questions questions:
why the company hides from rapaport diamond news-(see march news articles) refuses letting them visit to see if its legit turning away free publicity and chance to sell products to more professionals? why the PR rep said that even a preliminary financial statement would be forthcoming (6 months ago)but still none , the PR rep livak is history now, the ceo who made promises to be fair to shareholders interest is history now, takes like a year to update a website and still its not updated (gbdx homepage). I think every thing here might be so now they can backtrack on everything . company around 1 year and no revenues disclosed? if this diamond license is worth more than the paper its on why isnt it being used right now and why let all this time go by.
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Suitor Reportedly Approaches Global Diamond Exchange
By Jeff Miller Posted: 03/07/07 06:50 [Submit Comment]
RAPAPORT... After announcing its change of business strategy --from food distributor in Eastern Europe to wholesale diamond sales in New York-- on September 22, 2006, Global Diamond Exchange announced March 1, 2007 that it was in negotiations and "conducting due diligence" to acquire a synthetic diamond manufacturing and processing facility in Moscow. "Global's management sees this as an opportunity to expand its operations by purchasing the land, equipment, and business of another company. This is the first stage of a proposed expansion, with the terms and conditions not yet finalized." (Read more in related links.)
Global Diamond Exchange reported that if all parties were to agree to conditions and terms, details of the transaction would be available around May 1, 2007.
On March 7, Global Diamond Exchange reported a possible buyer approached the firm. Global Diamond Exchange reports being in the business of importing polished from Russia into New York, and from company statements two such shipments have been sold since November 2006, and a third was on the way as of January 24, 2007. Global Diamond Exchange is a penny stock (Pink Sheets GBDX.PK.)
Regarding the suitor, "Management will analyze any offer made by this company to determine whether it is viable, and once an offer is made it will be analyzed along with any other competing offers that may materialize in order to maximize shareholder value," according to the statement released by Global Diamond Exchange.
Alex Cherebkov, president of Global Diamond Exchange, said on March 7 through a statement, "Our business model was structured to increase shareholder value through revenues and possible acquisitions. Though this is an unexpected avenue, we are however delighted at the prospect. We are evaluating all options."
Since Global Diamond Exchange set up offices in New York in November 2006, all attempts by Rapaport News, including a personal visit to the company building address, to discuss the business strategy and company tenders went unanswered. However the firm's public relations representative Alex Livak told Rapaport in January that the company's first financial statement would be forthcoming.
According to the firm, "In the event an agreement between the two companies is reached, an appropriate announcement will be made and the necessary forms will be filed with the Securities and Exchange Commission. At that time, we will state: 1) The final transaction structure, and 2) The disclosure needed to fulfill management responsibilities ensuring all shareholders' rights and other obligations are met."
Shares in the company have experienced a tumultuous ride debuting at 7-cents per share in September 2006 and falling to less than 1-cent in December before bottoming out at 0.0015-cents in February 2007. On March 6, shares closed at 0.0095-cents on trading of almost 30 million shares. In December Global Diamond Exchange restructured corporate stock from 7 billion shares to 975 million shares and retired another 13 million shares January 30.
Global Diamond Exchange reported, "There are no guarantees at this time that a transaction will occur, just that the company has been approached for a potential takeover or merger. Management will communicate and update the shareholders through press releases when appropriate. Currently, only preliminary negotiations are in progress."
AI
