Clearing up a lot of wrong or misleading info posted today
1)Caveat Emptor Symbol added on pinksheets for SSWC
Pinksheets does this for every single stock that announces a change in control or a merger like SSWC did. Pinksheets does this to get each of these companies to pay them $2500+ for upgraded listing status. It is not something wrong with SSWC it is what pinksheets always does when a stock wakes up after years of quiet. This was a total BS attempt by some to shake free shares cheaply.
2)CEO's shares were not issued 12 months ago for the debt he bought. 12 months ago he bought up that debt. But the PR from June 7th 2010....last week said he just converted that debt into preferred shares a week ago not a year ago. His shares do not free up next week. JKRinvestor needs to learn how to read.
The 8K clearly says KG acquired the debt, nowhere, I repeat nowhere in that 8K does it say KG converted that debt into shares back in 2009. What we do have is a PR from 2010, last week saying KG just converted the debt he bought in 2009 into shares in 2010.
You know how you know for sure KG just converted that debt to stock recently and it will not become free trading for a year from now. You know because the debts KG bought includes interest owed through April 2010 way past when jkrinvestor thought the shares were issued..
8K doesn't say he converted the debt to stock in 2009
On June 16, 2009 and June 17, 2009, Kenneth P. Glynn acquired debt owed by SpeechSwitch, Inc. to third party creditors Jerry Mahoney, iVoice, Inc. and iVoice Technology
, Inc., as follows:
Promissory Note to Jerry Mahoney dated August 5, 2005 having a balance on December 31, 2008 of $80,956.27, and accruing interest, and thus having a balance of $82,035.42 as of April 30, 2010;
Deferred Compensation to Jerry Mahoney as of December 31, 2008 equal to $273,696.20 and accrued interest of $95,901.88 through May 31, 2009 and additional interest from that date through April 30, 2010 of $10,035.51 totaling $379,633.58
Promissory note to iVoice, Inc. dated March 5, 2008 in the amount of $50,651.52, and having a balance on May 31, 2009, including additional dispersements and interest, of $84,113.39, and from that date through April 30,2010 of $1,857.21, totaling $85,968.59;
Small loan from iVoice Technology, Inc. to SpeechSwitch, Inc. in the amount of $ 3,600.00.
PR from last week saying he just converted the debt to stock in June 2010
06/07/10
Ken Glynn, President of SpeechSwitch, Inc. (PINKSHEETS: SSWC), announced today that he has reduced the company's debt by more than $450,000.00 by conversion of debt to restricted Class A and Class B stock
CEO disbarred back in 2004
Spoke to KG about this.....He said he managed an office of lawyers. He signed off on their reports as manager of the office.
The problem came from Real Estate deals. People bought a house. The downpayment was escrowed properly. At the last minute the people wanted to pay for an upgraded over for example. So to close the deal the guys in KG's office would get a check from the buyer for $850 to pay for the upgrades. Then KG's office would write a check to the builder for the upgraded oven. Because this extra $850 wasn't put through the escrow account this was a violation. This is what they got KG for. People who worked in his office doing deals and not making sure all the money went through the escrow accounts.
SSWC gagged their TA.....total lie.
Fidelity has a policy of not giving out share info on any, I repeat any of the companies they are TA for. I repeat SSWC did not gag the TA, Fidelity SSWC's TA does not release share info on any stock.
AI
