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Be careful with this self enrichment scam everyone...

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munimi   Tuesday, 08/06/19 11:20:08 AM
Re: None
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Be careful with this self enrichment scam everyone...

This 150 years old Australian CEO Sprovieri is pretty known for diluting the funk out of this and Reverse Split once a year.
when he did reverse split, guess why he only reverse splitted the O/S , but not the 20 BILLION!!! A/S ?


He has been regurgitating the same "building" stories for years , this is his dozen times trying to sell same BS

Check out the history and past PRs of this ,they have been all same or similar, FOR YEARS!!!

again, be careful!

And Yes I did...

Has anyone reached out to the old bag of shit running this company?

And here are my thoughts;
Sprovieri pretty much confirmed (of course, inadvertently) everything I said in my previous posts about him and his bullshits

So the short answer is, he is full of shit old man selling unicorns to gambling addicts , and funny part is he knows people are fully aware of what he has been pulling all those years and I sensed that in a some sort of sick way he is proud of that he has been able to pulled that in such a long time

The long answer is, he said he is waiting for some equipments(or some parts) from China(yes, china, lol) , and he emphasized that he doesn't build homes ,but only planning to supply concrete panels for builders, if it ever happens before he hit 90 years of age(this part is my guess :)) And those so called parts won't be here until next 2 months.

And he said $40K Convertible Note is converting as we speak, I guess that explains why TA has said Sprovieri gagged them and they can't give out numbers to shareholders. So 50% discount on conversions , which makes it actually $80K convert. debt , which equals to 80mil. shrs dilution at current shr.price , actually it will be worse if the shareprice goes down to trips, hence why they are called toxic debt.

He also made sure that he doesn't dilute himself directly, But when I pressed him on how the convertibles works and 50% discounted toxic conversion are are actually worse than if he was diluting himself directly, he just shut up and changed the subject.
So ,the impression I got from my discussion with him, Apparently he can't get any other financing method than convertible toxic debt route and this will likely continue.

I pressed him really hard on the potential Reverse Split issue ,He didn't say it directly but I am pretty sure he is inclined to do another one when/if this dips under 0.0005 , which I think the biggest threat than anything else for this if you are a shareholder

I gave him some great great business and PR advise , although I doubt he will listen , if he does this would fly. I think he loves the status quo and wanna continue this game until he kicks the bucket.

So the summary of this is, expect this to bleed by ongoing $40K (dont forget the 50% discount, so actually equals to $80K) convertible note dilution to be done

Sad part on all of this, this could really go to the space if the same idea was run by a legit guy, even if it's a very old one

So only this recovers is:
1- He listen to my advise regarding business and the PRs (maybe, but unlikely)
2- He gets conventional loan (maybe, but unlikely)
3- Someone else replaces him (very unlikely)

As always, Ur Welcome folks.

I will continue to monitor and update time to time

Disclaimer: Never had a position on this one, just a long time observer and know the whole drama very well

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