Safeplus International Holdings Ltd. (ACAI)

[sunspotter]

I would have thought it was worth asking what their current cash position is after making payments for the controlling interest in Myotech in April 2008, and for an undetermined amount to Nanoset for their IP in May 2008.

If that cash position is satisfactory, then we've already established that many people wonder why Biophan's management don't use good old fashioned greenbacks to pay off their "sewer rat" interest payments, rather than newly-minted shares. Or even buy off the underlying debt.

The combination of dilution followed by massive amounts of shares hitting the market (and I would guess that their toxic finance buddies are playing both ends and shorting as well) is in no one's interest except the toxic financiers - and anyone they happen to be rewarding for perpetuating this risk free, guaranteed-to-win, arbitrage situation for them.

What plans do they have to stop this?

I'd also be curious to know if they anticipate filing their next 10Q on schedule, as it will be interesting to examine their balance sheet properly (including the Nanoset and Myotech payments). It should be filed at the very end of July, I believe, 60 days after the end of the relevant quarter.

Although even if BIPH say they're going to file it on time, as we know from the 10K experience, we shouldn't necessarily believe them. If they fail to do so again, the chance of pink sheet status increases (automatic if they're more than 15 days late).

Good luck with your call.