Ngen Technologies Holdings Corp. (fka NGRP)

[Det_Robert_Thorne]

Today's HotStocked Article: Liberated Energy Remains Grounded

Here's an excerpt:

Mr. Conway will tell you that he is not responsible for the horrific toxic debt. He'll tell you that it was all done by his predecessors, but those of you who have the habit of looking closely at the financial reports will probably have a hard time believing him. The latest 10-Q will tell you that between October 2014 and April 2015 (when Mr. Conway was at the helm), LIBE issued $232,500 worth of notes convertible into stock at discounts ranging from 39% to 55%. Basically, instead of eliminating the toxic debt left by the previous management team, Mr. Conway actually accumulated some more.

He has an explanation for his actions, though. He says (he seems to be pretty active on the discussion boards) that the proceeds from the notes issued by him were used to repay some of the old convertibles and he says that the company is now working hard on reducing as much of the outstanding debt as possible. Yesterday, he announced in a press release that the notes owned by Vis Vires Group, KBM Worldwide Inc, and Eastmore Capital LLC have been retired.

Investors weren't impressed. Instead of pushing the price up, they dragged it down to a close of $0.0004 per share. The reason for this can be found in an 8-K from Wednesday. It says that while Vis Vires' note was indeed repaid with cash, Eastmore Capital and KBM Worldwide got an unspecified amount of shares.

http://www.hotstocked.com/article/91244/liberated-energy-inc-f-k-a-mega-world-food-holding.html