ASPZ conference briefing
CEO Dan McKinney opened the call with a good news and bad news report. He then fielded several questions, many from you here on this board. I will give a bullet point synopsis and hopefully you will find the answers to your questions.
He likes to start with the Bad News first. That being the auditors who had been working on the 2007 AFs so bungled the timeline and were so unresponsive that they had to be fired. DM has hired new auditors who he hopes should be able to get up to speed and have the audits finished in 4-8 weeks. He plans to speak with reps from NASDAQ and AMEX as soon as they are complete. He has no interest in the OTCBB.
The good news:
Swiss Gardens is doing very well and will make 30% more profit this year.
Nanning is moving along nicely with much interest from Intercontinental hotels, Hyatt and others
DM is very excited about the prospects of autocart and has had a series of meetings that have produced great interest. The Autocart people are coming to China to see for themselves.
API has closed on the Phil. Beach and has the enviable problem of having it valued at 83 times what we paid for it.
The company has apprx. $350,000 in debt.
We own a property in Beijing that Hilton is interested in taking over resulting in 5 million in revenue.
DM forecasts earnings in 08 of .10-.11 per share. That is a P/E of less than 2!
Un audited assets are $100,000,000.
The Microart dividend will be paid as soon as some things are taken care of at MCRT. He was deliberately vague on this, due to legal liabilities. But he did state that he thought it was going to be very good for the shareholders.
I will stop there, as I promised an update to day, unfortunately I was called away to San Francisco shortly after the call and neglected to bring my copious notes. My apologies. I’m working from memory and will do my best to answer other questions here and post more later when I return on the weekend.
Piecemaker
