Robinson Reed is associated with a group of Hedge funds located in the Virgin Islands, Not good news IMPO - Here is some more info from another deal I found. Interesting this deal is with TIDELANDS Oil & Gas out of Texas. A convertible debenture.
On July 5, 2005, September 19, 2005 and September 29, 2005, Mercator Momentum Fund III, L.P., Monarch Pointe Fund, Ltd (the "Funds") and Robinson Reed, Inc. (a managed account of the "Funds") notified the Company of their intent to convert portions of their remaining 7% convertible debentures into common stock which were converted as follows:
Number of
Entity Amount Price/Share Shares July 5, 2005
Robinson Reed, Inc. $ 200,000 $0.76 263,158
September 19, 2005
Mercator Momentum Fund, L.P. 92,000 0.70 131,429 Mercator Momentum Fund III, L.P. 60,000 0.70 85,714 Monarch Pointe Fund, Ltd. 196,000 0.70 280,000 Robinson Reed, Inc. 52,000 0.70 74,286
September 29, 2005 Mercator Momentum Fund, L.P. 207,000 0.71 291,549 Mercator Momentum Fund, III, L.P. 144,000 0.71 202,817 Mercator Momentum Fund, Ltd. 459,000 0.71 646,479 Robinson Reed, Inc. 90,000 0.71 126,761 Total $1,500,000 $2,102,193
The "Funds" shares issued were all included in the Company's registration statement filed on Form SB-2 which was declared effective by the Securities & Exchange Commission on May 27, 2005.