The key to the news this morning is that the auditor is going to be Panama based. Anyone with a shred of intelligence knows that there's one word that perfectly describes everywhere and everything south of San Diego - CORRUPTION. The only reason this stock isn't much higher after today's news is that there's still serious credibility issues with having a Panamaniam company doing audits. Also, verifying they have that amount of cash in the bank doesn't mean much, unless they can prove that they actually received it (somehow) as revenue and not an investment by someone or some entity.
"All 2006 numbers derived offshore will be certified with financial institutions in Latin America, where PANAMERSA Corporation derived the majority of their profits."
Does this mean they will NOT be using one of the big four? To me this sounds like they will have several small companies 'certify' (not audit)their own piece of the financials instead of have a large independent firm audit all pieces together. Wouldn't they have mentioned the name of the audit company if it was one of the big four.
Thoughts...
I am long and strong but this part of the release stuck out.
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