The amended filings on Friday appear to be in response to FINRA's interpretation of the company as a "shell" company rather than a "development" stage company. I am guessing the company stock is very close to publicly trading with these amended filings.
In May 2008, Pennaluna & Co, a broker dealer, submitted a Form 15c-211 on our
behalf to FINRA seeking to have our shares of common stock listed on the OTC
Bulletin Board. In FINRA's response to the Form 15c-211 that was filed on our
behalf, FINRA took the position that, under their own interpretation of what
constitutes a "shell" company as opposed to a "development" stage company, we
constitute a "shell" company rather than a "development" stage company.
Accordingly FINRA instructed us to re-file our previous filings with the SEC
with the "box checked" on the first page to indicate we are a shell company (as
defined in Rule 12b-2 of the Exchange Act). Our management is in no doubt that
we were, and are, a development stage company as defined by Statement of
Financial Accounting Standards No 7 "Accounting and Reporting by Development
Stage Enterprises." Our management's belief that we were, and are, a development
stage company is supported by current SEC guidelines, our auditors and our
outside legal counsel. At the same time, our management recognizes FINRA's right
to apply its own definition to this issue. Accordingly in accordance with FINRA
instructions, this Form 10Q has is filed with the "box checked" on the first
page to indicate we are a shell company (as defined in Rule 12b-2 of the
Exchange Act). In due course we shall submit amended filings for the Form 10SB/A
filed on November 29, 2007, Form 10KSB filed on April 3, 2008 and Form 10Q on
May 15, 2008 that similarly have the "box checked" on the first page to indicate
we are a shell company. Amending our filings in this way, on the instruction of
FINRA, in no way alters the fact that we have, and continue to, consistently
pursue our business plan to own and operate paintball facilities and to provide
services and products in connection with paintball sport activities at our
facilities and through a website.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
