IFSO
Interesting PR on the 5th of Sept.
Looks like some of the top company executives have filed form 144 for Sept 30, 2000.
Entered
1. INTERNATIONAL FOAM SOLUTIONS IFOS KATZ, HARVEY OFF 181,000 144 8/30/00 - $0.01 - - 8/30/00
2. INTERNATIONAL FOAM SOLUTIONS IFOS KATZ, HARVEY & IOVINO, C. OFF 180,000 144 8/30/00 - $0.01 - - 8/30/00
Harvey Katz is a company officer.
Stocks up 250% since 8/18/00
Looks like they may have some legal problems?
Company Filings
INTERNATIONAL FOAM SOLUTIONS INC
Form: 10QSB Filing Date: 9/7/2000
ITEM 1. LEGAL PROCEEDINGS
Greenfield v. IFS, et al., case no. 98-005083 in the Palm Beach Circuit Court.
This case was dismissed without prejudice by the Court.
Florida First Capital Finance Corporation v. IFS, et al., case no.
C1099-371-35, Orange County Circuit Court. On August 21, 2000, the Court
entered summary judgment in favor of Florida First Capital Finance Corporation
for the unpaid balance of the note plus fees and costs. The exact amount of the
judgment is currently unknown, but is approximated at $178,000. IFS is making
arrangements to satisfy this judgment, although no assurances can be given that
it will be successful in obtaining financing to pay the judgment.
Dichiara v. IFS, case number CL 98-9930 AH, in the Palm Beach County Circuit
Court. IFS and Mr. Dichiara are in the process of resolving their disputes and
IFS believes that a resolution should occur before September 14, 2000, although
the terms are expected to be confidential. Trial in the matter is currently set
for September 14, 2000.
Israel Discount Bank, Ltd. v. IFS, et al., case number 00-20363, in the Dade
County Circuit Court. On August 22, 2000, the Plaintiff sued IFS, a related
entity and Mr. Katz and Mrs. Iovino (officers and directors of the Company) for,
essentially, breaching a promissory note. Israel Discount Bank loaned funds to
IFS and this loan was personally guaranteed by Mr. Katz and Mrs. Iovino. The
outstanding balance of the loan is $72,152.49. The Company is currently
negotiating arrangements with unrelated financing entities to satisfy this loan,
although no assurances can be given that it will be successful in obtaining
financing to pay the loan, in whole or in part.
If the deal with Japan falls thru this stock will see the low teens again very quickly. With 360,000 shares filed to sell and a large loan problem hanging over head it looks like these shares will be sold regardless of the announcement to cover the loan.
Float = 18m +-
But if the deal goes thru $$$$$$$$$
Thats for the pick 200mph
The above is my opinion only.
It is not a recommendation to buy or sell they above said security.
CGR |
