S Martin, re your question, You pointed out that there are insufficient assets($281,013) to pay the current liabilites ($603,192). What other concerns do you see ?
This is my personal perspective:
RMIL is a unique company; it is the only company I am aware of that changed their corporate name to "better" reflect its business, IF a
merger transpires. For months now a garment manufacturer has described itself as follows:
RMIL is a bottler of pure spring and premium artesian drinking water and garment manufacturer. RMIL is focusing on manufacturing, distributing, and retailing bottled water and physical fitness
garments and products, which the company believes to be one of the fastest growing and most lucrative areas in the commercial marketplace.
From the most recent 8k:
Per the agreement with Rocky Mountain Crystal Water, Inc. was to receive $5,000,000 from an outside investor within 30 days of the signing. Since that date the Company has given two 30 day extensions. The Company has received a copy of a letter from the investor dated January 1 1998, advising Rocky Mountain Crystal Water, Inc. that the funds were in processing at this time, the Company
has now given another 30-day extension due to the above mentioned letter.
The merger has yet to have taken place, yet they changed their name, became a water bottler first, then a garment manufacturer in their releases.
What is a very simple everyday business transaction, has become confusing because of corporate communications.
Now come my personal concerns, as soon as the December 24th closing date release was issued, I posted to remind officers of the Christmas
holidays and the shorter banking hours. I was concerned the hours may cause a potential problem to closure and it did not appear a logical closing date.
Now I am concerned that the transaction may never be completed. Look once again at the combined financials of the two companies, that is why I posted just a portion of them.
The company has granted a 30 day extension, the money has reportedly been wired for some time, and the deal has not been consumated; even though we have been advised there are $30,000,000 of back orders.
If this merger does not take place, and the company announces a new direction for OVIS/RMIL, that will be the ultimate red flag. A company
with its financial and fundamental condition does not have many opportunities to make important moves. We know the condition of their business, garment manufacturing has seriously decreased during the past year, and that the company has insufficient working capital.
The company desperately needs money and will be very fortunate if the transaction transpires as proclaimed. If this done deal, who's money would be arriving in literally seconds fails, many more people will
start to look harder at this company, ie, shareholders, authorities,
news media... |
