Replies to post #12558 on Electronic Game Card, Inc (fka EGMIQ)

[okvestor]

Further thoughts on your timing questions...

I think it is highly probable that the company asset issue raised in the February 12 withdrawal of its opinions by Mendoza Berger and the SEC suspension of February 19 was resolved fairly quickly. If so, then it would have been perfectly proper for EGMI to have released its statement on March 5 "that it believes that there will be no material change to the Company's net asset value." I see no problem with this March 5 release of preliminary findings on an important issue.

Resolution of this one issue, however, is far different from being able to release complete financial statements and SEC filings with all of the required disclosures and reviews required. Again, I believe this will likely take until close to March 31.

As for reported statements that IR indicated earlier release, if true, I can only speculate that (a) they were hopeful and understood the intense pressure for releasing info, (b) some key management are unfamiliar with running public companies and may not have understood the complexities of completing the amended filings, or (c) there was some miscommunication between management, auditors, attorneys, SEC or others that are involved in the SEC filings process about schedules.

While I doubt that management is trying to depress share values to pick up more themselves on the cheap (cheaper than their option exercise prices, in some cases), keep in mind that once they release information to the public these insiders will be permitted to take advantage of the depressed price just like anyone else.