Lee/others: Re the 504 filings -
1. Press release on March 31 re: GEM $5-10 million financing. Seems to match up with the March 30 filing. I am unaware of any requirement that TGSK must issue a press release that directly includes the fine details of the arrangement with GEM, particularly in light of the fact that GEM is a private investment company. The press release on March 31 by TGSK did in fact state:
"Under the terms of the alliance, GEM has committed to providing Tigershark with $500,000 in
initial expansion capital through a three-year convertible debenture with a fixed interest rate of 6%
per annum. Over this period of time, GEM will assist in providing additional expansion capital, both
debt and equity, as needed and estimated to be between $5 to $10 million. GEM will also use its
influence in the Latin American region to hasten Tigershark's expansion efforts."
2. Linzy Capital originally committed to a $1 million dollar financing I believe. The release is no longer within yahoo's archives but I'm sure the long-termers here can back me up that roughly the first week in February or so, we did have a release on Linzy Capital, a nevada private company (I don't know why GEM was Nevada except that perhaps GEM is incorporated in Nevada - just a guess). Anyway, you can see the reference to Linzy in the President's message on Feb 23 (references a $2 million credit line - perhaps it was increased). My understanding of Linzy is that shares were placed in escrow pending use of Linzy financing but that the recent Bristol financing has superseded the Linzy financing (it should given its favorable terms). I do not believe that TGSK has actually taken money from Linzy yet and it would be my best guess that the financing arrangement with Linzy required the filing even though at this point TGSK is unlikely to need it. Anyway, Linzy matches up the amount of $1 million based on an earlier press release that is no longer in the archives. Anyone that can dig that up on another service I'm sure can confirm these details.
Lee Van Der: I appreciate your probing but I really wish you would check these things through with the company before just pointing the shotgun in the air and firing. That's why TGSK hired an IR rep. Anyway, both of these filings are of no surprise at all to me and we have, in effect, been made well aware of both of them. The company put out its press releases on GEM and Linzy Capital immediately after their filing (Linzy Capital is probably not being used, so it probably will become moot in the end anyway - remember the company had just gone public and was arranging for financing at the time under different circumstances). There are no requirements for the filings to be contained in the press releases. In fact, it is the very rare case that I have seen when a company arranges a financing and actually refers to any specific SEC filing in its press release. If anyone uncovers anything out of the ordinary, please let me know, but these 2 filing appear perfectly consistent with all available information on TGSK now. Take care. |
