MH & Tom, I think the news release was a direct result of my asking some very pointed questions and implying innuendoes of accountability, negeligence, etc.
I finally figured out that Joe (Ali) Baba is totally out of the loop. He wasn't even aware that the financials came out the other day, that's when I went ballistic. I called Burnbary BC and demanded to speak to Al Chaison, but to no avail. I did however speak to the CFO Mr. Stephenson and I started to get some real answers to real questions.
First of all, they had $3.8 mill in losses for the first 9 mos., their total indebtness is $8.7 mill, approx. 20 mill shares outstanding (maximum). With the infusion of the $27.3 mill, it will leave approx 19 mill leftover after all debt is obliged, the number of shares will increase to about 40 mill, with CPI having 63% control of the company, and the bottom line is that there will be about .38 per share of cash value.
He told me that the first traunche (don't you just love that word) of
capital is actually at the bank, but the hang up is that since CPI is an offshore company, they have to check out all the securities (bonds) to make sure they are in order, cusip# by cusip#. Once that is satisfied, we will see the check issued.
Also, it seems Joe Baba is out of the loop because he is aligned with Dr. Dennis Fowler, the man who is taking over the company. Therefore he has little if any communication with the present management.
Now it all seems to fit, it also explains why he doesn't know squat, it's no scam, he simply is kept in the dark. If you want answers, talk to this Mr. Stephenson, hold his feet to the fire, I did.
OH, one last thing, that news announcement was referring to the delay of the meeting, not the money. They sent out the proxies, and from my understanding if the bank satisfies their Fed requirements (checking out the origins on large sums of money), then the second traunch is scheduled to be funded almost immediately.
Let's hope we all get traunched, bigtime.
I was such a genius, I though it was a done deal on two occassions within the last month and bought more at .61 and .50, now Einstein is looking at this .30 level and feel more like Goofy. Enough is enough, and I have had about all I can handle from this company and I let them know it, suggest you do the same, but make sure you talk to the right people, and that's not Ali Baba.
RB |
