Glenn,
What do you make of this company? It looks like the additional shares came from Lummi in some type of reverse merger. I still don't know how the COO and CEO ended up acquiring their 15M shares.
"* On Oct. 28 '02, Lummi Development Inc. (Lummi) acqd. all of the outstanding shares of Signature Horizons Inc. (Signature). Lummi issued 15,972,400 common shares in exchange for Signature. As a result of the share exchange Lummi will be the legal parent of Signature. However, for accounting purposes, Signature will be the acquirer. The operations of Lummi will no longer be reported and all historical financial information and results will be that of Signature Horizons Inc. The above pro forma assumes the merger had occurred on Sept. 30 2002."
otcbb.com
The story sounds impressive the price action smells fishy:
Lummi Development Inc.
Symbol: LUMI S & P Company Insights Search
Lummi Development Inc. (LUMI), since the acquisition of Signature Horizons, Inc. Oct. 31, 2002, intends to acquire premier golf resort and residential communities as well as commercial and residential properties for development and resale. At the time of its acquisition by LUMI, Signature Horizons owned or had under contract thirteen real estate properties with a combined acreage in excess of 14,000 acres, located in Arizona, California, North Carolina, Oklahoma, South Dakota, Tennessee, Wisconsin, Wyoming and a resort island in the Western Caribbean. In November 2002, the company increased its holdings with the acquisition of approximately 136 acres in the resort area of Wisconsin-Dell in Sauk County, WI, in a stock and cash transaction. LUMI's plan for the acquired acreage includes a hotel, water theme park, nine-hole golf course and upscale shopping center. Including the Wisconsin-Dell property, LUMI's real estate assets were estimated to have a fair market value in excess of $190 million as of November 2002. Signature Horizon's goal is to assemble, through acquisitions and development, a portfolio of geographically diversified, upscale resort properties and residential golf club communities with high income-producing potential. Its target market will include buyers of both permanent and second homes such as Baby Boomers and retirees. The company will utilize joint ventures and strategic alliances with recognized land use planners, golf course developers and designers and resort hotel and amenity operators, to minimize its exposure to land and other costs traditionally associated with real estate development. Prior to the acquisition of Signature Horizons, the company was in the business of selling marine safety kits and related marine accessories.
History: INCORPORATED in Delaware Jan. 19, 1999. October 31, 2002, issued 15,972,400 shares to acquire all shares of Signature Horizons, Inc. Privately held Signature Horizons, Inc. was incorporated in Georgia Nov. 16, 1999 as Oasis Communities, Inc.; name changed to Oasis Group, Inc. July 13, 2000; and to Signature Horizons, Inc. Oct. 22, 2002.
Subsidiaries:
Signature Athens, LLC
Signature Horizons, Inc.
Signature I-75-40, LLC
Signature Joe Creek, LLC
Signature Middlebrook, LLC
Signature Old Port Royale, Inc.
Signature Palm Springs, LLC
Signature Plum Creek, LLC
Signature Route 66, LLC
Signature Sea Trail, LLC
Signature Townsend, LLC
Signature Tulsa, LLC
Signature Watts Bar, LLC
Signature Wisconsin-Dell, LLC |
