Dec 31, 2006 ------Mobilestream was dissolved and all outstanding MSRM shares put into a liquidating trust. The company could no longer issue or sell any new shares into the market, but the existing float of retail shares on the OTC market must legally continue to trade until a registration and distribution of the replacement shares was completed. That was the original plan and the liquidating trust was set up to receive the shares, but the act of conversion required 'registration' and was held up because of an 'investigation' into fraudulent practices by certain entities outside MSRM and GRC. The actual registration process, as it turned out, did not start until Feb. 2008.
A market where retail investors can liquidate had to be maintained and has been since December 31, 2006 (except for 10 days in March of 08). The registration is still 'pending'. Getting the registration done was interfered with and delayed by the investigative agencies involved in the fraud case.
STOCKHOLDER ALERT (posted on the GRC web site after the arrests and temporary halt of MSRM trading) During the last part of 2006, our Management (which was also the management of Mobilestream Oil, Inc.) became aware of possible irregularities with respect to the shell corporation, originally called “Mobilestream, Inc., which had been purchased by Management for its energy business. The Board of Directors retained legal counsel to investigate the matter and, in early December, 2006, that counsel gave a report confirming that irregularities had occurred. Moving quickly to protect the shareholders who had purchased shares in Mobilestream in reliance upon its business plan, that business was deliberately sold to Global Resource Corporation on December 31, 2006 in exchange for shares of Global Resource Corporation to be distributed to the Mobilestream shareholders in exchange for their Mobilestream shares. At the same time, we asked the NASD (which regulates stock trading) to stop trading in the shares of Mobilestream Oil, Inc. The NASD indicated that it could not do that, but put Management in touch with officials at the US Securities and Exchange Commission (“SEC”) and the US Secret Service who were investigating the persons who were engaged in the irregularities and selling the shell corporations which they created. Management provided these agencies with all relevant materials. The Securities and Exchange Commission, after a lengthy investigation in which we have fully cooperated , has now stopped trading in the shares of Mobilestream, Inc., now known as Mobilestream Oil, Inc.
THIS DOES NOT AFFECT THE SHARES WHICH YOU WILL RECEIVE IN GLOBAL RESOURCE CORPORATION. Those shares are in a Liquidation Trust, a Registration Statement has been filed with the SEC to register those shares for distribution, and upon effectiveness of that Registration Statement all Mobilestream shareholders will be notified to exchange their old Mobilestream shares for the shares of Global Resource Corporation. We expect this to happen within the next 90 to 120 days.
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