Thank you.
Much appreciated.
Salty,
We'll start with the buyback situation. And is such happening via the open market?
Well...
'In July 2008, RM Enterprises International, Inc., a company that is our majority stockholder and which is controlled by our officers and directors, agreed to grant the Company the right, exercisable by the Company at any time on or prior to February 28, 2010, to repurchase all or any portion of the 267,154,132 shares issued that RM Enterprises International, Inc. had purchased from the Company since January 1, 2008 at the original price paid by RM Enterprises International, Inc. to the Company for such shares, or an aggregate of $4,918,432.46 for all of such shares. Such shares were issued in tranches at the time of each of the advances of funds to the Company at a 40% discount from the market price on the date of each such advance. The average per share issuance price for the shares was $0.0184.'
And...
'Subsequent to the date of the financial statements, the Company cancelled an aggregate of 526,585,544 shares of common stock. The shares originated from the repurchase of common stock of RM Enterprises. This reduces the number of outstanding shares of common stock from 1,249,451,605 to 722,866,061 shares.'
Boiled down to its most simple, we have a Catch-22 situation. Unable to achieve a NASDAQ listing in the absence of meeting the minimum Bid price requirement. Unable to achieve said minimum Bid price via the retail contingent alone. Institutional parties being loathe to jump in en-masse in the absence of the company being listed or being approved to be so.
And again…
(Mr. Moskowitz regarding the "buyback".)
"That was one of the things that really helped our stock price going up in the last month. By doing the buyback."
And complete the buyback(s) as outlined above? And market level ascends to… ?
Unknown in general terms. But in true value terms it could be figured out. And we're talking significant.
The primary point…
Attend the Thursday meeting with the NASDAQ folks. Paint the share structure picture. Completed buyback(s) yielding additional pps appreciation. Paint the fundamental picture. Cementing the realities. Listing requirements largely met as of this writing.
Difficult economic circumstances overall has the relevant Listing Council willing to listen/to make concessions. As it has. Numerous listed companies trading below $1.00 being treated with patience and understanding. The economy gradually recovering courtesy of an astute White House.
In SPNG we're talking about a company resistant to the economic downturn. A company growing/expanding rapidly. An operationally successful company. A company the NCM would be proud to host.
The relevant council willing to listen to what makes sense. And, so, make the case for no stock consolidation. The path of least resistance in achieving a listing. Shareholder respect instead.
Complete the buyback(s) and market level will react once again. And significantly so. And if not sufficiently so? Well, again, appeal to the collective common sense of the Council. Make a deal. The NCM gaining a worthwhile component in SPNG. And in so doing, the institutional folks are "In Like Flint".
And voila!
A pps to smile about. All parties happy/satisfied.
Things are humming along. Today's PR cementing the fact of management being intent upon seriously moving market level. The PR parade to continue. Bringing in the institutional folks little by little.
The Thursday meeting being but hours away.
We shall see.
AI
