Please post any comments you may have so that Ammobox can put together the final version and send it off to the SEC.
I am writing on behalf of a number of shareholders of IPackets International, a Vancouver-based company that trades over the counter under the symbol IPKL.
The company is a developer of underground communication and locations systems for mines, particularly coal mines.
In early January of this year the company claimed to have signed a Joint Venture with a Chinese company that was to provide up to $12 million in financing and was working towards building a large manufacturing facility and gaining Chinese certification for its communication system..
Last spring the SEC suspended trading in the stock for a two-week period after which the shares resumed trading on the grey market with virtually no market for those shares.
Late in the spring the company claimed to have undertaken demonstrations of their system for a West Virginia mining company with a real-time video link to the MSHA.
Suddenly, without warning, the company issued a news release in July stating that they were selling all the assets of the company to SubterraCom Wireless Communication, an unrelated third party and moving to this new company in executive positions to continue development, production and marketing of the product developed by iPackets. A dividend to IPKL was promised amounting to a total of $2.7 million less expenses, resulting in a dividend payment of some to $.0006 per shares. This was around half the trading price of the stock one year ago.
Since this notice, the company has indicated that they have been successful in gaining contracts to supply the iPMines product under the new company.
The shareholders were not contacted or asked to approve the sale of these assets and the turning of IPKL into a shell.
To date no payments have been made to shareholders and no further communication has been attempted with shareholders.
During the period of the last year, IPKL CEO Naiel Kanno was quite willing to talk to shareholders to pass on positive news until the sudden announcement of the sale of the company’s assets.
Shareholders would like the SEC to investigate the activities of IPKL and prevent this unauthorized transfer of company assets to a third party without a vote of independent shareholders, and particularly without equitable compensation to existing shareholders should the transfer take place.
Please find below websites of the iPackets International and SubterraCom Wireless Solutions.
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