Bill and all:
I took your advice and called the company with a few questions and concerns. I spoke to Kristi who seemed both knowledgable and willing to provide as much information as I wanted. She sure was a breath of fresh air! I hope this new attitude of management marks a new beginning for INCE. It is good to be rid of the snake oil salesman at long last!
Here are some facts from our conversation. I hope my pencil was faithful to her representations. Please verify any points which are important to you, as I may have misunderstood or mistranscribed something.
1. The company is planning a press release, hopefully by the end of this week. They plan to bring us all up to date on frequently voiced shareholder concerns such as details of the ITCO spinoff/sale, current financials, update on the cellphone, Sigma, PI and Cal Tube.
2. As for the ITCO deal, Kristi told me that two "analysts" (investment bankers?) looked at the combined company. Under the terms of the currently proposed deal, apparently T.N. and friends would get the two divisions relating to the cellphone technology. In exchange they would take over all liabilities of the Phoenix offices (INCE is now based in Denver), sign three promissory notes to INCE, grant ITCO stock to INCE, and give back about 1.1 M INCE shares which T.N. and friends own to the INCE treasury. I think we will just have to wait to pass judgement on this deal. If it appears that the deal is not in the shareholder's best interest, we can then look to the courts.
3. The company seems to be trying to equitably address the previously voiced concerns from those who purchased EDVC shares but did not settle until after the distribution date. They also will try to avoid similar problems with the planned ITCO distribution. It seems that INCE and not ITCO gats to set the distribution date for ITCO shares. Kristi said she thought that those who bought by the distribution date, regardless of the settlement date, would be entitled to ITCO shares. Best to get an update on this if it is important to those averaging down.
4. I learned that there are 410 of 525 series "C" preferred shares which have not yet been converted. Each preferred share is convertable into about 20,000 common shares at the current rate, which means that another 8.2 million shares could weigh on the stock price if all are sold. In addition, another 59 series "B" preferred shares remain unconverted. I did not ask what the conversion rate is on these shares.
I may be a sucker for a civil response and a little information, but I sure feel better about the new management team and their attitude toward shareholders. Here's hoping that the future will be kinder to us INCE shareholders! |
