Big Lie
In early press releases, Phoenix always used to include investor information: total number of shareholders, and number of shares issued and outstanding, broken down into restricted and unrestricted totals. The last PR that had it was issued July 1, 2005.
From the June 20, 2006, PR...joined in progress...
...It was explained further that the Company really did not need to increase the authorized common shares at this time, and will continue to repurchase common shares as stated in earlier news releases. The Company made it clear that they could not break the resolution apart and only increase the preferred shares. It was a decision to implement the resolution in full or not at all.
(Now comes the lie, where PA implies there will be no new common issued)
Paul Alonzo, President and CEO of Phoenix Associate, stated, "While I know that some may be concerned about this increase in our authorized shares, in the end it is not the authorized that really matters, but the issued shares, and in this regard, this corporate action has not caused any new shares to be issued." In addition, Mr. Alonzo stated, "The ultimate goal of Phoenix management is to grow our Company's revenues and profitability quickly, to become fully transparent to the public, and thereby maximize share value for our shareholders."
Mr. Alonzo commented further, "We have made the decision to make the full capitalization structure of Phoenix public very soon so as to set shareholders concerns to rest."
My take is that Phoenix management can try to blame "interference" all they like--NOTHING has hurt us more than the dilution of our stock.
"I didn't say it was your fault...I said I was going to blame you!"
Regards, Kent.
