Metrospaces Inc (MSPC)

[Diligence Due]

Quote from Email received 5/23/17:

As you may have seen from our press releases in the past months, the company started a reorganization about 3-4 months ago. The plan was to divest our assets in Venezuela, due to the economic and political situation, and thus began a refocusing on the US. In this sense, Etelix is our fist acquisition. When we decided to refocus the company to the US, we decided NY as a logical location due to proximity to financial markets and one of the hottest real estate markets in the country, Brooklyn. However, as you well know, office space is very expensive in NY so we simply decided (against management's comfort) to hold off on leasing a NY office until such time as we either began a real estate project in NY, or that financials are finally at the point were it makes sense to rent an office.

Our overhead is very small, however, all expenses are being covered by management and majority shareholders, since MSPC has not been able to raise funds from the capital markets in over a year. The value of Metrospaces is Etelix (were you can go online and look up their US and international address) and our vineyard in Argentina. Both are operations that stand on their own, and don't need much support from corporate MSPC. Our idea is to make money before investing it or spending it. Our arrival to NY has been very good so far, and we expect it to give us even more results in the near and mid-term. However, we will be very careful of useless expenses and overhead that create no shareholder value.

Best regards,
IR

Basically my take away from this is that they currently do not have a need for a full scale office. They currently want to maximize profits by minimizing spending. It looks as though they are doing their best to polish up the books and become current. I still put June 20th as my estimate for when this will occur.