I think it is important that we go in stages. Here are the stages I originally recommended. We want to accumulate some solid evidence of non-compliance before we have a meeting (but TEAM sounds good). We also need to establish some strength and cohesion between us before we go to an attorney. There is a matter of evaluating costs and efforts if we do, which would be divided among us.
There also some issues about shareholders meetings and that 5% of shareholders criteria that I would like to see. Does 5% of voting shareholders gives us a mandate backed by the State of Florida
1) We get a sufficient number of shareholders to make
a strong impression to the company that there is a large growing shareholders who want a change and will do something.
2) We send a registered letter to the Board of Directors demanding transparency on the audit and up-listing- and that the stock price has largely collapsed because of their lack of communication, false deadlines, lack of follow-through. We know the difficulties that will come about after serious complaints to the appropriate agencies (including the SEC) and the possibilities that there will be an investigation that includes fraudulent activities with quite serious consequences.
3) Whether or not there is a response, we send another registered letter demanding a shareholders meeting. I am not positive I understand Florida law, but I believe that, in general, although there is a law requiring an annual meeting and minutes, Florida does not enforce this requirement. And this is what I think is true- but if members with 5% or more of voting stock, Florida will enforce the right to have that- meaning the company will have consequences if they don't- from the State. This whole area needs to be checked with an attorney familiar with Florida corporation requirements.
4) We address our problems to outside parties directly associated with providing promotion and financial assistance to VMSI and state our problems.
AFTER THIS, WE FORMULATE WITH ATTORNEYS- AN ACTION PLAN...IN THE PAST, YOU HAVE REFERRED TO THESE TYPE OF CONSEQUENCES MANY TIMES.
