Recap of my call with Mr. D'Angelo:
He is a very candid and straight forward individual, and I enjoyed speaking with him. He gave me his background - he actually used to be a trader before he got into the CEO world. Has had a couple successful IPO's in Australia. Overall I was on the phone with him for about an hour. He called today instead of tomorrow because he was going back out of town (more contract deployment) and would not be available so he took it upon himself to call me a day early!
Ok to the questions:
1) When will Attorney Letter be released so PERL can go current?
Answer: He couldn't say much except that is was extremely close, maybe a few days or as early as next week. What happened was they paid the old attorney, the old attorney submitted his opinion, and due to the previous dealing the OTC had with this attorney they attempted to contact him for further information. It has NOTHING to do with misdeads or a lack of information on the company's behalf. Anyways the attorney disappeared and wouldn't talk to the OTC or PERLA. They are currently looking into possible litigation against the previous attorney. They do have a new attorney (he wouldn't tell me who it as we will find out once submitted). Apparently they are also looking into litigation against the old company (Elm Technologies) b/c when they did the reverse merger they were told the shell would be current, etc. THIS IS ALSO WHERE THE CANCELED SHARES CAME FROM. They were Ex-Directors and the company canceled their shares.
2) Does PERLA Group intent to issue a Press Release concerning the progress of the last 2 Purchase Orders?
No they company does not plan on making on going statements, he said it's just not how they have every done things. He said we will see the $ in Q2 financials. But he did tell me the first PO is currently being delivered and the 2nd PO is scheduled to begin deliver July 1.
3) Has any progress been made on the Teleport facility?
No it got put on hold so they could deal with the public concerns that Elm Tech left them. They currently still own about $1.5M in telecommunications assets and the deal was likely to go forward after pressing matters have been addressed. He also said a high $ contract was being negotiated and a deal has almost been reached so watch out for more contracts in the Telecom Division. He said they were primarily in the Africa/Caribbean regions. Only 20-30% of their telecommunications technology is targeted to military applications the rest is straight up VOIP, Video Conf, Internet, etc.
4) Is the closing of the aviation acquisition still targeted for the end of June 2012?
No it has been put on hold until our market cap is high enough to justify an acquisitions with a combo of cash and shares. Still working closely with the business, however, and the deal will go through when the time is right.
5) Do you outright own the AK-1? Or do you lease the rights to be the only distributor?
PERLA owns 30% interest in DB Copter who owns the AK-1. They have exclusive distribution deals in the US, Latin America, Africa, and the Middle East while another company has the rights in Europe. But as the US and Brazil are the 2 biggest markets Charles feels they have great room to expand. Their direct competitor is Robinson Helicopter Co. The AK-1 competes with Robinson's R-22. The AK-1 is 195k vs 330k for the R-22 and is also 3 blade not 2 so it has increased performance, reliability, lower cost, etc. He told me he used to pilot the R-22 and R-44.
6) How is Veloce progressing? New products, plans, etc?
Currently the FL store is the only store open. The LA and NY stores did not open but they are still in talks. The guy from LA is very wealthy apparently and he is buying many in bulk/wholesale. Apparently, he owns over 900 franchises. The ATV has already been released. The website is being updated. Franchise Fee is 25k and that includes about 10k of product to initially sell. Scooter sells for $800-1000 so we can take their rev's for Veloce and figure out about how many bikes they sold.
7)Why are Mr. Thomas Guerriero and Mr. Stuart A. Meyers not on the website's Board of Directors?
He said this is one of the questions he couldn't answer - and that an announcement was going to be made shortly concerning changes to enhance the Board. Don't know what that means - if they are no longer on the BOD or what. www.wmxgroup.com still has Stuart Meyers listed as being on the BOD for PERLA so I guess we will have to wait and find out.
8) Why has the website not been updated?
In process of being updated right now - Our People was purposely taken down but will have all the KMP and/or managers worldwide.
9) Can you give me a break down of the number of employees for each division? Are Mr Smith, Mr Adolfsen and Mr Canton still employed by PERLA?
Mr Canton was let go after 2 months, apparently he did something dirty as they are looking into possible litigation against him. Mr Adolfsen was fired after a few weeks. They have a long standing relationship with Mr Adolfsen, he just left to go back to contracting.
10) New contract with UN - top 3?
He laughed and asked how I even knew that...and that it was fairly accurate but he couldn't say more. He also advised us to be careful what we post around here because that wasn't exactly supposed to be let out (WORKINIT IM LOOKING AT YOU!)
11) Uplisting...when?
Basically he said the company was ready to be audited - they are just taking the baby steps necessary (current first). They were told the stock was current when they got it and are looking into litigation against Elm Technologies as well as they canceled the 200M shares the Ex-Directors had.
12) Shorting
Can't say much except they are observing the trading. They took action against Cantor which is why you saw CANT go away. They are suspicious of AUTO but have no proof but he asked me if AUTO had been less aggressive as of late and I told him yes.
Tried to write most of it down - I'm sure there is more I forgot I'll update later if necessary.
If you have any questions ask away!
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