Based on the long track record of the company putting out false and misleading information, I wouldn't believe a single word that either Jim Turek or Steve Murphy would have to say. The executive officers and managers associated with this company have absolutely zero credibility based on their history.
Turek has mislead the public on the share buyback, the Wicklund OTC BB uplisting, PLNI Amex uplisting, dilution, contracts, etc.. all in an effort to boost the stock price so he can issue shares to fund Plasticon's operations which has lost more than $120 million dollars since 2004.
For the past 3 years the CEO of this company, Jim Turek, has collected a 6-figure salary and awarded himself billions of company shares, all while stockholder value has consistantly dropped in value year after year. What has Turek done to deserve this kind of salary? What has he produced?
Let's look at the recent PLNI 10-Q filing (since they failed to file their annual report on time, this is all we have to go buy)
During the period ended September 30, 2006, the Company issued 3,642,759,048 shares of common stock. Of those shares 3,603,771,000 were issued to the majority shareholder. The shares issued represent compensation of $14,846,168 based on the fair value of the stock upon the date of issuance.
The company issued those shares because they have been losing millions and millions of dollars and do not have a profitable business at all. On top of that, Turek has shown himself to be an extremely incompetent chief executive officer. Does Platicon's website highlight their product line? Nope, Turek is more concerned with providing Level II quotes than trying to sell the company product.
Do longs have anything of factual substance to prove that PLNI has not issued billions of shares from Sept 30, 2006 to the
current date?
We know that the company as a $6m+ net tangible asset deficit.
We also know Turek had a $342,681 debt to the IRS from Wicklund Holdings. That's 1.1 billion shares at the .0003 price it's been at for a while.
We also know that Turek's company LexReal held $7.1m in subscribed stock which was due to be converted at 0.00011, or roughly 64.8 billion shares.
We also know that Turek granted a spot on the board of directors to a convicted child sex offender and Megan's Law registrant.
Just posting the facts. The people who are denying that the major dilution exists in the multi-billions of shares really need to take a hard look at reality here.
