We have been over it countless times before, but if you wish.
Please list the bait and switch tactics used. Be specific please.
In the campaign to convince investors to vote for an increase in Authorized shares from 500 million to 1.5 billion, Frudakis posted a letter to the shareholders on the website. In that letter he promised that there were no plans to use the shares at that time except to provide for a warrants program for all existing shareholders. He spent a great deal of time explaining the warrants program and how he wanted all investors to benefit as he and his father were doing. Additionally he promised that outside of the warrants program any release of shares from the new AS would be preceded by a shareholder vote. No shares would be issued without a vote. He was quite clear on that promise.
At the time the CEO was a man named Jack Luchese and the company had a large research team of PhDs.
Immediately after the investors voted to allow the extra shares, Luchese was gone, the research staff was gone, the warrants were gone, Gabriel and his wife were the new CEO and CFO respectively and shares were being dumped at an incredible rate. Within a couple years they had gone through the entire AS and had to perform an RS to enable them to keep printing shares.
Not one authorization vote for the release of any of those shares was ever held, not one.
No explanation was given for the false promises in the shareholders letter, but it was immediately removed from the web site even though every other letter remained.
I hope that is specific enough. The letter has been posted several times. I'm sure you can find it, but if not let me know and I will post it again.
regards,
frog
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