Rubber Technology International (fka RTEK)

[timhyma]

KP, First, thanks for creating this board. I'm finding RB taxing. Second, We had a chat over at BTS (private club) last night concerning RTEK. Here is the summery post from that:

Concerns over the recent 2nd amendment to the 10Q ending 28 Feb. Here are some of the concerns:

Company entered into a Securities Purchase Agreement with fourteen accredited investors pursuant to which it agreed to issue $514,000 aggregate amount of convertible debentures.

Company agreed to set the conversion price at $0.10 per shares.

May Davis Group agreed to assist to the Company with the sale of up to $500,000 aggregate amount of convertible debentures. Company agreed to pay May Davis 10%

Company entered into a Consulting Services Agreement with Yorkville Advisors Management LLC whereby Yorkville agreed to assist the Company in raising additional capital via an equity line of credit in exchange for $150,000 of the Company's common stock (1,428,571 shares). Although the Company entered into an agreement for financing via an equity line of credit, the Company subsequently elected to terminate the financing.
May 23, 2001, the Company issued 1,428,571 shares of its "restricted" common stock to Yorkville Advisor Management LLC

Also on a positive note- Rouster, a BTS member visited the plant and interviewed the management.
Q/A from 6 Jul 01
http://www.investorshub.com/boards/read_msg.asp?message_id=139847

Over all, sentiment is- Hold for the next filing, and see why they needed to issue C/Ds for financing. The 2 suggestions were- setting up some friends (14 on them) for the breakout news, and/or the sand pit is sucking up more revenues than anticapated.

Good luck out there- Tim

PS. If any want to join the Be the Street Club, email me ([e-mail]) and I will send an invite