Secure Point Technologies Inc (fka IMSCQ)

[mas]

I'm eternal optimist here by not thinking Platinum is the evil monster everyone is making them out to be.


The original DMRJ loan was on Dec 16th 2008 and the initial conversion rate was 26c when the stock price was 27c.

http://sec.edgar-online.com/implant-sciences-corp/8-k-current-report-filing/2008/12/16/section22.aspx

http://finance.yahoo.com/q/hp?s=IMSC&a=11&b=16&c=2008&d=11&e=16&f=2008&g=d

On April 11th 2011 these 26c options were repriced by DMRJ and Bolduc to 8c even though the stock price had risen to 58c then. I really can't think of a more evil anti-shareholder act than that, it basically quadrupled in volume and reduced by four the cost of DMRJ's cheapest options even though the stock price had doubled and therefore there was no justification for this greedy vulturous act.

http://biz.yahoo.com/e/111013/imsc10-k.html

http://finance.yahoo.com/q/hp?s=IMSC&a=03&b=7&c=2011&d=03&e=7&f=2011&g=d

If you look at the 10-Q/Ks you can see the outstanding share count going up every quarter in proportion to previous DMRJ 8c option conversions, i.e. they actively sell every quarter, there is no other feasible explanation despite all management's smokescreens to the contrary.

This management like the last has made no attempt to change this toxic financing, in fact they are actively defending it in CCs and asking you to perpetuate it in the AGM for the foreseeable future of this company. The increase in share count asked for to 250m will allow them to do this rather than forcing them to seek an alternative/renegotiation.

If shareholders here want to send a message to IMSC's management about their unhappiness with how they have poorly financed this company over the last 6 years it's obvious that all AGM proposals that ask for authorization or increase in share counts/share options need to be declined. I just don't believe that a company which now has an exclusive $162m IDIQ with an initial 1170 order can not now get a better finance deal than the current 8c give-away one and it is showing the utter indifference/incompetence of IMSC's management that they have not seriously sought a saner financial alternative than DMRJ that preserves more shareholder value for the shareholders.