SPO Networks Inc (SPOI)

[Rotary Guy]

Hello HLNT message board. I have been checking out this company because I too am interested in the progress of Hydrogen fuel technology.

First, just so you know where I'm “coming from”, I admire and respect the entrepreneurial spirit and will always root for those individuals who endeavor to bring new products and technology into the market place. This is a task that is becoming ever more difficult in today's over-regulated economy and the capital vultures who manipulate the otc markets to make their money on the backs of real producers. From what I can tell, I think the HLNT management is doing the best they can under the circumstances they have to work within. I'll get off my soapbox now and answer PD questions and Isbister's comments concerning HLNT filings and debt.

My information comes directly from the companies own information located on the new Pink Markets trading and reporting platform. You can see their filings at: HLNT Financials

In Oct of 2006, System Evolutions, Inc (now HLNT) filed a form 15 to be voluntarily delisted from the SEC reporting requirements.

CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 000-31090
Systems Evolution, Inc.
(Exact name of registrant as specified in its charter)

In Feb., 2009, HLNT began reporting to OTC Markets directly. See link above.

This practice of delisting from SEC to file with OTC Markets is becoming more prevalent as it reduces compliance costs substantially. You will see they are categorized as a “Limited Information” filer. This simply means their financials are not audited. But they still must meet standard accounting practices.

The reason I'm going to this length is to show that it is not necessary to be an SEC filer to still provide company transparency. It is possible they will re-register with the SEC to be fully compliant at some time in the future, but that is expensive (a new full registration required). After going to the trouble of changing their trading platform, I can't see why they would bother re-registering now (unless of course it was prior managment's decision that they didn't agree with). That's beyond my knowledge.

Now the 2nd part concerning debt. There are 7 convertible notes amounting to just over $6 million dollars. I don't know the age or conversion terms, but in my opinion, I think it is safe to say that most pink sheet companies do not get to nearly 2 billion shares issued and outstanding (1.8 B) without some hedge fund converting large amounts of shares (and the hedge fund working with their prime broker and market makers to manipulate the market action), like I said, just my opinion.

The good news is they are producing and marketing products, which is a major step in the right direction. Hopefully, the current management will find a way out of this significant debt albatross around their necks. I have more to say but this is long enough for now.

Rotary Guy