New DD Today
You will see that I added the companies contact information that is handing investor relations in the States for Qingdao Footwear to the iBox. I contacted them today and wanted to pass on a few tidbits of information I received.
First there has been no company dilution and from what I gathered beyond the potential forward split PR'ed today there won't be either.
As some here have suspected, they also believe the recent drop is due to a fairly large shareholders restricted shares coming free. Apparently he was paid 400K shares to assist the company with finding store locations throughout the Shandong Province. From what I have read finding enough space available, with the required square footage to set up a store, is extremely difficult in such a populace region.
I was told that they now have 300+ total store locations in China, up from the 200+ that was reported in the last 10-K.
Given the current numbers he estimated the stock could be worth around $6.70 per share.
So, my opinion is that this seller has to be nearly or completely out of shares by now. I wasn't able to follow the action today but there can't be much left, if any, so I think we should start seeing a rebound bigtime, especially once this new news of the forward split gets around. I see the potential forward split as a very positive sign of company growth.
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