PDCI-- Very interesting information in the Audited Financial Statement for the quarter ending 3/31/98. Excerpt follows:
>>>"In the merger agreement with Kenneth C. Garcia, Inc., of the 1,000,000 shares presently held by Aida Carrasquillo and other shareholders of Kenneth C. Garcia, Inc. 780,000 shares will be transferred to the Company's treasury. The remaining 220,000 shares will be held by the sharehoders of Kenneth C. Garcia, Inc.
The Company plans to register an offering of 330 Units for public sale, which consists of 1,000 shares of its common stock for $2,500. The company will receive $2,250 for each unit after selling costs of $250 per unit. <<<
>>>In February, 1998, the Company entered into a contract to purchase the equipment of the Schubert Machine&Manufacturing Co. for cash and stock. The terms of the purchase was$1,000 upon the signing of the agreement and $119,000 payable within ninety days of the date of contract. The remaining $130,000 is to be paid with 26,000 shares of P.D.C. restricted stock within ninety days of its effective trading date. The restricted stock has a provision that allows Schubert Machine & Manufacturing Co. to liquidate $50,00 of the stock if the Company vacates its premises within two years of the purchase agreement.<<<< [end of excerpt]
(My comments on this:)
Looking to confirm these figures. As stated in the financials, the offering price was $2.50, and the restricted stock to Schubert is at $5... Most of these individuals took a close and physical look at the facilities and the books, so it is encouraging to see the valuations. |
