Florida is "still here". I e-mailed my feelings about Art leaving the board last night to James. This morning I received a reply. Florida,
Sad that Art has left. I like and respect Art. I wish he had left up
the Ibox. My personal belief is that if you back out of the stock you
should not do things that could have a negative effect on the stock
for those still holding. On the other hand Art created the box, and
has the right to take it down. I thank him for his longtime support
regardless. With no regulation IHUB will probably become like raging
bull, just bashers. Without those monitoring personal attacks, boards
usually just turn into personal attacks.
Many predicted that Monday would bring a massacre, the stock has held
well, considering and is actually higher then before we announced that
we were not going to Reverse Split at that time.
I personally think it is always a mistake to sell into a panic. The
experts say to buy on canon fire, sell on trumpets. Those who are
able to suspend emotion are able to do this, those who don't usually
buy after a stock has taken off and sell when there is fear. Every
investor must make their own buy and sell decisions for themselves and
not listen to others on a board, or to anyone for that matter. It is
a personal decision.
I never lied about anything and those saying so are misinformed. I
stated that we were NOT GOING TO REVERSE SPLIT AT THIS TIME. I never
said it was canceled and would never occur in the future. I said it
was unlikely in the near future. Well not only has time passed since
then, but if we do implement a reverse split first the vote has to
happen (which did today), then we have to do a number of other things.
It is not something overnight, and we are giving plenty of notice.
The proxy card was sent to all shareholders on record, which is a
completely legal way to inform shareholders. A PR is not needed at
this time. Everything we do is legal and above board. Investors do
not like the news, but they cannot say that we have not informed them
about a reverse split in the future. We have been talking about a
reverse split for months.
As far as the list where I stated things we won't do. That was AFTER
we announced the reverse split in the first place; it was REFERENCING
ANY ADDITIONAL REVERSE SPLITS after this reverse split. People need
to go back and see the time line of when that came out; it was AFTER
the reverse split was announced. The merger is technically merging
with us to bring the company to the state of Nevada. The shareholder
letter refers to merging with another company. We do not plan to
change our name or ticker symbol but the SEC may change it for us,
based on a reverse split that was announced PRIOR to me issuing the
shareholder letter people are referencing. Again, that letter refers
to no activities of that nature after the already announced reverse
split. Actually in that shareholder letter I directly refer to the
reverse split we had just announced AND I stated positively our
intention to sell restricted convertible shares. Again, no lies.
People love to throw broad labels around, but if you look at
everything, no one can state one lie. Again, the company NEVER STATED
THAT THE RS WAS CANCELED. We even stated NOT AT THIS TIME that
directly implies that it is still on the table.
As far as Art and other saying about the timing, we have two choices
as a company:
1) We have offers from private investors to pay for our upcoming
movies. In order to do so we must reverse split because the offers
for convertible restricted shares are only attractive to these
investors after a reverse split. We must pay for our movies in order
to do them. Because of agreements for some of our movies we must act
now and cannot wait for future revenue in order to fund the movies.
When our last movie was released it brought the company a great deal
of publicity and shot the stock up very high. It was good for the
company. We are a film making company, not a scam.
2) We can let IHUB investors dictate how we do our business and take
corporate action to hold off on bad news in order to get the stock
price up. We could not reverse split, and therefore not go forward
with our movies, and not actually make movies. Then we would just
have to put out phony news to get the stock up so that flippers can
reach the price they want and sell off the stock and make money.
The first choice is LEGAL; the second is market manipulation and is
ILLEGAL. We are running a company where we report what is going on
with the company. We are not running a casino so that we should hold
off on bad news when a chart looks good in order to "reward" our
investors. If we did that, then we would be the scam that people
accuse us of. Its called market manipulation!
Those giving advise have no idea about the legalities of running a
company and are simply concerned about their interest which is the
stock price increasing and waiting for a run. It is not our job let
those people dictate our business practices. Our job is to fund and
make movies and build the TRUE COMPANY VALUE. Not perceived hype.
All the best,
James
On 8/22/06, Richard and
AI
