Well we know the merger was terminated on 1/15/09 despite what Owen told people after 1/15/09 and despite what 'PAC insiders' said after 1/15/09. The merger was terminated on 1/15/09. So the only way PTRZ could be a subsidiary of Petro - Kanas is if Petro - Kansas purchased at least 51% of the company.
How much did Petro - Kansas pay for ASWD?
Who did the money go to? Owen Hawkins is the CEO of both companies. Did he pay himself?
A publicly trading company like PTRZ is required by SEC regulations to file an 8-K form for an event like this. This was never done.
Owen lied repeatedly after 1/15/09 telling people that ASWD and Petro America Corp were still engaged in a reverse merger. Owen spent the whole Summer of 2009 telling his shareholders that PAC and PTRZ are one company that merged but never turned in the paperwork to complete the merger. That once the paperwork was turned in the merger would be complete and the Petro - Kansas shares good under the PTRZ symbol. Lies, lies, lies.
If he lied about that then what makes you so sure that he isn't lying about PTRZ being a subsidiary of Petro - Kansas? You see with Owen's history of making stuff up that isn't true the only way anybody should believe anything Owen says is with proof to back up his claims.
Now assuming Petro - Kansas did purchase at least 51% of PTRZ at some point in time. Owen has already put out press releases claiming that PTRZ owns Performance Packaging Group. He has also repeatedly told Petro - Kansas shareholders that they own Performance Packaging Group. One of those two statements cannot be true. The only way both companies could own the same assets (by law in the state of Delaware) is if the two companies merged. Even if one company is a subsidiary of the other they would have to merge to share the same assests. This has never happened. Both companies remain two completely separate entities. Both with completely separate assets.
On the October 7, 2010 conference call Owen said and I quote: PTRZ is a subsidiary of Petro America Corp. We were going to merge the two together but when it was knocked down to the grey sheets our attorney advised us to file two 15c-211's. One for the parent company and one for the subsidiary company. So at one point we will have two publicly trading companies out there on the exchange. We'll be getting other information for you about that process in the near future.
Looks like he has no plans of merging the two companies and having them share the same assets. So which company gets Perforance Packaging Group? If I was a PTRZ shareholder or a Petro - Kansas shareholder I would want to know.
And let me throw one more little thing out there. At the end of May 2009 Petro - Kansas said on their website that they were going to be buying up ASWD shares. Is that legal for a company to spend it's shareholder money buying up shares of another company? Obviously if this did happen the only ones that benefited were the ASWD/PTRZ shareholders.
So many things very wrong no matter how Owen tries to justify it.
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