letter from the CEO
this is a response from bob when i asked him last year about share structure and financing.
--- On Fri, 9/18/09
"Of the restricted shares there are 9 million that will become eligible on Dec 2, 2009, which are issued to approximately 321 shareholders, the 2 billion shares (talking about the restricted shares the company owns) are part control shares and part debt and equity shares which will be canceled and reissued upon a trigger agreement effective the date of the funding which will not happen until the environmental permits are issued. Once that happens the block will be restricted for 24 months and returned once the debt is retired. In short the dividend shares are the only shares that may end up in the free trading float, but there are no blocks in that group that are larger than 30 thousand shares. In the history of the restricted dividends dating back to 2006 for CWRN (and longer for previous shareholders) very few shareholders have ever submitted opinion letters to the T/A, most likely due to the cost of attorney fees to issue opinions. We do not expect any effect to the market from the R/S. The company is in final development stage at this time and we do not see any need to issue 504 shares to support development cost. The other situation is an industry push to clean up the Pinksheet market and many dealer brokers are no longer trading sub-penny stocks (scotttrade*), so our most pressing obligation to our shareholders is to lift the share price over a penny without any reverse split."
Thanks Bob
Robert L. Cotton
President & C.E.O.
so here's the deal they got the funding and some restricted shared were given to the financier. Now once they get the first shipment out (within weeks) they retire the debt and buy back the shares and retire them (mid February).
good deal
oh also bullit posted 4 months ago that there would absolutely be no R/S because they can't and don't want to anyways. due to terms and agreement of the financing. financier owns shares of the company...
read the PR see how they mention AFFILIATES and insiders own over 60% of the o/s which is all restricted
