Given PVEC's claimed need for additional capital, why is it supposedly "gifting" $4 million in cash or the equivalent in common shares? The conversion of the 20 million Series C shares with a face value of $.20 at the current share price would require the issuance of 40 billion shares!
The "initial funding goal" of $850,000 to $1,000,000 is not going to go far in purchasing cruise and ferry ships, 3900 acres of land in the Bahamas and developing a new port in addition to paying off debt, legal fees for the two lawsuits and basic operations.
At the current share price $850,000 would require at least another 8.5 billion shares if sold at the market price. However since funders of unregistered OTC stocks usually want a discount of about 50%, it could require 17 billion shares.
It seems obvious that a reverse split is being planned which will be explained as regrettable but necessary due to the difficulty of raising capital when the share price has bottomed out at $.0001. The real reason for the reverse split will be that Peter diluted the stock into ground and needs to reduce the number of outstanding shares so he can resume dilution.
It also obvious that the company will never honor the $4 million "gift" in cash redemptions. At best, Series C shareholders would receive common shares for conversion that would have to be restricted for 12 months under Rule 144.
If PVEC does a reverse split, it may also apply the same R/S ratio to the Series C shares. It would also not surprise me if when the time for redemption arrives, Peter tries to sweeten the pot for people who extend redemption/conversion with fantastical claims of things to come.
Lastly, PVEC investors who have never been through the carnage a reverse split of an OTC stock usually causes may be in for a very rude awakening.
