An Interview with Peter Boonen (Part 1)
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Disclaimer: This Monk is only a messenger who share the following message with my cyber friends and enemies. I have received no monetary considerations from Peter or IMMM. I fully enjoyed the Passion Fruit ice tea at the Island Restaurant in the Palos Verdes area while he buried himself into a juicy hamburger. He picked up the tab. Also this Monk's DNAs are deteriorating fast and will make mistakes in comprehension and typing. So don't be surprised if you find extra zero or omitted decimals. Lastly, this is NOT an investment advice or solicitation to buy. Do your own due diligence, as any prudent investor should. Good luck.
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I met Peter Boonen, the President of IMMM, at his lawyer's residence which overlooked a gorgeous golf course and the Pacific Ocean. We had a brief conversation (I looked into his eyes. I observed his body languages. I sensed his emitting heat wave. And I searched him for hints of SCAM) ranged from Tibetan Monk's meditation to mass suicides, we went out for lunch, with his lawyer and his associate. After we came back , the interview began......
Monk: Before we start, I'd like to level set (technical jargon) with you. I am a "retired" computer guru who knows nothing about Geophysics. This is my business card. I am also a "retiring" portfolio manager who has some heavy-weight clients. These are their monthly statements and their holdings in IMMM. Also, don't let my looks fool you, I am a senior citizen. Do you want to see my driver's license?
Peter: Interesting.
Monk: Now you know where I stand. I have a vested interest in your company. If your company doesn't perform, my quarterly compensation will go down the tube. Let's get down to business. Why did you choose IMMM, knowing that it is a startup with all the usual growing-up pains?
Peter: I did not choose IMMM. I created IMMM as an investment banking concern about a year ago before I met Michael Stamm. We went public last November to bring forth the EM Sounder technology to the commercial applications.
Monk: How many shares of IMMM are you holding?
Peter: 5.5 million.
Monk: Any restrictions?
Peter: 3.4 million is 144 stock. The rest can only be sold at 1% every 90 days.
Monk: How about Michael?
Peter: 6 million shares. All 144 stocks with a two year restriction.
Monk: I was told when drilling starts, there will be promotions. Peter, show me the PR.
Peter: The Opportunist magazine will be out this weekend. 250,000 copies will hit the street. 35,000 stories will be broadcast by news agencies.
Monk: How about drilling?
Peter: There will be press release for the April 15 drilling. The good Doctor will be there to lend technical assistance.
Monk: Show me more PR.
Peter: On April 18 Time to Buy will e-mail to 250,000 clients. In the next 45 days, e-mail will hit 600,000 clients, associates, subscribers and others.
Monk: Is that all? You've got to do more promotions.
Peter: On April 28 through May 1, we'll have a booth in the Money Show in Las Vegas.
Monk: Show me your money!
Peter: On July 9, we'll be at the Discovery Expo 97 in NYC.
Monk: I am a balloonist. I need more hot air. Show me show me.
Peter: We also have several PR outfits for spreading the news. Portfolio Group is a stock picking service. Shining Star is a small investment group. Eurasia Capital is a PR, liaison and promotional concern in Florida. Worldvision Financial is a telephone PR firm.
Monk: Impressive. If EM Sounder is hot, why haven't Exxon and other giant bought it outright? Judging from today's closing price, you guys are pocket changes.
Peter: Michal will not sell. He spent a lot of his own money to bring forth this technology. He is possessed in proving himself in the face of skeptic who said, "It can't work." He is determined to commercialize this technology. I've found the opportunity very exciting.
Monk: Any restrictions?
Peter: It doesn't work over salt water, clay and certain type of soil. Sometimes the depth of penetration is dependent upon the types of structure.
Monk: David Noon and other scientists seemed to be skeptical about your technology. They claimed the depth with said resolution was a physical impossibility. Tell me Peter, is the picture in the website for real or is it a fake?
Peter: Monk, this picture is real, with some minor touch-ups and colors. It shows a scan of over 5,000 ft. Before we accepted Michael claims, we did our due diligence. We invited certain scientist to participate in the Doctor's presentation. If this is a fake, we have a nut case here. Highly unlikely.
Monk: And legal ramifications too. I'll sue if I bought IMMM because of the scanned picture.
Peter: In Geophysics, no single technology can stand up on its own, even 3-D seismic. Yes, EM sounder is a complimentary technology. You see most exploration companies use a number of geological science technologies. EM is best suited in area with already known information. Once fly-over is done, it'll give a picture with higher resolution than 3-D, revealing not only the structure, but the content indication by signatures. Yes, it can go to 4,000 meters.
Monk: Why Australia for financing?
Peter: Three IMMM directors are Australians who have established relationship with local brokers and investments bankers.
Monk: As you know, I am a chartist and chart won't lie. I know the general market are crashing but someone has been selling IMMM. The chart told me so. Who is the culprit?
Peter: To the best of my knowledge, there are two person who have been selling. The selling doesn't mean that the validity of the technology is in question. It is more of a personal need and other reasons.
Monk: OK. I am not interested in getting their names or how much they paid for their shares. Tell me, how many shares they are still controlling at this very minute?
Peter: (Pause) 800,000 shares.
Monk: At today's closing price, it is peanuts. Are you sure you only have 5 million shares float?
Peter: Yes. I believe 100% that 1.5 million shares will not be sold before drilling, and 75% that 2.5 million shares will not be unloaded prior to drilling result coming in. So the overhanging threat is about 1.0 million shares.
Monk: So we are paying for the sin or hiccup of a startup. With PR in the pipeline, I hope these shares will be absorbed by new players (gamblers). Greater fools?
(to be continued...)
I am dead tired. I drove 1.5 hours for the interview. I spend 5.5 hours with Peter (1 hr. lunch). And it took me 2 hours to get back in traffic. I'll continue tomorrow morning.
PS.Peter Boonen is NOT a SCAM artist, IMHO. |
