There is no company named "SEMCO" on any of the listed contracts, the name "SEMCO" is nowhere to be found on the NV DOT contracts web site, so it's evident that SEMCO was not awarded any contract.
Add to that the fact that the 10-K, the 8-K, and press releases don't agree on which SEMCO company was acquired and confusion is inevitable.
Plasticon Completes SEMCO Acquisition - Cutting Edge Surfacing Company Will Position Plasticon for Growth in $100 Billion + Surfacing Industry 1/19/2006 8:30:05 AM
LEXINGTON, KY, Jan 19, 2006 (MARKET WIRE via COMTEX) -- Plasticon International, Inc. (PLNI) announced today that the company has completed the acquisition of SEMCO Manufacturing, Inc.
Plasticon International/Inc · 10KSB · For 12/31/05
10KSB · 13th Page of 54 Line 1,100: On January 1 2006, the Company purchased the ceaks
ontrolling shares of Semco Distribution, Inc., a Nevada corporation and Ultimate Surface LLC, a Nevada limited liability Company. The purchase was for a total sum of $2,750,000 payable as follows; $100,000 deposit, $550,000 upon completion of escrow, shares of restricted common stock with a valuation of $100,000 and $2,000,000 to be paid as cash performance payments based upon certain funding requirements. The $2,000,000 is an earn-out and capped at $2,000,000, but not a payment certain.
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Subsequent Events:
In January 2006, the Company acquired all the stock of SEMCO Manufacturing (SEMCO), a Nevada business that manufactures and sells concrete coating products. The purchase terms are payment of $2,650,000 consisting of $650,000 in cash and $2,000,000 in performance payments (50% of net profits as defined) plus Plasticon restricted common stock worth $100,000. Additionally, the Company will pay a royalty payment (4% of net profits as defined) for twenty years beginning after the $2,000,000 of performance payments are made. The agreement includes a five year employment agreement with a base salary and other benefits specified.
Management is in the process of gathering information to apply purchase accounting to the SEMCO acquisition. The operations from SEMCO will be included in the operating results of the Company starting January 1, 2006.
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