Thanks Sergio,The debentures have already been converted, 550,000sh.
The company's sub(LTI) has been in a contract with Wackenhut since 1994 in TX.They have received approval to operate In FL and CA. "'Wackenhut has agreed to our participation in the joint venture work programs in the California 'non-privatized'correctional facilities and, further, has entered into an amendment to our existing agreement, which allows the Company to operate in any state or federal prison program which is not privatized." They are restricted on the Private Level but, not the public level. At this point they should now be operating in three different prison facilities.
Actually transfer of management was at the beginning of 1997,"On January 7, 1997, William Meehan resigned as Director, President and Chief Executive Officer of the Company and Mr. Smith was named President, Chief Executive Officer and Director of the Company."
Stock transfer closed April 7 1997.
As I mentioned earlier they have been working out of the facility in Texas for almost 4 years,contracts for work with IBM,Intel,Dell to mention a few..but,"subsequent to January 1, 1997, has
changed its focus to an outsourcing company that can
instantaneously supply massive quantities of dependable and
inexpensive labor to industry".
IMO, I like everything about this company,except the financial situation,which I believe has dramatically improved in the last year..
Waiting on the 10K in the next week or so. Appreciate your thoughts.
Kenny
|
