A lesson on maximizing company value for the future:
Currently Pilgrim Petroleum’s stock has approximately 1,255,450,000 Outstanding Shares, 5,000,000,000 Authorized Shares and 1,233,500,000 in the float as of April, 2010.
I have been advised by multiple Investment Banking professionals that Pilgrim Petroleum should reverse its stock somewhere between 100-1000 to 1.
I have received emails and read public posts in the past from shareholders explaining to me that they have held this stock for X years and originally purchased the stock at X price and are wondering whether or not the Company’s stock will ever achieve this value again.
My answer each time is to explain that it is in my best interest to achieve the price point that they mention.
In addition, I feel sympathy for these shareholders because at the time of their purchase I was not an officer of this company and therefore had no means of preventing the downward spiral of the company’s value. As a result, I kindly respond to the afore mentioned Investment Banking professionals that "I do not feel a reverse split is necessary."
However, due to the conduct of many shareholders both via email and public posts my sympathetic viewpoint is rapidly waning. If there was ever a time that this Company’s stock should be reversed it is now due to its incredibly low current valuation.
Also, intelligent conduct would also have me, in an effort to increase company value, offer current shareholders an opportunity to sell their held paper back to the company at some sort of pre-determined sub par value.
Please understand that as an officer of Pilgrim Petroleum it is my ethical responsibility to negotiate the best outcome for the benefit of the Shareholders of this company.
In addition, as public forums have not been officially legally recognized as a public disclosure source this info will be posted on our Company’s website in a timely manner.
Forward-Looking Statements: The statements, which are not historical facts contained in this document are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends.
The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2010 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
AI
