I too was concerned about the lack of any mention of the uplisting during the presentation, since that would obviously be one of the biggest selling points for potential investors. So, I wrote Crocker an e-mail on that and this is the key text of his reply:
"The company is actively working on the upgrade process and meets all the requirements to be accepted. I would expect that they will complete the upgrade by the end of this year."
I was out of the office yesterday so didn't see the reply until this morning. I sent a follow-up question confirming that "end of this year" refers to calendar year and not fiscal year, since I can live with the former whereas the latter would be extremely disappointing.
I guess I missed the part about 17 million shares fully diluted but I'm wondering if that is simply a calculation related to the convertible debenture, having to take into account the possibility of conversion at some point, rather than repayment of the debt. I don't believe they actually sold 6 million shares for a $30 million loan, as somebody put it, but I will be the first to say that I don't have a very good handle on how the debenture was set up, and how much risk there is to the shares being converted. I also don't know if there problem with getting cash out of the PRC increases the risk that the debenture will get converted or not.
At any rate, I think the final numbers for 2009 will be good, especially if the profit margin for quarter 4 is similar to quarter 3, and I think the top and bottom line forecasts for 2010 should be compelling.
GLTA!
Eric
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