Wolf Energy Services Inc (WOEN)

[Oxonius]

Well, they're not "buying" them per se but rather "exchanging" them.

Basically, the company has no business, no prospects and, most important, no cash. So, it cannot afford to pay a salary to its (remote) CEO nor a retainer to its (remote) "independent" Board Member. Hence the "exchange" of financial "obligation" for shares.

Of course, what most responsible company managers would do in such terrible circumstances is simply moving the CEO salary and Board retainer to $1 until further notice. Not at EVTN, however.

The most upsetting thing of all is that the obscene "overhang" of unpaid CEO salary remains at a ridiculous level. Almost all of this was accrued during those years when the CEO thought that he should be paid in excess of $300,000 a year for systematically destroying value in the company with his incompetence and arrogance. Then, he pockets a huge share of the millions received from the IP sale and squanders the rest.

Maybe a slight glimmer of hope is that they chose $0.25 for the conversion but the fact is that they (the "inside" director and the "independent" director) can do whatever they want without regard to what shareholders think. At least they didn't give any more shares to family members.