American Scientific Resources (ASFX)

[Mariner*]

For be it from me to state the obvious, but prior to ASFX going into chapter seven bankruptcy they had already undergone a series of splits. So they had the share structure right down to where they wanted it. Now they have embedded shareholders that have been with the stock for years, in addition to new shareholders that have come on board recently that are longs.
So, why throw all the commons to the trash barrel, when you really don't have to because they represent an asset to the company, and the stock.
Any prospective private company looking to merge into a clean shell will want to see at least four things.

No.1 Is the security debt free? Once emergence out of CH 7 BK here shortly, it will be debt free.

No.2 Does it have a relatively low share structure to enable a move in PPS up the tier, to qualify for for emergence out of pink sheet status? Yes it does, prior to filing for CH 7 the share structure was estimated to be under 200,000 shares.

No.3 Are all the filings up to date with a completed audit on file making it ready in all respects for a reverse merger?
That is one of the very first things we are going to look for the company to accomplish after the judge closes the case file, coming up here shortly we think sometime this month.

No.4 Does the security have any shareholders of record that are required for an application to an upper tier trading registration?
Yes it does.

About Legal & Compliance, LLC
http://www.legalandcompliance.com/going-public-law-firm/about-the-firm/

Security Notes - https://www.otcmarkets.com/stock/ASFX/security
Capital Change=shs increased by 15 for 1 split. Ex-date=03-10-00. Rec. date=02-10-00. Pay. date=03-08-00.
Capital Change=shs decreased by 1 for 100 split. Pay date=05/12/1999.
Capital Change=shs decreased by 1 for 200 split. Pay date=1-8-04
Capital Change=shs decreased by 1 for 100 split Pay date=04/15/2005.