well I spent about 40 minutes on the phone with Tony and it was very interesting to say the least. We did strike a good relationship so maybe I can be the "iaison" link for us..
The problem is I didn't like all that I was told so it will be hard for me to be a promoter of sorts. I was actually more interested in pushing his products over here in eastern Europe where I am currently living. He says the new web site will be up in a few weeks hopefully by March!
1. first question I talked about was the TA being gagged? He claims he thought that they weren't? I said no they are and I thought he should change that policy. He agreed that it would be good if they weren't and said he will attempt to change that. He also said he would be updating the share count on the web site as was done previously.
2. Next I asked if the AS was lowered or remained the same? He said you mean the 10 billion? I said yes of course! He said why would that be changed? I said to re build credibility with the share holders! He then started talking how that had to remain the same because of the remaining CD Debenture holders... Hmmmmmmmm not good......
3. They I tried to nail him down on the new share count and he gave me the approximate stuff? Like the previous amount of shares was about 9.5 billion? I said about doesn't work for me and please explain why in the last PR it stated that 13.5 had voted? His explanation was 5 billion were voting rights from preferred convertible shares.. So the bottom line ended up being that the new count is 13.5 billion divided by 500 so the current count 27 million shares now! He said he was getting it all sorted out with the TA right now.
4. He explained that the debt is a problem and that he needs to sell more product to get out of this situation. We then went on about selling in Russia and Eastern Europe since I am located here. I like the idea but have little to no experience in this line of products but who knows in the future? He also is very positive on his products and the fact that each year the sales are increasing?
5. I then flat out told him that even though your vote showed the RS was approved the average shares holder was against it and it was the large holders and preferred voting rights that made it pass. He basically stated he had no other choice but to RS to be able to pay the debt!
bottom line here is caution should be used... This stock will see continued dilution in my opinion? How much and at what rate is anybodies guess? Of course he is very optimistic and claims good things in the works? We have all heard that before!!!!
I also asked why the SEC filings had disappeared from the pink sheets? He said that they should be there and they fully intend on remaining a complete filing company and is not hidding anything. I ended with well then you should UN gag your TA and he agreed that was the right hing to do...
Lets see what the next month or two does but would be very careful here until we see what rate if any the dilution continues....
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