SPRL ( Subject 55071 )
Today's CLose..: SPRL 0.125 +0.0255 (+25.63%) 0 0 2,675,329
SPRL was previously Inese Corp. (..private, 10years old+..). Inese Corp. was reverse-merged into the dormant shell for F2. F2, being a former, failed South Florida POS, still had some crabs in the bedding. When all was said and done there was a total of 1.3 Billion shares out.
With clear and advance notification to shareholders, SPRU was R/S'd to clean it up and CUSIP'd into being SPRL under the same name. The r/s was a non-event; effected at a 13:1 ratio that ocurred at equal value. $0.0022 became $0.03 and the PPS has never looked back.
Based on the values of PR'd and non-PR'd acquisitions, properties, O&G reserves, and rights acquired in Russia, when the next PR or two are released the valuation of the company may well soar to levels meeting the AMEX requirements; however, they are shooting for $6.50+ for some technical reasons, so a 2:1 or 3:1 is a possibility - but not guaranteed to be needed.
So far, SPRU at 0.0022 is one of the better investments I've ever made. And even in they did a 3:1 in the AMEX move to achieve the $6.50 - that would be $1MM+/- in my account. Not too bad for a Pinkie crap-shoot, IMHO.
John :-)
ps: This was Sam Hyams (CEO) first venture into owning/running a public company. Some of the people involved in the F2 Shell R/M were dishonest scum. As he discovered that and who they they were he discharged and/or dismissed them from further involvement. Most, having dumped their R/M "..gimme share..", were thoroughly 'whizzed' that they wouldn't be getting any more handouts, so they attacked the company via the SEC (..a non-event..) and then went into WWW Bash-mode (..another squirt into the wind..). The insiders and Longs own and hold this company rock-solid. I think it's going to be a major winner.
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