And you guys dare to put it as title at the top of the board???
There's strictly NO VALUE for COMMON SHAREHOLDERS !
This " Company " earned $ 98'000 in 31 years !!! and had
$ 52'000'000 debt!!!
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PARAFIN CORPORATION (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS UNAUDITED (Prepared by Management) SEPTEMBER 30, 2009 NOTE 1. The Company issued 3,630 Preferred Shares in reliance upon Regulation "s" (and be subject to Restriction 144 of the United States Securities and Exchange Commission), an exemption from the registration requirements of the Act for offers and sales of securities made solely outside the United States of America to persons who are not "U.S. persons" (as defined in Rule 902(0) of Regulation "S"). The Shares were issued January 8, 2008 and may not be offered or sold in the United States or to any "U.S. Person" during the "restricted period", or whatever other hold period as maybe or is designated for 144 by the SEC, which will commence upon issuance of the Shares. The subscriber paid for the Series "A" Preferred Shares by delivering to the Company 2,400 5.5% ING EURO BEARER BONDS DATED FOR REDEMPTION JUNE 16,2010, each Bearer Bond having a face value of 1,000,000 Euros. ING is disputing the Corporation's right to own the said Bonds and their validity. The Corporation is of the opinion that its ownership and posession of the said Bonds is valid. The Corporation is in the process of validating its claim. The Series "A" Preferred Shares are redeemable, retractable on demand and secured only by funds from the sale or redemption of said Euro bearer bonds dated for redemption June 16, 2010" The Preferred Shares issued by the Company bear the Legend as follows: SERIES "A" REDEEMABLE, RETRACTABLE ON DEMAND, NON-VOTING PREFERRED SHARES ISSUE PRICE US$I,OOO,OOOPER SHARE REDEEMABLE AND SECURED ONLY BY FUNDS FROM THE SALE OR REDEMPTION OF ING EURO BEARER BONDS DATED FOR REDEMPTION JUNE 16,2010"
NOTE 5 FUNDING CONCENTRA nON Monies raised to pay down the debenture have been provided by the issuance of common stock through the Company's fiscal agent Rukos Security Advice AG, a broker dealer whose principal offices are in Frankfurt, Germany. --------------------------------
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