midas: I think the CEO is a little confused.
In the stock market, there are always traders. I find it interesting that the BoD has authorized up to a one billion share buyback in light of a recent PR that stated the free trading float was 500M - 700M. Is the company buying back all their free-trading shares on the open market? Who do they plan to buy up to one billion shares from? Wouldn't the company be better served spending money to file their financial reports with the SEC to meet their short term goal of getting to the OTCBB?
The last PR was the classic, knee-jerk reaction to a price drop, IMO. The CEO was quick to blame SLJB'S recent crash for the PYPR's price drop. And then he goes and blames the shorts and daytrade "flippers" for holding the price back, which is borderline comical, IMO. Does he not know WHY SLJB crashed? It was because they promised audited financial reports on 11/15 and didn't deliver. "Shorts" and "flippers" had absolutely nothing to do with it, but that's besides the point.
If what happened with SLJB concerned him so much, I would think a good CEO who has publicly stated a short-term goal of going to the OTCBB would do one of two things:
1)file his own company's unaudited quarterly financial reports with the SEC and start auditing his annual reports for filing or,
2)audit his financial reports and publicly post them.
He can't claim "it's too expensive" since he recently claimed the company had post-tax earnings of $3M+, money should not be an issue (unless his earnings claim is incorrect). This CEO did nothing but post excuses, then came up with a suspect share buyback greater than the public float? If this company is for real, they should quit with the typical pink sheet gimmicks and get some outside verification to support their claims, IMO. And insted of doing an alleged buyback, shouldn't they use recent profits to pay off the debtors instead of issuing them stock (as posted in Note 2 of the financials)?
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