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Heathrow Natural Food & Beverage, Inc. Board of Directors Approves 95% Reduction in Authorized Shares From 15 Billion to 750 Mil
Date : 03/16/2009 @ 8:30AM
Source : MarketWire
Heathrow Natural Food & Beverage, Inc. Board of Directors Approves 95% Reduction in Authorized Shares From 15 Billion to 750 Mil
LAKE MARY, FL -- (Marketwire) -- 03/16/09 -- Heathrow Natural Food & Beverage, Inc.
(PINKSHEETS: HRNF) is pleased to announce that its board of directors has unanimously approved a reduction in its authorized shares from 15 Billion to 750 Million. This 95% reduction reflects a focus on returning shareholder value and limiting any future dilution of HRNF shares. With only 35 Million shares outstanding, Heathrow Natural Food & Beverage, Inc.
will focus on several major acquisitions in the wellness food market as well as the promotion of the summer national airing of the WGL Million Dollar Shootout (MDSO) reality television series.
"With our debt now at manageable levels, it is not necessary to maintain such a high level of authorized common shares. The company will soon be able to sustain its growth from earned revenue and will not be in a position to have to raise capital from the dilution of its common shares in any form," said Michael Pagnano, CEO of Heathrow Natural Food & Beverage, Inc. The explosive growth of Exfuze www.exfuze.com/heathrow, coupled with the MDSO national airing and several planned food and beverage acquisitions/partnerships will provide the platform to profitability and shareholder value for 2009 and beyond. We value the continued support of our 6,000 plus shareholders and look forward to restoring confidence and value as we move forward with our strategic objectives.
About Heathrow Natural Food & Beverage, Inc.:
Heathrow Natural Food & Beverage, Inc., is a national distributor of natural food products such as Exfuze, a very popular nutritional beverage.
HNFB is based in Florida and generates revenue through online and call center sales. HNFB also owns WGL Entertainment, the producer of the WGL Million Dollar Shootout reality television series.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
Heathrow Natural Food & Beverage, Inc.
So you agree, 15 billion shares authorized?
Delaware is where HRNF files ANY decrease of authorized shares first, per securities laws in DE.
if DE indicates 15 billion shares authorized, then there are 15 billion authorized, confirmed by HRNF in their Jan. 5th press release.
Remember this from 2009?
Heathrow didn't do it then, either!
Heathrow Natural Food & Beverage, Inc. Board of Directors Approves 95% Reduction in Authorized Shares From 15 Billion to 750 Million - MarketWatch
Then the TA can give you the exact date (after Jan 1, 2011) that they got the filing that the share authorization was reduced from 15 billion to ten billion shares (if it really was reduced to 10 billion shares).
Delaware (HRNF state of incorporation) seems to indicate 15 billion shares, as does HRNF's press release dated Jan 5th, 2011.
Contact delaware yourself. They can prove the information you need to confirm the 15 billion shares authorized. HRNF has failed to update pinksheets with current information, as promised. I wonder why? It is not difficult to do, and they can actually do it online.
Delaware confirms 15 billion authorized shares that Pagnano confirmed in the press release dated Jan 5th, 2011.
The T/A obviously hasn't been updated with the new share structure in months.
Pretty scary, huh?
HRNF has 15 billion shares authorized.
Could they have actually issues so many warrants that the dilution coming for any warrants converted require the 15 billion authorized shares?
If HRNF ever gets the SEC and DTCC clearing restrictions and the drop of their cussip resolved later this year, there will be tons of people lined-up to dump their shares.
Now most can't sell their shares, plus HRNF converted shares from their last restructuring are not being accepted at customer's brokerages.
Why buy HPNN? No revenue, cash reported left is low, problems with DTT dropping them/clearing restrictions, massive dilution, and the big problem......Peter is supposedly running the show.
Agree - pattern of confirmed NO Shorting going on is very telling.
Thanks for bring the fact that there is no shorting going on to our attention.
The SEC investigation of Gendarme and the unregistered HRNF share selling continues
Maybe the investigation will reveal even more, and criminal indictments or more SEC civil actions will be announced as a result of the continuing investigation or as a result of the defendant agreeing to give details in return for less penalties.
I 100% agree that Pagnano has indicated HRNF did nothing wrong. Unfortunately for HRNF, this happened during their WEHI (now HRNF) period and happened again with at least a billion more HRNF shares (for cash to HRNF) much later.
HRNF knows when someone buys warrants and when they convert them to shares and when a restrictive legend is removed after a lawyer provides the opinion letter(s). Heck, HRNF got around $825,000 from Gendarme, so there is reason to follow the case and investigation, as it develops.
That's why companies or third parties pay stock promoters - to help dump hundreds of millions of shares on those too gullible to do DD on HPNN and their convict head of the company.
You don't think they will reverse split?
Ok, but the track record of reverse splits suggests otherwise.
Just how will they buy back share with only a few thousand bucks left in their coffers, at last company report.
They can't buy shares with proceeds of dilutive share issuances they are known to do. I guess PR'ing a stratosperically-high revenue projection for 2011 could help.
Then you decide to look at their past revenue projections. Oops!
Then you look at what the CEO was putting out to the believers before the series of reverese splits. Oops!
Another poster's opinion of HRNF
I concur.
I WOULD NOT TRUST THIS COMPANY 17-Feb-11 11:01 am So I figured maybe $100 would be good for a high amount of risk but also a high reward. You could get 1,000,000 shares for that.
As everyone here has mentioned in this message board history, this CEO should not be trusted. I personally think he is losing out on (blinded) "investors" and therefore must come up with new ways of pulling people in. He has pulled too many reverse splits followed by more dilution way too many times, and now he thinks people have finally caught on. Therefore he must do something BOLD: project $15 million in revenue (from TWO products) AND show some "initiative" on his part ("reduce" the float and reduce the authorized share count).
Firstly, it is virtually impossible (from my opinion in the food & beverage industry - SodaStream) that two products will generate $15 million in revenue.
Secondly, unfortunately there is no way to check if he really canceled (bought back) any shares. There is, however, a way to check on the authorized shares. It has been a month a half since the PR when he stated that the authorized share count will be reduced to 500 million. Well - hate to break it to you guys but there has been no reduction as of today. It still stands at 15 BILLION. ONE AND A HALF MONTHS! I didn't know it takes so long to reduce the authorized share count? It doesn't. If the authorized share count gives any clues, one could hypothesize that there were in fact NO shares that were canceled or bought back.
Given his prior history - I would advise ALL potential investors to stay away from this company.
Sentiment : Strong Sell
I believe they will reverse split, like they always do when their little problem with meeting revenue projections is noticed.
The same CEO is in charge as when they only got a tiny amount of revenue after their projections in their Pr's. This keeps happening and HRNF keeps diluting, as can be found in almost every one of their unuadited financials.
Take a look for yourself.
Probably more dilution. After all, they now indicate 5 billion shares outstanding. Will they raise it to 10 billion by April?
They reverse split numerous times before, after claiming they had no "plans" right now for a reverse split.
Those that fail to do their own DD on the destruction of shareholder value Pagnano is known for orchestrating repeatedly are likely to face the same "restructuring" in 2011.
Can't buy or sell HRNF
at many (most) major brokerages
a couple might allow some trades, because they assume the clearing risk. Others know about the restrictions imposed, and will not allow buys or sell.
Good thing the major brokerages have banned HRNF trades to protect investors.
1 share short out of 7 billion or so outstanding.
Again, there are no shorts in HRNF.
Any reasonable person would come to the same conclusion.
When they reverse split 1:300 or so, the price will be 300 x $0.0001 until the massive dilution resumes and the stock price heads back toward $0.0001.
Correct - there are no shorts in HRNF
Short Selling Data
Short Interest 1 (-66.67%)
Jan 31, 2011
Significant Failures to Deliver
Clearing restrictions - oh my!
http://www.dtcc.com/downloads/legal/imp_notices/2011/nscc/a7147.pdf
No gem here. HRNF expends much more money than the $22K it reported it took in.
The only way they paid for their costs was dilutive financing.
No explanation needed. There is no shorting at all. This has now been confirmed.
Nope, stock will tank to no bid, just like it was at for so long in 2010.
Still no evidence HRNF has bought back any shares, either.
Cancelling shares does not mean they were bought back. HRNF reports it has almost no cash, so they couldn't buy many shares anyway.
I sure wouldn't buy shares in a company that can't even get their product in stores they claim they are in.
There are no shorts in HRNF, as has been proven repeatedly.
Shorting conspiracies are often used by posters to distract from the real problems a company is facing.
You seem to have been claiming similar thing prior to each of the last two updates - reporting actual shares short of 3 and now 1, yes one share, short.
The 3 and now 1 share short reports are based on reliable information. The reports you link and try to get people excited about, imo, are not.
You can use the reports for other purposes, but if you do not confirm the validity of the real short interest when it is published, your claim of shorting is moot.
Current reports indicate 1 share short, out of the around 7 billion or more shares issued and outstanding.
No, they can only trade if, after 1 year, they can reverse-merge into a shell. New shares are created. Yours are just gone.
They could also try to Do a new registration of new shares after a year, but that is VERY expensive and the audited financials they'd need to do for two years may be almost impossible to get someone to sign-off on, IMO.
Either way, former shareholders have few rights.....their shares are revoked.
They could try to recover damages, but I doubt that they would get paid.
An even bigger problem is this co just lost their access to their ability to get financing from the public market.
If they reverse split 1:300, then the stock price can resume tanking.
Thinly traded, non-reporting stocks can be easily manipulated to make it look like there is buying interest at these high prices.
Agree. I'd like to ask if anyone is being paid with shares or cash to promote HRNF. Could be by a third party or HRNF itself, imo.
With the DTCC action against HRNF, most can't sell HRNF at any price anymore.
Paid shills sometimes plant themselves on message boards and try to respond immediately to any opinions by those critical of a company. Some may also try to claim unproven shorting or naked shorting to distract investors.
>Investors - please refer to the ibox for DTCC action letter concerning HRNF
I have asked that the DTCC notice be added as a stickey, as it is typically done (DTCC dropping companies), to protect investors.
HRNF could be at no bid again soon
Almost no buying interest
Maybe people are finally doing DD on what Pagnano has been doing to shareholders for so many years.
There is no shorting of HRNF
You are already aware that that daily info is based on unreliable data. A trade can show up as short when it is really not.
Same thing happened yesterday.
I see no press release was issued about the retailers, as promised, also. HRNF promised it would provide an update by now.
HRNF could easily update pinksheets
Info for Companies & Advisors — Update Company Information
Company & Advisor FAQs
In order to update your company information, you must first complete the contact information form below. OTC Markets Group, Inc. may contact you to verify data changes. If you are an OTCIQ subscriber, you must update your company information via the secure OTCIQ website.
>Depository Trust info on Heathrow Natural (HRNF)<
http://www.dtcc.com/downloads/legal/imp_notices/2011/nscc/a7147.pdf
HRNF has only a few thousand in cash left, per their last report.
How do you think they will buyback anything? They have run their repeated buyback schemes before, only to dilute billions and billions of shares, claiming they need "equity" (really massive dilution). See their jan 10th PR, for their latest warning about "equity" financing.
5 days previous they indicated no dilution and no "equity" (shares) financing.
Has HRNF confirmed any shares have been "bought" by HRNF? Do you notice that they have not included any such wording that they have actually bought back any shares? With mikee, you need to focus on what he doesn't say.
No Buys or Sells of HRNF shares by major brokerages - That is why the message needs to be a sticky. DTCC action against a company is typically to protect investors.
The theory behind making it a sticky, is investors can see the material info on clearing restrictions imposed, without having to have the action letter re-posted numerous times.
Thank, in advance, for immediately making it a sticky.
Correct short info- Zero shares short - avoid info from those posting daily short info, as that is based on unreliable information, IMO.
Short Sales
Date Short Interest % Change Avg. Daily Share Volume Days to Cover Split New Issue
Jan 31, 2011 0 -100.00 10,648,406 0.00 No No
So shareholders are basically out of everything? It looks like it.
They imply that they were suspended from trading, but they are revoked!
Place DTCC message as STICKY
post #33334
This is a Clearing restriction imposed to protect investors.
Please be advised that effective close of business January 21, 2010, NSCC has exited positions from the Continuous Net Settlement System (CNS) in the following CUSIP’s and future trades will be designated trade for trade.
CUSIP SECURITY NAME
422463109 Heathrow Natural Food and Beverage