Ga Bard, I was able to verify from TA, that the fully diluted shares have indeed been reduced to 7.8 million. At least this is good news.
Since it has been determined that the financing referred to in the 3/23 PR has indeed NOT been funded as yet, I suspect the company may have found themselves short on cash. This could have prompted the need for the President to sell some shares until the final funding has taken place.
Yes, I have to admit it certainly doesn't look good when any insider sells shares. But, I would rather it be known via a 144 filing than to find out later it was coming from some offshore acct. If you think about it, why would the president even WANT to sell and screw up the market for a measily 300,000 shares, ESPECIALLY if the company is trying to finalize some kind of financing??? It just doesn't make sense to me. The only thing that makes sense is, that there was a need for cash.
Any time I have seen P&D in the past, it has involved a whole hellava lot more stock than this. It's unfortunate that the 144 filing occurred, right at this moment in time, right when it appeared to be on the verge of breaking the $.30 barrier. All it did was give fuel to MM, who are from all appearances, shorting the stock.
I believe the shroud of uncertainty will continue to remain until such time the funding is announced and verified. Hopefully that won't be a long wait.
Thusly, I am not ready to throw in the towel just yet.
Man O man.. what a difference a day makes!
FWIW, Steve |
