By: rickpic0 29 Jul 2004, 08:12 PM EDT Msg. 131 of 131 Jump to msg. # Spent 1 hour on the Phone with R. Ashton!
PRRM A/S 20,000,000,000 O/S aprox 300,000,000 per Richard Ashton 7/29/04 PM
I just spent an hour on the phone with Richard Ashton the CEO of PRRM he said the REGDEX filing was actualy a Form 504 filing. The REGDEX form 504 paper filing is to authorize the issuance of $1 million dollars in shares, and it was filed on 6/9/04. He didn't know how to find it online so I helped him get to it! The Form 504 authorized to a Market Maker, gives that MM the right to sell $1m in shares on behalf of the company. I was assured by Richard Ashton that there would be no further issuances of shares anytime in the forseeable future! The $1m is to add to ongoing Morgages being sold by PRRM. which are issued to medium to, higher risk client who need a loan now, rather than waiting out the 1-3 month loan application period! Most should be short term loans because PRRM issues these loan with a 65% maximum equity out value and a 12-15% interest rate, and get this! Approximately 20% points ($40k on a $200K loan at closing! Nice)! The next thing I liked was that all of the loans are writen with a 3% penilty for early payoff! Either way PRRM wins 12-15% for term or 3% out and they already have the points paid! He told me that the 1 to 10 forward split was issued because he understood that the PPS was low as a result of the 504 shares being issued and that it was to make shareholder feel better about there holding. He went on to say that and Im gonna quote him " There will be no reverse spit of PRRM share" I asked him if he could give me a guaranteed time for no R/S and he got a bit defencive, but said "I haven't even concidered it, but at least for the forseeable future. He added "I can't see an R/S happening this year at all" I had done a Google search for his name prior to my call and it brought back 4 more companies one of which is CSIN OTCBB so I asked him if there was any possibility of CSIN buying and adding PRRM as a Subsidiary and he said " I don't think that would be in the best interest of either company, but I do plan on filing to get PRRM listed to the OTCBB at some point in the near future" During the conversation and before we discused CSIN he made referance to another company he owns without naming it and it was stuff that has not been PRed yet so I wont post it, but my feeling was that he was refering to CSIN so I'll be keeping a close eye on that one, as well! There is another company with the symbol NRPI that you will come across if you do DD on Richard Ashton. It is now a shell with an issue. I questioned Mr. Ashton about the company and why it doesn't trade anymore and he said that it was a first company and that the transfer agent had issued more shares then were authorized and that he had contacted the SEC about it and they told him to fix it! He felt that the issue had been cleared up by the TA of that shell and that NRPI could become a tradeable shell if it wasn't already! He said " If you are buying at this level then he felt that you would be buying at the bottom" I assured him before the conversation was over that I was and would continue to do so till the PPS started to rise higher than I felt safe with! All in all, I found Richard Ashton, CEO of PRRM, to be very straight forward and to the point. He didn't try to avoid any of my question and he said that I was the only caller he had had in a month. He said there must be many people buying on spec with no infomation to go on and that he didn't understand how people could buy like that, and that he would be happy to discuse PRRM or CSIN or even NRPI with anyone who was smart enough to do there DD the right way!
I have added up the total sales at the bottom PPS on all days since 6/9/04 and my best guess says they have sold very close to all of the 504 shares at this time and I will be looking for a bounce due to demand when the 504 is done!
Prime Rate Investors, Inc., Coral Gables Richard Astrom, 786/236-6434 Fax: 305/666-3994 http://www.PRRM.us E-mail: nres74@hotmail.com
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