OK. Truth time. Mr Shetty, and I did speak to him, after every question I asked told me, he could not respond due to SEC restrictions or his fear that the SEC would do something horrible to him. I told him I had talked to many CEO's over the 30+ years I have been buying/selling penny stocks and none of the questions I asked would violate any SEC rules. I asked questions like why there were no financial reports for almost 18 months, why no communication with share holders and if we could expect either in the near future. I think he was caught by surprise that a share holder would contact him in India. I also told him that many share holders were concerned about the lack of info from the company and he kind of mumbled something. The whole conversation kind of turned me off, as I thought he was just using that tired old excuse not be open or share holder friendly.
Now the reasons I did not come forward with this prior to selling my shares. First off, I wanted to see if anyone else would say they talked to him and then try and spread some outlandish rumors (as I could have done, if I wanted to pump FRFS). I also wanted to see if anyone else would try to contact him or would be successful in doing so. I think at least one other tried, but he would not answer the phone.
So, take it for what it is worth. Not much actually, but enough for me to want to bail. I made a little money (36%) and am out. If he had said they were working to get 10Q out or that he would soon be advising share holders, I might have held on. If he had even sounded friendly, I may have stayed in. But was quite the opposite, so I am out. I will continue to watch, but safely from the sidelines. I have a concern that the SEC may halt this for lack of information to shareholders (10Q's/10K's) and a lack of a share holder meeting and/or news/updates for over 3 years.
The small float is just not enough to keep me in this. And if news should come out and/or a financial report, I can always buy back. Good Luck to you guys. I hope this works out for all of you. ForReal
WE MUST ALL REALIZE THE DIFFERENCE BETWEEN HOPE & EXPECTAION BASED ON GIVEN FACTS.
