Plandai Biotechnology Inc (PLPL)

[Kool Aid Man]

This is not a "non-binding LOI" anymore...it's an "acquisition agreement." IMO that sounds like something far more consequential and potentially costly to get out of. So I wrote someone who's far more expert in penny stocks than most of us will ever be. I sent a rundown of this clown show and received the following reply--

Mailander's not so clean, really. He's been involved with a lot of slimy pennies.

And when asked about him using the term "acquisition agreement" the reply was

Seems to me he's trying to make it sound like a SPAC which it isn't.

Re-read today's PR carefully---

1)There is NO MERGER... not yet.

2) While they clearly collaborated in issuing this PR, "acting CEO" Tad Mailander owns/controls PLPL... not Ken Patel... not yet

3) There has been NO REVERSE MERGER... not yet. Just the announcement of "management plans" to do one as a condition of the merger.

4) Patel & Co will not receive shares until the terms of the merger have been accomplished. Consequently, UNLESS PATEL AND OTHERS BOUGHT SHARES IN THE OPEN MARKET (which is unlikely IMO) THEY PROBABLY OWN NONE AND, THEREFORE, WERE UNAFFECTED FINANCIALLY BY TODAY'S MELTDOWN.

5) IMO both Patel and Mailander would have to agree to withdraw the plan to pull a reverse split. But even then, how can you trust them after knowing their motives. That hasn't happened.. not yet