Thanks, Chief. Of course, I've read this a million times it seems. I'll break this down how it appears to me, without "To Da Moon" glasses on:
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"Inaugural Transaction:
ICCC has arranged financing for its first commercial project that is expected to ultimately be put into a BCLOC security. The financing is for the renovation of a small hotel in the amount of $808,000. This transaction is scheduled to close February 22, 2008. A second financing will close in three phases with an independent third-party lender. Phase one is expected to close on February 25, 2008
These closings will have a significant impact on our first quarter financial results, which will be released in mid-April."
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"The closings will have a significant impact" to me says that they won't be as awful as they would have been.
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"Credit market turmoil:
The recent turmoil in the capital credit markets has prompted ICCC to create additional new and innovative ways to adapt to, and absorb the changes in the capital credit markets in order to evolve with, and continue to do business in, this environment. As many of you are aware, there has been a freezing up of the capital markets investment in structured finance products. Because of this development, ICCC will have to portfolio (hold on its books) the transactions it closes until such time as the markets begin to recover.
With these changes come needed upgrades to ICCC’s systems for the servicing, accounting and managing of these transactions. Such upgrades have increased ICCC’s costs which in-turn created a need for capital to meet these increased costs, thus the increases in the authorized and outstanding HCPC share count."
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To me this says, 'Our original plan is out the window and now we're doing what we can to keep from going under.'
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"Share buyback:
As previously announced the company intends to repurchase shares with the revenue from the funding of projects. Changes in the manner of funding, will decrease the upfront fees earned by ICCC, however, ICCC will earn additional interest income from the portfolio it will hold. ICCC will allocate up to 35%of the upfront fees earned to share
buyback and additionally will use a portion of the interest income generated monthly to repurchase stock."
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Great, they will use "up to 35%" of the upfront fees...meaning they could use .0001% of the fees to satisfy this statement. They will also use "a portion" of interest...meaning the same thing.
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"Reverse Stock Split:
It is the viewpoint of management at this time that a reverse stock split without the fundamentals to support a higher price would be harmful to both the Company and our shareholders."
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AKA Tell 'em what they want to hear. It doesn't even come close to saying that they won't do it.
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"We appreciate your comments through your emails and phone calls and to respond, we will provide information in the public
domain as soon as practical."
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To me means: For the love of all things good, please leave Rick alone. We're not going to tell you anything you don't already know, but we want you to continue to feel important.
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"Very truly yours,
G.C. Johnson
Chairman and CEO"
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