pleased to announce that restrictions from online brokerages such as E-Trade, TD Ameritrade & Scottrade have been removed and “HRNF” is fully DTCC compliant.
News - HRNF trading suspended
at major brokerages, due to DTCC drop of HRNF and its cussip #
Re: Stock promoters
This is one of the recent promoter's disclosure mentioning HRNF. There were more, but this is one of them.
.........
Rule 17B requires disclosure of payment for investor relations. LevelStock.com has been compensated on 9-12-10 two hundred million free trading shares valued at twenty thousand dollars for two weeks of advertisement for Heathrow Natural Food and Beverage, Inc. from Heathrow Natural Food and Beverage, Inc. there after sold all two hundred million shares.
12-20-10 Levelstock.com expects to be compensated 100 million free trading shares from a third party for advertising for two weeks.
wlaastreetmav - you are aware of the warning picksheets includes when viewing HRNF quote, and the big red stop sign (No information) warning there about HRNF?
This is the info from pinksheets....
This company may not be making material information publicly available.
If you are an affiliate, employee, insider, or any person in possession of nonpublic material information about this company, please be advised that buying or selling this security may constitute trading "on the basis of" material nonpublic information prohibited under Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 10b5-1 thereunder. Violators of these laws are subject to civil and criminal penalties.
What is insider trading?
Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security.
Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if that person is "aware" of the material nonpublic information at the time of the purchase or sale.
Affiliates, insiders, relatives, or other persons in possession of material information should use extreme caution when buying or selling securities on the basis of material information, particularly in securities where the company is not making adequate current information publicly available as a matter of practice.
Why does OTC Markets display this warning?
Companies that are identified on otcmarkets.com as having “No Information” may be placing their shareholders at risk of violating 10b5-1 insider trading rules. OTC Markets recommends that investors wishing to place a trade in such securities contact the company to verify it is making adequate current information publicly available.
How can a company make material information publicly available?
Companies can make material information publicly available by registering a class of their securities and making current reports with the SEC.
Companies can make material information publicly available by qualifying under Rule 12g3-2(b) under the Exchange Act (“Rule 12g3-2(b)”).
For companies that are not subject to SEC reporting requirements under 12(g) or 12(b) of the Act, OTC Markets provides the Alternative Reporting Standard to facilitate the availability of adequate current information.
Companies that post such information through the OTC Disclosure & News Service are able to conveniently and efficiently make their information publicly available on their quote page on www.otcmarkets.com.
The Alternative Reporting Standard is designed for companies to meet the minimum disclosure requirements under SEC Rules 15c211 and 144(b) and assist companies in protecting their affiliates from 10b5-1 violations. Companies are urged to seek the advice of experienced securities counsel regarding materiality and methods to make material information publicly available.
For more information about the Alternative Reporting Standard, please visit our Alternative Reporting Standard page.
Note: Companies may choose to provide current information on their corporate websites. OTC Markets encourages affiliates, employees, insiders, or any person in possession of nonpublic material information about a company to examine the company's corporate website for current information, if they are not able to find it through otcmarkets.com or in current reports filed with the SEC, to ensure compliance with Rules 10b-5 and 10b5-1. However, the warning message on the company's quote page on otcmarkets.com will continue to be displayed. To remove this warning message, the company must meet one of the three standards listed above.
For an overview of insider trading, visit the SEC’s website at sec.gov/answers/insider.htm.
OK, so someone that places an order can have that order executed from anyone or a MM unloading inventory.
Have you heard if the DTCC has lifted the clearing restriction chill imposed on HPNN shares?
Wrong, the $825K was the proceeds the company got from the warrants and shares the company issued to the entity named in the Jan. 6th SEC complaint.
or is it one of these judgments HRNF owes?
Document Number J07900007260
Status ACTIVE
Case Number 06-CA-1380-15
Name of Court CIR CIVIL DIV SEMINOLE CTY FL
File Date 05/14/2007
Date of Entry 04/17/2007
Expiration Date 05/14/2012
Amount Due $39044.10
Interest Rate 11.00 %
.............
J08900000257
Status ACTIVE
Case Number 07-CA-002716
Name of Court 18TH JUD CIR CRT SEMINOLE CTY
File Date 02/06/2008
Date of Entry 09/05/2007
Expiration Date 02/06/2013
Amount Due $74932.00
Interest Rate 11.00 %
.............
Is this the one you a referring to?
J10000854676
Status ACTIVE
Case Number 37-2008-00095106-CU-BC-CTL
Name of Court SUPER COURT CALI. SAN DIEGO CO
File Date 08/18/2010
Date of Entry 02/01/2010
Expiration Date 08/18/2015
Amount Due $219,743.79
Interest Rate 06.00 %
But DTCC has dropped HPNN, so trading has to be order-order if cleared through them. The only way you would likely execute a sell order is if there was a matching order to buy.
With all the dilution HPNN is doing, I think $0.0001 price is much too high.
Another problem......Nevada (their state of incorporation) indicates they have 1.5 billion authorized.
Apparently HPNN disclosed to pinksheets that they have 2.5 billion authorized. This seems like a major problem to me.
Pennez - thanks for correction - It was Scottrade that told investors to contact the company.
--- Support Message ---
Reply Date: 1/24/2011 2:57:18 PM
Subject: Re: Trading <<#523147-2084012#>>
Dear Gary:
This is in response to your question about Heathrow Natural Food & Beverage (stock symbol (HRNF) in your Scottrade account.
(HRNF) is unable to be bought or sold at Scottrade due to a Global Lock from the Depository Trust & Clearing Corporation (DTC). This is an industry-wide lock ... not Scottrade-specific. For information on when or if this restriction will be removed, we suggest calling the Investor Relations Department for (HRNF).
If you need further clarification, please call your local Scottrade branch. The staff there will be happy to help you. You can find the number for your local office through our home page in the Branch Locator.
Sincerely,
Jeff N.
National Service Center | Scottrade, Inc.
If they don't list those judgments as liabilities in their next unaudited financials, I will be inquiring, especially if he signs-off on the financials.
He is aware that HRNF owes all that money, and I believe the company was served with the judgment notices.
The DTCC drop letter aginst HRNF indicates investors should contact the company about this problem.
Now that we know you talked to them, I wonder why he has not issued a correction to the PR they put out where Pagnano boasted that the DTCC has now lifted all restrictions?
Honest? OK, I'll bite.
Then why is he purposely AVOIDING paying what HRNF owes to those judgment liens. He has the money to pay (HRNF got at least $825,000 from sale of shares from just one entity, per the Jan 6th SEC action involving WEHI/HRNF shares).
They do business in Florida. If HRNF had any hard assets there, I imagine creditors would attempt to have the sheriff sieze them to satisfy what HRNF owes per the Florida judgments.
The interest on those judgments continues to accrue.
Correct - the product is made (manufactured) in China.
Anyone can get ACAI gum from China and add their own private label on it.
Mahp32 - HRNF has a track record of putting out stuff that just invites people to question it.
Regarding the claims of disease prevention, you can just refer to the FTC complaint against POM to see the similarities, IMO.
Yet they claim their product PREVENTS/Combats diseases.
Without those clinical trials of HRNF product, required to make those claims, they should not be advertising their product in that way on their website.
The FTC has an online complaint procedure, for anyone concerned that a company is making false claims of disease prevention.
Will the FTC (federal trade commission) go after them, too? Without clinical FDA-approved trials (of the actual product made/formulated in China), HRNF should not be making the claims it is making.
The claims HRNF is making could be considered false and deceptive advertising, IMO, similar to what caused the FTC to file suit against POM.
Here is what HRNF is claiming. Items in bold would be areas of concern to HRNF, IMO.
One Serving of ACAI Plus Provides the Following Benefits:
•High Level of Anti-Oxidants (17,000 ORAC)
Combats Cholesterol
•Combats Heart Disease
•Boosts Your Immune System
•Energy & Stamina
•Mental Focus
•Promotes Normal Sleep Patterns
•Improves Digestion
•Better Circulation
•Aids in Prevention of Alzheimer’s
One Serving of Resveratrol Plus Provides the Following Benefits:
•Anti-Aging Compounds
•Promotes Significant Weight Loss
•Stimulates the SiRT1 Longevity Gene
•Reduces Risk of Heart Attack
•Reduces Risk of Stroke
•Anti-Inflammatory Compounds
nope - only one share short in HRNF, per latest report
Looks like trying that tied old conspiracy again is all there is left, especially with trading of HRNF suspended at major brokerages.
Yep, it seems the promotion team is working overtime.
We all know, and HRNF admits, that it pays stock promoters......in shares that the promoters re-sell into the market, and most claim similar exemption from registration.
The SEC took down another promoter today, as indicated on the SEC's litigation release page.
Any info from Drugmart, yet?
People were going to do some DD by asking their customer service to verify if HRNF product is being sold at all 72 stores, or if it was just a trial period at some stores.
HRNF claims Drugmart is a "retail partner".
I don't mind the opposing viewpoints about HRNF, but hope to provide my opinion when posters repeat something I do not believe is accurate.
I also don't agree with the naked short conspiracists posting here, and see they are also posting on the poster child for what I believe are bogus naked short allegations (Overstock) made for years.
redfisher - the DTCC indicated it was "As a result of a complaint filed by the U.S. Securities and Exchange Commission ("SEC"), the Depository Trust Company (DTC) has suspended settlement services, except custody services, for the following securities....."
I was not an actual SEC trading suspension, which would appear on the SEC's website and on the otcbb dot com "Daily List"
Toay's SEC release shows that the FBI and the SEC sometimes do take action against CEO's and promoters. That one implicates a CEO and a promoter in a kickback scheme. It (Along with the Jan 6th Gendarme complaint involving HRNF shares) can be found at:
http://www.sec.gov/litigation/litreleases.shtml
The Jan 6th SEC action against Gendarme, where they allege improper sale of WEHI (now HRNF) and HRNF shares by Gendarme, could be the first shot over the bow. If Gendarme negotiates a settlement and cooperates, maybe there will be a paper trail provided to see if any of the companies mentioned were complicit - or just duped in their qwest to unload dilutive shares for cash.
lawyer - do a little DD on what HRNF has done in the past. Read where posters here have been questioning the hype, claims, and projections the company has been spewing for years.
Read their buyback announcements from previous years and then research to see that they actually dumped tons of shares at discounts for cash.
I'm sorry, but I have trouble believing anything the company is telling investors, IMO.
red - HRNF will need to retract/modify last thursday's press release about restrictions being lifted, or risk being halted for having the WRONG (material) info out there.
If Pagnano KNEW that DTCC were imposing restrictions and put out the Thursday press release anyway, that could even be worse.
NoT many can trade HRNF now
Some brokers can trade from their own inventory or match trades order-order, but those using DTCC have restrictions.
READ THIS PART OF THE EMAIL FROM SCOTTRADE TO ONE OF THEIR CUSTOMERS
(HRNF) is unable to be bought or sold at Scottrade due to a Global Lock from the Depository Trust & Clearing Corporation (DTC). This is an industry-wide lock ... not Scottrade-specific. For information on when or if this restriction will be removed, we suggest calling the Investor Relations Department for (HRNF).
Channel -no HRNF buys or sells allowed....
per poster who reported what Scottrade sent them....
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
smallfish7 Share Tuesday, January 25, 2011 10:34:14 AM
Re: PRmaniac post# 31700 Post # of 31711
--- Support Message ---
Reply Date: 1/24/2011 2:57:18 PM
Subject: Re: Trading <<#523147-2084012#>>
Dear Gary:
This is in response to your question about Heathrow Natural Food & Beverage (stock symbol (HRNF) in your Scottrade account.
(HRNF) is unable to be bought or sold at Scottrade due to a Global Lock from the Depository Trust & Clearing Corporation (DTC). This is an industry-wide lock ... not Scottrade-specific. For information on when or if this restriction will be removed, we suggest calling the Investor Relations Department for (HRNF).
If you need further clarification, please call your local Scottrade branch. The staff there will be happy to help you. You can find the number for your local office through our home page in the Branch Locator.
Sincerely,
Jeff N.
National Service Center | Scottrade, Inc.
Scottrade, per reports from messages yesterday on this message board.
redfisher - I doubt any action is coming, IMO.
The SEC does not have enough staff or budget to go after penny stock companies. They make examples of some and their promoters, but the companies continue to put out info and rely on their disclaimers when that info is proven wrong.
LEX - the SEC complaint involving HRNF shares indicated the Gendarme action sold most/all of those shares almost immediately. Who knows how many times they have changed hands since then?
Can't clawback those shares anymore. I'm not sure that they can force HRNF to give back the $825K or so they received in consideration for those shares, unless they find culpibility and take separate action against those that made the deal for the warrants/share conversion.
Maybe Gendarme will cooperate with the SEC as the investigation continues during the SEC's civil action against them.
Vianna - agreed
No evidence that HRNF was named or accused of doing anything wrong. Still HRNF (the issuer) and/or the TA accepted the conversion of warrants for around $825,000 in consideration.
I'm pretty sure the SEC is still investigating Gendarme and the relationships with the issuer (HRNF), but there is no evidence I've seen that HRNF got kickbacks or did anything wrong. The SEC civil suit was just announced Jan 6th.
for some co's where the DTCC has placed a chill or restrictions, retail trading from some brokerages may then become restricted.
for example, HRNF was dropped, and today we are seeing reports that Scottrade and Etrade may have placed restrictions, not allowing buys or sells.
I think some brokerages do self-clearing of trades, so one may still be able to trade if you have accounts with them.
Yes, the drugmart email.
I understand, but the email address to their customer service was in that email. Sounded pretty bad to me, especially since Drugmart included the comment about not wanting their name in future press releases.
I you find anything new from Drugmart, let us know. Thanks again.
SevenTen - that post is the link to the DTCC notice about HRNF being dropped. It can easily be verified and should be a sticky, since it the exact reverse of what HRNF put out last Thursday.
Funny timing -One day after HRNF announces that there are no restrictions, restrictions are back in full force. You would think that the TA and HRNF would have received the notice. Looks like that Press release may require a correction from the company.