This appears to be a complete pump and dump. There may be as many as 155 million shares outstanding. At a price of $.25 per share, this POS is being valued at $38.75 million. I did a quick review of the SEC filings. Hopefully, the following is accurate.
Tiger Telematics (TIGR), formerly known as Floor Décor, Inc., merged into the shell of Media Communications (MIGR), a company with no significant assets or operations. The merger was completed in May 2001.
Media Communications was a manufactured shell. The shareholders of Floor Décor received 21,900,000 of the 54,235,664 shares that were outstanding subsequent to the close of the reverse merger.
The company subsequently sold a total of 4,162,450 shares at $.40 per share during the fourth quarter of 2001 and the first quarter of 2002. Approximately $1.4 million in debt was converted into equity.
Floor Décor operated a flooring products sales and service business, which included a big box super store offered various floor coverings, including carpets, at discount prices to both commercial accounts and consumers. The store was located in Fort Lauderdale, Florida. In June of 2002, the company discontinued this operation and sold the assets. The Form 10-K for the year 2002 discloses that the company recorded a non-cash provision of $1,091,878 in December 2002 for the bankruptcy and liquidation of MINIME Inc., the company that bought the assets of Floor Décor.
Tiger Telematics was acquired on February 4, 2002 for 7,000,000 shares.
Per the 10-K, Tiger Telematics “…is a designer, developer and marketer of mobile telematics systems and services that combine global positioning and voice recognition technology to locate and track vehicles and people down to the street level in countries throughout the world. The systems are designed to operate on GSM, which is the standard operating system for wireless carriers in the UK and in Continental Europe.”
The company is delinquent in its SEC filings. While it filed a Form 10-K for the year ending December 31, 2002, it has yet to file any of its 10-Qs for 2003.
The 10-K can be found at:
sec.gov
The financial statements do not include an audit report. As of December 31, 2002, the company had a negative net worth in excess of $5.3 million.
Per the 10-K, there were 83,675,426 shares outstanding at May 3, 2003. A proxy filed on December 9, 2003 asks that the shareholders to approve the increase in the number of authorized common shares from 250,000,000 shares to 500,000,000 shares. A special shareholder meeting was scheduled for January 16, 2003. Per the proxy materials, there are 155,000,000 shares outstanding. There are no disclosures as to ownership of these shares and the reasons for the issuance of an additional 72 million shares.
sec.gov |
