Those are the reasons COBN is solid shell opportunity. When a company files with the SEC, imo this limits the risk. Time will tell my friends but I'm going no where soon!
The Company has executed and delivered a letter agreement (the "LA"), dated January 19, 2006, with US Modular, LLC ("USM"). The LA contemplates a business combination (the "Merger") between a yet to be formed subsidiary of the Company and USM, through either a share exchange or a merger. The consummation of the transaction contemplated by the LA is subject, among other things, approval of the members of USM and the Company completing a financing (the "Financing") with gross proceeds of $10 million. The Company and USM have agreed that Sloan Securities is their exclusive investment banker with respect to the Financing. After the transactions contemplated by the LA, the present shareholders of the Company would own approximately 5% of the combined entity, investors in the Financing would own 32% of the combined entity and present members of USM would own approximately 63% of the combined entity.