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Sunday, September 30, 2012 10:58:25 AM
Read the credit agreement at the link below. I suspect the deal is similar to the one that EGOC has agreed to. The company the link pertains to is Jammin Java. That company is another penny loser (see ticker board) although they actually do have products to sell. They are losing money bigtime (read their 10-Q) and the stock price has plummeted from a high of about $6+ a year and a half ago down to 16 cents... How would you like to be holding that bag? So... who would lend them money unless there was no risk involved? No one.
http://www.faqs.org/sec-filings/120802/JAMMIN-JAVA-CORP_8-K/ex10-1.htm#b
That link seems to say that for all practical purposes TCA owns the company. They control the purse strings and can call the shots. The "shots" seem to be more dilution and that doesn't help EGOC. TCA benefits while the company falls on its face.
So how do EGOC shareholders gain with a similar agreement? I've yet to see anything that indicates that EGOC will be able to get their mythical products approved and on the market anytime soon, regardless of how much money comes their way. Without approval, they can sell nothing.
They've been jerking around for several years and the deadline for retrofitting anything will pass before approval occurs. They can't even seem to get their website together or an audit done, so I'm not optimistic. Think: how can they get approval, get on the market and compete with well established competitors within the next 14 months? How will they possibly repay TCA when they can't deliver on any promises? Is it managment's intention just to peddle more stock, take TCA's money and run? Your thoughts?
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