PLNI from GreenBaron Report
Friday, June 17 News Alert: Plasticon Announces Company is Profitable as of Second Quarter 2005; Review of Financials for first and second quarter 2005 show Plasticon to be on a positive cash flow basis
Last week on June 15, Plasticon CEO Jim Turek presented at the Microcap Investors Summit, a half day event offering fund managers and analysts the chance to discover new investment opportunities in the microcap marketplace. The Company believes it was successful in delivering its growth story to these investment professionals, and that interest developed from the summit appears to be very strong.
The press release issued Friday demonstrates that Plasticon is now operating in the black. The Green Baron Report believes this achievement is just the beginning of major earnings results for the future. The Company also addressed the issue of its audit. We understand that the audit will likely be completed much sooner that the end of July, but the Company did not want to miss another internal deadline.
Some investors have been alarmed over the possibility of a reverse split since the question was addressed at the conference. Through our close communication with Plasticon representatives, we understand a more detailed explanation about the possibility of a split will likely be addressed on Monday, June 20. Thus far, our understanding is that a reverse split would not occur, if at all, until after the stock retains a Bulletin Board listing and likely at much higher prices. We will comment following any press release by Plasticon.
Mr. Turek said that the company's top priority right now is to have the company audit completed by the end of July. "I am confident that we can meet this deadline. This is a very important step for us. Once the audit is completed we will immediately file the necessary documents with the SEC, in order to move Plasticon to the OTCBB. We expect this to be accomplished in the next 30 to 90 days. "
Mr. Turek emphasized that there will be many exciting announcements in the coming weeks and months, and noted that investors and shareholders should visit www.plasticonintl.com frequently for updates. "We approach communications with our shareholders and the public very seriously and we feel that it's very important to bring openness and integrity to the process. For news about our company, we urge investors to rely on trusted sites only. It has come to my attention that there is a lot of misinformation being bandied about on the internet regarding PLNI. If you are an existing shareholder or are considering buying stock in Plasticon, please consider very carefully the source of information you use to make your investment decisions. I urge all investors to make their decisions based on sound fundamental information and not on rumor, conjecture, or innuendo. It's unfortunate that there is so much incorrect information on the internet, but again we would caution investors to only rely on trusted sites and other offline sources for investment information."
Strong fundamentals for Plasticon International give Mr. Turek a very optimistic outlook as the company moves forward. "We are certainly in a very promising period of growth right now," Mr. Turek said. "The company is on very solid footing and is positioned for tremendous growth. PLNI offers serious investors strong fundamentals, superior patented products, an unprecedented distribution network in our sector, low overhead and positive earnings. We are grateful for the support of our existing shareholders and welcome those of you who are new owners of the Company," Mr. Turek said.
