Replies to post #16118 on Nexus Energy Services Inc (IBGR)

[Nadendla]

well that 4.7% that you reffered is nothing to worry about..got it clarified with the company!.

This 4.7% is not the shell. It is the private company that existed prior to Howard taking it public. He owned 95.3%, and 11 others owns the remain 4.7%. Ten of them live in Rocky Mount, NC, and one of them lives in Orlando, FL. They do not own stock in the public company. They were some local friends and family that invested in it over the years.

When Howard went public, he contributed his 95.3% into the public company, but the 11 others did not, and instead held onto their private company position.

The Preferred B issue was established for them if they wanted to convert to public shares, but none have done so. They will get to participate in the profits of the company, or Howard may give them their money back at some point. It's not much.