Poor-papa: I agree. There is much to digest. The concept is very interesting and has social appeal in many ways. At Least this is located here in the US and portends to help many people in a multitude of ways. To name a few such as increased revenue to local governments, reduction in unemployment in depressed areas, and an improvement in the living standards in localities needing assistance.
Ref: From Disclosure Statement:
3. Equity Investments In Rural And Job-Distressed Areas.
In the short term, Green America intends to focus its investment funds on projects in rural areas and in areas experiencing high unemployment. On its face, the EB-5 law
expressly reserves 3,000 of the 10,000 EB-5 visas available annually for foreign nationals who invest in "targeted employment areas”, which are defined as rural areas or
areas that have incurred high unemployment of at least 150 percent of the national average. Any area not within a metropolitan statistical area or the outer boundary of any
city or town having a population of 20,000 or more is considered a rural area.
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From Disclosure Statement:
2. Shares Sold by the Company Since December 31, 2007.
After the Reverse Split which occurred in April 2008, and subject to Lock-Up Agreements executed by and among the Company and each purchaser dated as of May 9, 2008 which restrict the sale of all but 150,000 shares of each holder’s common stock until April 1, 2011, the Company issued common shares to the following purchasers in a primary issuance of stock pursuant to Section 4(2) of the Securities Act: (i) 10,000,000 shares to Margaret Willett in consideration of her payment of $190,000 to the Company; (ii) 5,000,000 shares to Roy Hagen in consideration of his obligation memorialized in a promissory note dated as of April 15, 2008 to pay the Company $160,000 on or before August 1, 2008; (iii) 5,000,000 shares to Lois Hagen in consideration of her payment of $160,000 to the Company; (iv) 13,333,333 shares to MLH, Inc. in consideration for its transfer of the Duchesne Development to the Company, and for funding operating expenses of the Company in the amount of approximately $85,000 (including transactional expenses arising from the Company’s purchase escrow for the former Days Inn New Orleans East); (v) 33,333,333 shares to Blair Krueger, an officer and director of the Company, in consideration for his transfer of the Highway 40 Property to the Company, for funding operating expenses of the Company in the amount of approximately $85,000 (including transactional expenses arising from the Company’s purchase escrow for the former Days Inn New Orleans East), and for past services rendered; (vi) 30,000 shares to Jon Roylance, a director, for past services rendered; (vii) 1,000,000 shares to Mark Livingston, an officer, for past services rendered; and (viii) 1,000,000 shares to James Lucas, an officer, for past services rendered. The identity of each natural person beneficially owning, directly or indirectly, more than five percent (5%) of any class of equity securities of MLH, Inc. is as follows: (a) 90 percent of the total issued and outstanding Common Stock is owned equally by Lois Hagen, Margaret Willett, and Roy Hagen (30 percent each); and (b) 10 percent is owned by Mark Hagen. Present management of the Company is informed that each of these individuals controlled or directed, directly or indirectly, the purchase of these shares for MLH, Inc. These shares were only offered in California and not in any other jurisdiction. Upon certification through the Company’s transfer agent, these shares shall contain a standard “’33 Act” legend stating that the shares have not been registered under the Securities Act and setting forth or referring to the restrictions on transferability and sale of the shares under the Securities Act. Pursuant to Securities Exchange Commission Release Number 33-8869 dated December 6, 2007, current management believes that the holding period for these shares under Rule 144 shall expire not more than six months after the date of their issuance. These shares are further restricted, however, for three years from the date of their issuance by the Lock-up Agreements described above.
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It appears to me these shares are pretty well locked up and won’t be put on the market causing further excessive dilution.
What now remains is how effective is the communications between Pinksheet.com data and the brokerage community in the form of bid and ask data, financial reporting, and such important information an informed investor must have to evaluate an investment.
SharonB
