As of the date of this filing (April 1, 2006) there were only common shares issued for Plasticon (PLNI).... On April 4, 2006, the Company increased authorized shares of common stock to 13,500,000,000 shares. Also on that date the authorized shares of preferred stock increased to 6,000,000,000 shares. otcstockinfo.com
As I documented previously, the preferred stock was converted at a cost basis of .002, or the equivalent of 2-3 shares of common. This makes an increase of 6B preferred shares roughly equal to another 15B of common-- which would double the authorized. Given that PLNI has a documented history of increasing the authorized shares for the purposes of issuing them, what we have here is a huge red flag for potential 100% dilution.
- Jeff |
