Electronic Game Card, Inc (fka EGMIQ)

[Infromthecold]

So if we take these two letters at face value, what do we now know?

We know that US operations are spending (expensing) 300K a month while EU operations are generating 9MM a year from licensing.
At least one director could not find out how much cash the company had for months but she does seem to confirm that the cash was there as of last Sept 30, 2009.
US bills and salaries were not being paid from November 2009.

At least one director was unsure how many shares of stock have been issued.

New management and sales team have not generated any sales or income in over a year of being on the job.

The deal in EU has "reverted" to a licensing deal generating $9MM a year. Anyone know who this license might be with?

If these statements are true, how could anyone not think this is good news? If true they remove the doubt that this is a going concern generating real cash and that, as of last September the cash was real.

Management turmoil and chaos can be sorted out. Stolen cash and nonexistent business is hard to cure.