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What does that mean?
Hmmm, get this back to even (.08) and maybe we get something going today.
Interesting interview (8/6/12) in The Gold Report mentioning CRGC and PGLC and the arbitrage opportunity here for astute investors:
http://www.theaureport.com/pub/na/14053
I sent that out because people were asking questions about the LOI and I was trying to help some folks out (certainly don't mean to insult anyone's intelligence). I'm guessing that MLXO management didn't want to pay the 2 grand to issue a press release. At the very least, they should have updated the website (a very cheap way to get information out to interested parties).
Agreed.
LOI definition from Wikipedia:
A letter of intent or LOI is a document outlining an agreement between two or more parties before the agreement is finalized. The concept is similar to the so-called heads of agreement. Such agreements may be Asset Purchase Agreements, Share Purchase Agreements, Joint-Venture Agreements and overall all Agreements which aim at closing a financially large deal.
LOIs resemble written contracts, but are usually not binding on the parties in their entirety. Many LOIs, however, contain provisions that are binding, such as non-disclosure agreements, a covenant to negotiate in good faith, or a "stand-still" or "no-shop" provision promising exclusive rights to negotiate. An LOI may also be interpreted as binding the parties if it too closely resembles a formal contract.
The purposes of an LOI may be treated as:
to clarify the key points of a complex transaction for the convenience of the parties
to declare officially that the parties are currently negotiating, as in a merger or joint venture proposal
to provide safeguards in case a deal collapses during negotiation
The announcement was for the letter of intent not a completed acquisition. Common practice ... not all deals get completed.
Thanks for taking the point on this dinotori! I'm not too surprised by anything Sabir said. Most of the items listed are typical for start-up companies. Obviously they are looking for ways to limit expenses (PRs, phone costs ...) until they have a steady revenue flow.
I am encouraged by a number of items mentioned: Orders are being produced and being done in the most efficient manner (subcontracting), the 25M LOC can be used at any time and is not dependent on the financials, a rough timeline was given where everything would start to come together (3-6 months), and they will definitely be at the show in Chicago. IMO, there are lots of positives in that last sentence. I think its also important that Sabir plans to make use of the website to communicate to shareholders.
While I wish things would be moving faster, I'm encouraged by the info dinotori received and am willing to give Sabir and his team the time that they need to get operations off the ground.
Patiently waiting ...
I bought a small amount but didn't have much cash in my account ...
Yup, account looked a lot better with MLXO at .009! No worries, that will be coming soon enough.
I was thinking the same thing, nice activity this afternoon ...
If you're not interested, why not just move on?
I agree $brich$, just getting started here ...
Lots of potential here folks, I'm holding for big profits ...
#4 on breakout boards ... Go MLXO
Great News for MLXO today - Contract announced, acquisition DD started, and financials coming soon! The trifecta!!
LOL, guess ihub took the holiday off.
I don't think there are any shares available in the 5s, I tried to get some and the ask jumped to .0068 without filling me at all.
Thanks for your support, have fun in Cabo ...
Actually mosquitobond posted about visiting the Massena facilty not me, I was just speculating about possible reasons. That's really all we can do right now. I do think there are a lot of investors who are long and strong but time will tell. GLTY.
Could be, I think we'll find out more details when the acquisitions close. Either way, I'm not worried.
Just guessing here, but maybe they plan on using the Vitacoat plant instead of Massena.
Down on light volume, a few buys and we're green. GLGT is just starting out and this paragragh from the 4/25 PR should attract buyers:
AB (Wuhan) Biotech boasted revenues of $1,840,354.92 U.S. and profits of $360,776.48 U.S. in 2010. GLGT recently acquired AB (Wuhan) Biotech, a Wuhan, China-based biotech company that's committed to developing, commercializing and popularizing advanced In Vitro Diagnostic (IVD) kits/devices.
Press Release Source: Global General Technologies Inc. On Thursday April 21, 2011, 3:45 pm EDT
HENDERSON, NEVADA--(Marketwire - 04/21/11) - Global General Technologies Inc. (PINK SHEETS:GLGT - News)(www.glgt-corporate.com) is pleased to announce the completion of its merger with Wuhan, China-based biotech company AB (Wuhan) Biotech Co. Ltd.
GLGT introduced AB (Wuhan) Biotech as its merger candidate at the end of March.
AB (Wuhan) Biotech is a China-based entity with ties to the American market (Abgenom, American Centrality Croup, Inc.). The company focuses on research and development, production and marketing mainly for Chinese market. Its principal objective is to become a leading supplier in molecular diagnosis and home-applicable end-user In Vitro Diagnostic (IVD) markets. The ultimate goal is to be the leader in developing and producing high quality, cutting-edge diagnostic products for various human diseases.
AB (Wuhan) Biotech is committed to developing, commercializing and popularizing advanced IVD kits/devices to improve human health. Its primary business is to design, develop, patent and market home-applicable diagnostic test papers and portable diagnostic devices related to cardiovascular diseases.
GLGT and AB Wuhan Biotech will soon update investors and followers of additional developments, including revenues, assets and merger details (including new management), through a separate filing and/or a news release.
Excellent post wcrash655 - I think you hit the nail on the head. Penny stock investors typically are very impatient and bail if they don't get news every week. I'm looking long term and want MLXO management to focus on running the business and generating revenue. Delivering positive financial news is the news I'm looking for from MLXO, not fluff feel good PRs. Anyone looking at the DD here knows what we've got and why we need to be patient. Rome wasn't built in a day.
Nice day today ...
Just need to be patient ...
Isn't Albert Lacle’ still the President?
Well said 19klongbow ...
I agree 100%. The only people concerned right now are those with a very short term perspective. Anybody looking at this with a longer term perspective is buying all the shares they can at these prices. The longer it stays at these levels, the more I load up. I like my odds of making big money with MLXO!
I think they're 100% focused on ramping up the new facility and getting new contracts. They obviously aren't very concerned about the pps at this point in the game. Kind of a "when the profits come in, the stock will take care of itself" attitude.
I think you're right about the revenue stream and we're just getting started. Great time to buy IMO.
Just added more, couldn't resist the price
I agree, everything is moving along very nicely with MLXO. I keep adding as funds become available, time is on my side and I'm very patient. I'm in this for the long haul, not just for a few pennies!
It's a win/win situation for me. If the stock price increases, I make money — that's a win. If the stock price goes down, I have the opportunity to buy more shares in a company I like for less money and I can reduce my average cost basis at the same time — that's a win. Can't lose with MLXO!
I agree 100% with you Hawksfan. Have a nice weekend.
Agreed. Having met cGMP (Current Good Manufacturing Practices) requirements is the first step for MLXO. People who get out for a few pennies will regret that decision for a long time! I'm here for the long haul and I'm confident my patience will be rewarded! Today's day trading means little to me ...
I agree, bright future with MLXO.
Ronald Reagan's "Trust but Verify" signature phrase is applicable when you've been lied to in the past. The current MLXO managment team has done nothing to deserve such scrutiny. I for one am not interested in what happend in the past, the prior CEO is gone and is not making the decisions for Michelex. The current management team has moved the company forward and positioned it nicely for future growth. I've done very well on my investment in MLXO and I will continue to support this management team and MLXO. Too many people are living in the past and not recogizing the opportunity in front of them. I think "Seize the moment" is more applicable for MLXO than "Trust but Verify"! Good luck to all.
What's to prevent one of the "I-Hub Member or Two" from being part of your private discussion group?