Eternal Image Inc (fka ETNLQ)

[silo]

I didn't have a great Christmas. Clint and crew drove the PPS down to these levels with their sneaky selling of their shares and giving of unregistered shares for cash. Here's a nice link that shows how much they sold. http://insidercow.com/
I totaled aprox $121,000. This year alone. Just type in the symbol name. And what was the total value of the unregistered shares given away? Anybody?


3/29/2010 - 8K
On March 23, 2010, Eternal Image, Inc. (the “Company”) issued 10,000,000 shares of its common stock to HighWater Capital Management, LLC (the “Lender”), an investment firm with offices in Hoboken, NJ and Austin, TX, as payment in full of principal and accrued interest (a total of $37,000) due on its July 9, 2010, $34,900 Secured Full Recourse Promissory Note with the Lender (the “Note”). The parties agreed to convert the Note to equity on March 15, 2010.The Note originally had a 60 day term and called for 12% annual interest compounded daily. At the time the loan was entered into, the Lender was also issued 1,263,158 shares of the Company’s common stock as additional consideration referred to as .an “equity incentive”.

In addition to the shares issued for the conversion of the debt to equity and as an equity incentive, in connection with the aforementioned loan, the Company issued the Lender an additional 6,125,000 shares at various times between September 2009 and February 2010 as consideration for the Lender extending the due date of the loan.

Another 3,529,412 shares were issued in September 2009 pursuant to the equity incentive provision of the Note due to a then significant drop in the per share trading price of the Company’s common stock.*
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per the 8K, 20,917,570shs were issued over time to satisfy a $34k note on 3/23/2010...that works out to 20,917,570shs @.0018pps...another possible source for the trading and pps slide of the past 3 months...

*what will happen to all the notes that come due or are past due and what incentives has/will EI mgmt be required to give to these noteholders to bring the due date current or extend past 12/31/2010...

$443k in notes due..

My prediction? The R/S will happen before 12/31/2010 and EI will issue more shares to the note holders who will then sell into the open market, driving the PPS further down, over the next few months.

And people will wonder where all the selling is coming from, even with a low float.


And since there has been no form 4's filed since the last time, we can assume the insiders have stopped selling. Or can we?

I'm selling, but will stop in now and then to check on my prediction.

I can't wish anyone good luck with this stock, because EI management, will see to it that they get as much as they can first.

All IMO.