Obviously PVEC doesn't have $4 million to distribute as redemption for the Series C "gift" shares. It's having to sell shares to toxic funders just to pay its normal bills and Peter's salary.
They've sent out some certificates, however they weren't processed or apparently even recorded by the transfer agent. As I've said from the first day they announced this huge "gift distribution," these shares will end up worthless regardless of whether a certificate is sent.
PVEC is insolvent with several recorded judgment liens and at least two current lawsuits for defaulted debt. It has no operations or actual assets. Recent communications from CEO Peter Villiotis state that he is trying to raise $850,000 to $1,000,000 in "initial funding" in order to buy 3900 acres of undeveloped land in the Bahamas and develop it into a new cruise and ferry port as well as to buy ferries and cruise ships.
He needs $850,000 to $1,000,000 to begin his stated business plan but offered in March and then in April that he is going to distribute 20 million Series C shares redeemable at $.20/share which equates to $4 million.
This "gift distribution" was announced solely for the purpose of driving demand for shares to allow for additional dilution. I have never believed it was sincere. In fact, it was also obvious that it wasn't even rational.
Why would a development-stage company with no operations and still trying to raise funds offer to give away $4 million in cash that it didn't have?
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