don't think anyone thinks it was created today..it was only alerted today on ihub though and this is also the first I see that it was alerted in any kind of stock forum. As for the tweets a few months back, I guess the twitter search is useless as I assumed they should show up here and there was nothing before today:
thats beside the point - those specific tweets just link the PR that doesn't give any indication of public trading - none of those tweets come from stock traders and I have only seen 1 or 2 old ones from a 'trader'...so essentially today is first kick of the can.
Regardless, as a guy that knows how to read a balance sheet, pure logic and nothing more says that deal never amounted to $72 million.
Last reported earnings 3 month ending Jan 31, 2010, revenue $546k, losses $349k, total assets 1.2 million, liabilities 8 million, stockholder deficiency 6.8 million, inventory of $490k, 6 month sales 940k with loss of 940k...annual trend through 2008 implying 'steady' growth, not the 5000% they would need to justify the buyout value.
Then you got the basic scary stuff:
The Company is currently in default on the loan agreement with CMMG as payments of interest and royalty fees have not been made within the agreement’s terms.
Going concern:
We have not yet achieved profitable operations and are dependent on our ability to raise capital from stockholders or other sources to meet our obligations and repay our liabilities arising from normal business operations when they become due. In their report on our audited financial statements for the year ended July 31, 2009, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosure describing the circumstances that lead to this disclosure by our independent auditors.
So thats all that...as to the PR...why exactly when head office is in Toronto would they release the same PR 3 days later in Hong Kong and just tweak the first couple lines to reflect the purchase price? Where is the filing of this great event outlining this information since they supposedly made it public record? Why didn't they follow up through marketwire again with the revised PR?
Those are all just little things in my books - the key is in the fundamentals and the knowledge that you don't buy a company pulling $2 million in sales and in default and/or heavy debt for 36x sales!
That's all I have and there isn't anything more to be found until I hear back from the inquiries I sent in. I am usually right on the far fetched kool aid stories so use some common sense if you are just arriving here to decide how legit this price tag (the only thing in question) is. I'd contact Tatler Pacific, but I can't even find a single mention of it outside of this PR - maybe its 'Tatler', but thats just a magazine owned by Conde Nast, not a company! Beats da heck out of me.
The main players probably realize all this anyway, but they surely wouldn't admit it until they are fully out of their position.
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