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Mobilestream and "Aston Rowe"

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FoggontheTyne   Wednesday, 10/03/07 03:00:49 PM
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Mobilestream and "Aston Rowe"

I am no legal eagle but this is my take on the high pressure shifting of stock on to UK investors. Mobilestream decide to issue stock in the pink sheet market. They have a patent process and need to raise funds. UK investors are a soft target whereas pink sheet deals are really only for the experienced investor or trader.

Somehow "Aston Rowe" get involved and unload stock on to UK buyers including my family members. There then follows a share purchase agreemnt direct from the company, bearing the name of an executive.

A settlement date is given [this happens several times] and funds are transferred direct of MobileStream Inc c/o Sun Trust Bank, New Port Richey FL. End result 4 blocks of common stock issued under the seal of Mobilestream Oil Inc of West Berlin NJ which in the meantime has changed its name. Certificates are signed by F Pringle and on behalf of Olde Monmouth Stock Transfer Co.

Aston Rowe cannot now be traced but have been identified in letters confirming the transaction as the agent of Mobilestream entitled to 1% commission.

The stock is restricted under Regulation S. No after-sales support is offered. "Aston Rowe" disappear off the scene. UK investors are left to fend for themselves from the other side of the Atlantic with no guidance or knowledge of "pink sheet" legalities.

A letter arrives in July 2006 from Olde Monmouth inviting UK investors to forward stock certificates for exchange to Global Resource Corp stock. In the meantime complaints are being received at Mobilestream and Carbon Recovery about improper demands for withholding tax and other fees to release restrictions.

I think these agreements to purchase stock, if not actually out and out frauds by someone posing as Mobilestream, have been gained through misrepresentation and pressure and are highly suspect, I would say voidable. I believe Global Resource Corp are liable to return the purchase price in these circumstances.

Admittedly some form of stock certificate has been issued but without any proper explanation or follow-up as to rights and liabilities, or timetable for the planned conversion of Mobilestream and Carbon Recovery. This in itself is highly problematic. All that has been supplied is a very sketchy share purchase agreement, totally unsuitable for such substantial and complex transactions.

UK senior investors do not read the US financial press. I have had to devote considerable effort to finding out the true position of Global and the two companies it has merged with. eg the article by Tom Konrad.

I have written by email to Jeff Andrews to request confirmation that the shareholdings are valid and not a fraud and to ask for an explanation of the role of "Aston Rowe" and for them to be identified given that they acted as agent on these sales to my family members.

Without substantial further explanations, this really needs further investigation.

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