I agree..."JUST SAY NO"!!!!!
Spoke to over a dozen shareholders and they are all against this split. If the company really has STRONG SALES as they have told you, then PROFITS will bring the stock price up. Reverse splits are always the act of a desperate company. When a company SAYS one thing and then DOES another, how can we have confidence in them. Maybe some of us may have forgot but these guys hape been predicting profits since 3rd qtr of 1996. Don't get me wrong, I would love to see us trading at 5.00 and listed on the NASDAQ, but not by doing a reverse split to get there.
My bet is it will be at least a 1 for 10 or more. I think NASDAQ requires a $4.00 stock price to be listed. At the current share price a 1 for 10 would give us a $5.00 stock. The shareholders meeting is 05/30 so if you're not going, be sure you get a proxy to vote. As you can see below, insiders control a lot of shares...
Name and Address of Beneficial Owner Number of Shares Owned Percent of Class
- ------------------------------------ ---------------------- ----------------
Paragon Holdings Ltd. 3,650,000 7.4 %
P.O. Box N-272
Nassau Bahamas
Robert C. Silzer, Sr.(1) 4,381,948(2) 8.56%(2)
2482-650 West Georgia Street
P.O. Box 11610
Vancouver British Columbia
Firoz Lakhani 2,650,000(3) 5.35%(3)
2482-650 West Georgia Street
P.O. Box 11610
Vancouver British Columbia
Robert C. Silzer, Jr.(1) 1,025,000(4) 2.07%
2482-650 West Georgia Street
P.O. Box 11610
Vancouver British Columbia
All officers and directors
as a group (4 persons) 8,381,948(5) 16.64%(5)
- -------------------
(1) Robert C. Silzer, Jr. is the son of Robert C. Silzer., Sr.
(2) Includes stock options which are exercisable by Mr. Robert C. Silzer, Sr.
to acquire 2,317,000 shares of Common Stock and 165,000 shares held by
Madge Silzer, Mr. Robert C. Silzer, Sr.'s wife.
(3) Includes stock options which are exercisable by Mr. Lakhani to acquire
680,000 shares of Common Stock.
(4) Includes stock options which are exercisable by Mr. Robert C. Silzer, Jr.
to acquire 657,693 shares of Common Stock.
(5) Includes all shares currently outstanding and those which are not
outstanding but which are subject to issuance upon exercise of stock
options. See footnotes (2) and (3)
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