the following was published recently in The Napeague Letter <http://www.napeague.com> :
Cypress Financial Services Inc. (OTCBB:CYFS), to which "Stock Genie has been retained as a consultant", is a reporting company. I don't have an opinion on the company itself since I have not spent the time necessary to dig into their SEC filings.
However, it appears that a lot of this company's stock may be about to come onto the market. According to Stock Genie, there are 4,520,271 shares outstanding, of which reportedly 2.0 MM are in float. In 1998, through the end of June, insiders have sold or indicated plans to sell through a Form 144 filing a total of 317,102 shares. In addition, "Affiliates of Stock Genie in a private transaction purchased 265,000 shares of Cypress for $249,000", which is substantially below market value.
In addition, on July 9, 1998, the company announced "the completion of Pacific Life Insurance Company's purchase of 2 million restricted shares of new issuance Cypress common stock at $1.50 per share" - which is also well below market.
To quote the disclaimer, "Stock Genie has been retained as a consultant to Cypress Financial Services Inc. for six months, pursuant to a written agreement which provides for the immediate payment of five thousand dollars and an additional five thousand dollars over the life of the agreement for its services, including the electronic dissemination of information concerning the profiled company."
Bob Davis
The Napeague Letter
napeague.com |
