Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[Ray Clarkston]

I thought I would just check in after a long absence. I see that not much has changed from last year--in terms of the financial state of the company. I realize there has been much accomplished in the area of programming, but still not much in terms of carriage.

Sputnik, I agree with you 100%. I was harping on the finance issue this time last year. Until Frank produces a clean audit of the stock and Q's finances, this stock cannot sustain pps levels that will make the shareholders happy. Anyone care to bet on whether there is a relationship between the lack of financials and the lack of major carriers--sorry but TW Maine does not count as a major accomplishment. It's nice, but it certainly will not do much to fill the revenue coffers.

Also, if Frank is not still diluting the stock, where is all the cash coming from to fund content development/acquisition and daily network operations?

Has anything been disclosed about what kind of debt burden the company is carrying--can they obtain any financing yet without printing more shares for collateral?