Text of e-mail received today from a shareholder who apparently has links to a large group of IPWG investors.
the proposal was in a word document and is not part of the following text
I would be grateful if you could forward this to all shareholders within your groups. Pleas feel free to come back to me with any additions or alterations.
I apologise for the delay in communication but it was through no fault of ours. We have been strung along by IPWG management and Board of directors for the last number of weeks.
We had put forward a number of proposals to help ease the worry within the shareholder groups. Please see attached proposal above.
We felt that the proposal was in the best interest of IPWG shareholders. After receiving verbal agreements from Mr Peter Toscano and John Benvengo along with other members of the board, they then have gone back on their word and have closed up shop.
We requested a shareholder meeting only to be told we couldn't do this. Under the by laws of IPWG we were entitled to do this if we had 10% of the vote. However the board have changed the by laws so that you need 51% of the shareholder vote to call such a meeting. Our attorney is looking into this as we are concerned about the legal aspect of this and a number of other filings and preferred stock actions that have taken place. Re the preferred stock issue, IPWG only 2 weeks ago issued preferred stock to parties with voting rights of up to 25000 to 1. This is a blatant attempt to swing any vote that may oust this current board.
We also requested under Delaware law section 220 to have an accountant look at the IPWG books to clear up any issues. We were told by Mr Peter Toscano that we could do this at any time. When we set in motion the 220, the request was denied. Again if they have nothing to hide, why are they fighting so hard to hide it.
The company has issued letters to myself and other shareholders to sue us if anything went wrong with the Poalnd or Italina funding, indeed Mr Toscano has threatened to sabotage the Poland project if we continue with our actions. I find the fact that a board member within a company would do this. The fact that he is still a board member after we highlighted this is further testament to the boards attitude.
Mr toscan has also furnished a letter from GEEG that states that they will pul out of the deal with IPWG. We find this somewhat ironic since GEEG is 64% owned by IPWG so they basically threatened themselves!
On the matter of GEEG withdrawing, this is false as the deal is fully contractual and this is a desperate bid by Toscano and his board to circumvent the shareholder.
Indeed their Attorney Mr Hank Gracin went so far as to tell me they could do what they want as it was a private company. Needless to say Our attorney has set him straight on the differences between private and Public companies.
The reason the board is so keen to stay is that only a few weeks ago they issued themselves more stock as remuneration for all the work they have done as well as giving themselves $30,000 cash when the italian funding comes in! This is your current board at its self servicing best.
Needless to say there is lots of other issues that we believe has caused the general shareholder to lose out
We have our attorney dealing with the situation at the moment and we will follow this to the full extent. I hope we have the full backing of you the shareholder and we will do our best to ensure that all shareholders have a voice going forward.
AI
