Questions and Answers
I finally received a response from PLRO. I copied and pasted the two topics with PLRO's answers. The company still wishes us to utilize their Investor Relations section until it is changed.
TOPIC: Investor Relations
1. Is the company changing their investor relations section? If so, what are you changing and why?
(Problem: Investor Relations takes your name and email address but nobody contacts you. I have tried unsuccessfully for two weeks. Also, their email address just kicks back, it never goes through)
Answer:
1. It is my understanding that IR company is likely to be replaced by a much more sophisticated NY based IR firm that is perceived to be better positioned to represent the company to investors, particularly sophisticated financial institutions, through the company's next round of capital raising. I know that it has been very frustrating for investors like yourself to register and request info, and get nothing back. It is my understanding that this has been the situation largely because of the sheer volume of requests for info, which have apparently numbered into the many thousands. No excuse, and by the ir company's admission, they have completely dropped the ball by not having agents with the necessary level of sophistication available to respond personally to investor inquiries. This has been a very unfortunate "growing pain", which hopefully will be resolved shortly.
TOPIC: Reverse Merger
2. Why was the merger's deadline extended to 15 April? Did the merger fail to get the required vote? Was the March 1 vote negative? Will another vote be required? If the vote fails, does the company revert back to Northtech and how much will the stock be worth? Why was no press release advising stockholders of this extension?
(This is the #1 question and subsequent questions on the net)
Answer:
2. Merger deadline was extended due to the very complex nature of the transaction and related tax issues, according to legal counsel. Also, all of this information then has to be coordinated with ongoing financial disclosure and audit, which as you know is a moving target. The original 14a set a particular date for the shareholders meeting, which was of course subject to SEC approval of 14a. Apparently the SEC requested the the definitive document be updated to include more recent financial disclosure, which of course has to be coordinated with the company's ongoing disclosure requirement (ie, 10K; 10Q disclosure), as financial info from one of those disclosure items obviously cannot be disclosed into the public domain in advance of the filing itself. Again, I understand these timelines are now basically in synch, and definitive 14a is expected to be filed contemporaneous or just subsequent to ongoing disclosure filing. Once definitive is SEC approved, meeting will occur 5 days later, as per disclosure in interim 14a. All normal procedural stuff.
As far as news releases, etc., and notifications of things like I have described above go, it is very standard and in fact considered best practise to limit disclosure during open transactions. As such, the company and its counsel have resisted the urge to "set the market straight", as all appropriate and required disclosure has been made ongoing, and to add to that in a limited way without being in a position to 'step into the fray' and engage in active dialogue concerning sensitive disclosure issues is really only adding fuel to the flames.
I know this doesn't answer every question everybody has but it sheds some light for right now. Killian6
