I am a UK shareholder who bought shares in Mobilestream (MSRM) in February and March 2006, paying $10,600 for 3000 shares. Much to my regret this was on the basis of a phone recommendation from a company in Spain called Global Resource Advisors. Needless to say this company cannot be contacted any more.
In June 2006 there was a 6 for 1 share split, thus my original 3000 shares became 18,000 shares. In July 2007 I received a letter anouncing that MSRM shares would be converted to shares in Global Resource Corporation (GBRC) on the basis of 1 GBRC share for every 7.14 Mobilestream shares, thus giving me 2,521 GBRC shares. The letter said that a form SB-2 would be filed with the SEC shortly after the 14th August and the registration process would take 90-120 days therafter. However all the companies SEC filings are listed on its website and I see no mention of a SB-2 have been filed. This makes me suspect that the company did not file the SB-2 and that Mobilestream shareholders will wait forever for their GBRC shares.
At the latest prices as shown on this website, my 18,000 MSRM shares are worth $2,880, whereas 2,521 GBRC shares would be worth $6,300 - if only I could get them.
I have been trying to find out when the new shares will be issued but have had no reply to my e-mails. It is impossible to get anyone on the phone; all you get is an answerphone and no-one ever calls back.
I have learned my lesson from this experience. However I would like to get in touch with other UK Mobilestream shareholders who have had similar experience. If anyone would like to get in touch my phone number is 01582 760397.
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