It is impossible to tell if it will be good or bad news. I won't find out until after it happens.June 17th will tell us for sure.
ING said the bonds are phony - so who does one believe? a penny stock CEO or the bank ??
hmmmm!!!
very tough choice
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January 18 2007
Parafin Corporation (OTCBB: PFNC), in its various incarnations, has displayed a certain sense of consistency. The Company periodically announces imaginative – if impractical – business plans. It disappoints investors by failing to develop the promised businesses. And it fails to generate revenues. A scheme to market “900” exchange telephone numbers to fundraisers at the major political parties fizzled. See, Dialing For Dollars- Ecom.com, Inc. So did an attempt to join forces with another dubious penny stock company, Spectrum Oil Corporation. See Spectrum Oil Corporation, Part II – Thirsting For Information.
Likewise, the Company’s latest three-pronged plan - to market an “ergonomically engineered computer workstation, broker sales of Russian crude oil, and explore for hydrocarbons in Paraguay - has not yet yielded discernible, meaningful results. See, Parafin Corporation – Crude Ambitions.
As a further mark of consistency, the Company has been led throughout these various ventures by an individual named Sidney B. Fowlds. Mr. Fowlds remains in charge despite the Company’s lengthy history of underachievement. Far more substantial companies have jettisoned chief executives for significantly lesser failures.
The Company’s most recent public report reveals that its dismal track record is intact and Mr. Fowlds is still in charge. On January 16, 2007, Parafin filed its Form 10-K report for the year ended September 30, 2006. As that report reveals:
* Parafin does not have any customers for its ergonomic workstation and has not received any patents for the product;
* Parafin has not received necessary approvals from the government of Paraguay to pursue hydrocarbon concessions. The Company has been seeking final approval for approximately three years;
* Parafin has not yet successfully brokered the sale of Russian crude oil and does not know when or if its proposed deal to obtain oil from Oy Coral Marine Management Ltd. Will ever materialize.
The Company says it hopes to use its own shares to finance the purchase – but so far that does not appear to have occurred and neither Parafin nor the seller of the oil have managed to arrange for delivery of the oil on terms acceptable to a potential buyer.
The list of “near misses” has continued. In September 2006, the Company signed an agreement with Wellsink Petroleum Co. Ltd. of Bangkok, Thailand to resell diesel oil – presumably from Russia. That agreement has been delayed “by problems in documenting the financial arrangements between the three banks involved in the transaction.” The Company’s Form 10-K predicted that the financial wrinkles would be resolved and delivery of the oil would commence – although “not until after November 30, 2006.”
A press release issued by Parafin on November 30, 2006 said that the deal remained stalled. The Company attributed the delay – at least in part – to a recent military coup in Thailand.
Not surprisingly, the Company’s financial condition remains weak. Parafin has no money. The Company’s sole asset consists of its right to a “Computer Environment Workstation,” which it values at $6,059,552 - although it remains in the design stage and no patents have been issued.
The Company has no revenues – it never has – but it has incurred almost $40 million in expenses since 1978, including more than $26 million in consulting and management fees.
Still, despite the Company’s questionable worth, Parafin’s common stock was selling at $0.13 on January 18, 2007. The Company – which has approximately 79 million common shares outstanding – has a market cap of more that $10 million.
As Don King used to say, “Only in America.”
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