Alamo, I am reposting your conversation with Steve. Thank you for your time and effort in bringing that info to this board. :o)
OK. Whew! Just got off the phone with Steve. Yes, he has an English or Australian dialect. His call originated from the 760 area code. I wouldn't be surprised if it wasn't from the Encinitas address on the Nevada SOS filings. Here's what we covered...
He personally believes stock is "undervalued" and feels "stock value of .01 is realistic in the short term". He indicated there is "institutional interest".
He admitted the 'fundamental problem involved is having 2 businesses'. Manufacturing and Financial Services. He says 'we need to fix it'. He indicated that they both are very good business models and hold significant value. He says he'll 'figure it out before Thanksgiving'.
When asked about the Sponsor Bank, he shared the BIN is ordered and because it's a new process, they must get FDIC approval and Regulatory approval before they can officially announce the Bank. He is meeting with the Sponsor Bank and Regulators tomorrow. I repeat TOMORROW.
When asked about Meta Bank, who is active in the pre-paid card industry, Steve advised that they are a 'big bully' and although they are a 'good organization' they would 'limit our flexibility' and 'would limit our profitability'. For example, he shared that we would only gain '$3 per card Meta', but, 'could achieve $8 per card with our Sponsor Bank'.
As for shares, he advised the A/S is 2 billion. He firmly said, 'I won't increase'. As for O/S, he indicated he's only issued half that. He guesses the float to 300 - 400 million.
As for officing, he said his main office is in Shin Gin (sp?) and has 7 employees along with factory workers. He has 1 employee in Vegas, employees in San Diego and 4 in Orlando. In fact, they will be moving the Corporation to Orlando, FL. They will issue a PR when this move takes place.
He's fully aware of the need for info and is working to get the information out to shareholders. He was very optimistic and when I shared there is a number of us in the red, he said, 'hang in there'. He indicated he expects to release a PR by either EOW or next week. It may not be major news, but, we could 'anticipate very positive news within several weeks'.
I was pleasantly surprised at his returning of my call and he indicated he's in the process of doing it now. So, you may be next. In the meantime, I feel confident in recommending we buy down our average and load up in anticipation of the next run that is certain to come. GLTA!!!!
AI
