Just got off of the phone with Kanno. Didn't get all of my questions answered, as he wants me to call him back @ 2:00pm PT. He said that he "has a lot of stuff to do."
1) I asked him, "What is the current share structure?"
His reply:
O/S- Under 2 billion
A/S- 3.9 billion common 100 million preferred
Float- Approx. 1.3-1.5 billion
2) I asked him, "When the JV is complete, does the company plan to buyback shares?"
His reply:
"We have a number of things presently on the table. That is one of them. We are also looking to move to a higher exchange. We believe that the value of the company should be reflected in the price per share. We (management) own a lot of shares and we want to bring value to them."
3) I asked, "Are you referring to the OTC-BB when you say "higher exchange"?"
His reply:
"The OTC-BB is only one of them."
(the way that he said this leads me to believe that they are anticipating placement on a higher exchange)
4) I asked him, "In the Oct. 2nd PR you stated that you expected to have the JV completed within 2 months. Two months have passed and we still do not have word that the J.V. has been finalized. What do you have to say about this?"
His reply:
"What people don't seem to realize is how International business takes place. You cannot place a timeline on it. Right now the JV is basically complete. We are currently dealing with translations, English lawyers, Chinese lawyers, etc...We are sticking to our guns, and we are not going to give up the farm so to speak..."
5) I asked him, "Don't you think that alot of investors perhaps jumped ship when the JV timeline was not met?"
His reply:
"Perhaps so, but those are the types of people that buy on Monday and sell on Wednesday. We do not want those people in this stock, as they will only hurt the value. The ones that have faith in the company and are in for the long-haul are the ones that are going to be rewarded."
6) I asked him, "If you could estimate when you expect the JV to be finalized, when would it be?"
His reply:
"Well, we could sign the JV tomorrow and be done with it. But like I said, we want to have the contract translated into English, etc. But I would say no longer than 3-4 weeks."
7) I asked him, "Would it be possible for us to have an early Christmas present?"
His reply:
"Yes, that is very possible."
My take on it...the JV is a done deal. He did everything but come out and say that the JV is finalized.
