Ren,
We were warned through pr that this dilution was coming.
The newly printed shares have been leaked daily since the warning and the pps has snowballed as shareholders throw in the towel.
"As an essential ingredient in the Company's new growth plan, its Board has approved an increased in the number of authorized shares of its common stock from 1.75 billion to 2.5 billion shares.
Under the new growth plan, it is expected that the Company's new venture partners will be acquiring a very large position in Phoenix common stock of well over one billion shares. They have committed to over the counter purchases of approximately two thirds of the amount they require, with the balance to come from Phoenix as certain acquisition are made, contracts are granted, and sales and profit projection are achieved that are attributable to their efforts".
Now the question is...... what will happen when the 2.5 billion O/S is reached?
Will the new contracts/deals become a reality?
Someone has been steadily buying the new shares which I find encouraging.
I do not expect any news or pressure release until the 2.5 billion mark is achieved.
Since I now consider this to be a pure gamble I am buying a few more shares as I expected the falling pps.
