Can anyone explain about the information on this article? Notice the tangible book value of $2.50 per share. This is today's article (4/13/08). Please no negative opinions, just known facts. Thanks.
Matrixx Resource Hldgs
13-Apr-2008 • NASDAQ OTC-Other • Symbol MXXH
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Business Summary
Matrixx Resource Holdings, Inc., formerly Vinoble, Inc., owns investments in natural resource properites in the U.S. and Canada. On Sept. 14, 2004, the company entered into a Stock Purchase agreement with GarcyCo Capital Corp. (GCCC). Under the agreement, the company will issue an aggregate of 200,000,000 restricted shares of its Common stock to GCCC in consideration of the payment of $500,000 in cash. The company is to receive the funds in $50,000 increments each quarter, beginning Oct. 15, 2004. The 200,000,000 shares will be held in escrow by the company and delivered on a pro-rata basis within 10 days of receipt of each installment. The company and GCCC sought to identify and evaluate business opportunities for acquisition or merger to provide long-term growth for its shareholders and to meet the company's objective of attaining a listing on a national exchange. Efforts were initially focused on the acquisition of assets, businesses and strategic partners in the wireless asset tracking sub-sector of the Homeland Security market. However, in its pursuit to offer end-to-end solutions for the tracking, management and monitoring of both mobile and non-mobile assets utilizing Radio Frequency Identification and Global Position Systems, the company encountered opportunities to invest in several prospects in the oil and gas and mining sectors. These investments were to be initially used as testing grounds for the new technologies. However, further evaluation caused the company to re-focus its strategy to target oil and gas and natural resource exploration to take advantage of the ability to make minimal investments in numerous prospects thus allowing for better structure of cash flow and diversification of risk. The company views this strategic direction to be more advantageous than development of new product technologies given the established market demand for natural resources. The company has an investment in the Hazard Lake Property, a mineral property which lies within the Archean Birch-Uchi Greenstone Belt of the western Uchi Subprovince of NW Ontario, in an area known as the Red Lake Mining District. It also has an investment in the Clovelly Prospect, an oil and gas property which is located in southeast Louisiana in the Lafourche Parish. As a result of the company's decision to focus attention on acquiring oil and gas properties, it was determined that the value of the Hazard Lake Property in deferred acquisition cost was impaired.
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Dividend Rate Per Share ($) N/A
Shares Outstanding (M) 1.12
Ave. Daily Volume (M) 0.27
Tangible Book Value P/S ($) 2.5
Beta 639.0623
Shareholders 1,100
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