PowerLinx Inc (PWNX)

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Clarification of REG S shares

I am a differnt kind of investor, I really dont have the backround to be a broker, and never have claimed such.

Is it true that companies can issue REG S shares to oversea's investors without normal SEC filings?

How and when are such shares accounted for?

I have heard some of the shorts implying that SEVU has issued REG S shares. I dont put any credence into this hearsay, and I hope others dont either.

My question is, How can this be legal? Companies can sell millions of shares oversea's and not have to disclose it? It does not sound right to me. I was hoping someone here could shed some light on the sublect for me & most of all for the Shorters & bashers that have poised this outrageous theory!

Please advise