Expo Holdings Inc. (EXPH)

[Santa Barbara Broker]

You may want to recheck what is going on with the cabinet side..Last I heard..they had work scheduled for months to come

I have been patiently attempting to get a good idea of what activity has been going on at Expo's Shaver Street complex over the last month and so far, the most reliable reports are: "practically nothing". The cabinet outlet appears to be closed most of the time. The warehouse, largely inactive. Friday through Sunday it appears completely dead.

I can't vouch personally for those reports, but I trust my sources from previous correctly relayed information. I won't ask you to betray whatever source(s) (if any) you are using to determine that Expo Holdings, Inc. is engaged in building and delivering massive quantities of cabinets. I would just ask you who are they building them for? To whom are they delivering them? So far by all information available to me, zero cabinets have been delivered to a retail customer for resale. ZERO. That is reliable, yet unvetted information from my sources....but information which would seem to be 100% backed by the fact that this company, which would start a massive PR campaign based on the stripes in their parking lot being repainted or an order for 5000 1/2" screws being placed, has not issed a single update or PR associated with a cabinet retailer in over 10 months. At least not one that wasn't misleading or an outright lie. Does THAT sound like your Expo Holdings? The Expo Holdings YOU know?

So where is this evidence of all these cabinets going to retailers coming from? I see a broke, lifeless company with little if any activity being conducted (and what is going on could be NRS you know). I see it being run by broke, corrupt officers accused of stealing from their bank, their supplier and the Federal Government, who can't foster the wherewithall to hold a simple shareholder meeting as scheduled. Then there is the vision presenting Expo Holdings as a picture of a vibrant, healthy, well run company producing and shipping thousands of high end cabinets from months of ongoing orders and earning massive amounts of net revenues. A company that has no problems whatsoever with it's banks, suppliers or clients and has solved the problem with the IRS largely and is treating is as a mere "trifle" which will soon be entirely remedied.

Assuming one of the above descriptions is fairly accurate, the other one of those assessmentments of Expo Holdings, Inc. and it's current management team would HAVE to be perceived by a sane person as near sociopathically skewed and misrepresented to the point of being potentially described as a total fabrication steeped in clinical denial. Would you care to weigh in on which is which? TIA. All IMHO.