IBSG Intl Inc. (IBIN)

[gary schrimpf]

On 4/14/2005 in a 10K IBSG reported the following:

"The issuer’s revenues for the fiscal year ended December 31, 2004 were $3,295,014."

Yet, in January 2004 while Rivers was pedaling stock under the assumption by uninformed investors that a merger had already taken place between IGII and IBSG the company produced a PR stating they expected earnings of about $.58/share and revenues of about $19,000,000.

Yet in the same filing it states:

"Our net loss cumulative operating losses through December 31, 2004 were $2,935,461."

Big difference, eh? If you want to have some real fun try and figure out if the $3,295,014 were ever collected. I would be willing to bet you can't...and undoubtedly Rivers would have a difficult time also.

If one was curious enough, as I was, to dissect the PR's and SEC filings it was evident in January 2004, before the merger that IGII would never obtain gross sales of $19,000,000 based on the contracts they stated they had, most of which IMO were fabricated in the first place.

Anything else you want to know?