CC, personally I expect it will take the BB listing to have the stock recognized. This should happen as soon as they do the necessary SEC filing. There are also a number of existing shareholders that are concerned with the terms outlined in yesterdays announcement. Here is a copy of a post from Yahoo on the subject. Please do not shoot either the messenger or the poster.
JOEWhat did we get?TechBuff
(45/M/Texas) Aug 11 1998
12:58AM EDTThe more I read this release, the more it reminds me of the 1960's movies "The Producers". This is a paragraph from the release:
"In conjunction with the land closing, WestAmerica Corporation entered into a Financing Agreement with American Leisure, Inc. of Orlando, a privately held conglomerate of leisure related companies, and granted a first mortgage for $1,000,000 to American Leisure to be repaid in 12 months. Under the Financing
Agreement, American Leisure initially receives interest on its loan and a 50% interest in the project, and WestAmerica is collateralizing its obligations with its 50% interest in the project. If WestAmerica is unable to repay the loan in one year and does not complete the acquisition of American Leisure, then American Leisure could end up owning some or all of the project."
The way this reads, American Leisure now owns 50% of the company and WestAmerica is using the OTHER 50% for collateral for a loan to American Leisure. That means there are NO unmortgaged assets for shareholders, at this point, and even if the loan is repaid, American Leisure will now own 50%!!! West America has the OPTION to buy American Leisure BY ISSUING MORE STOCK! Either way, those of us who have already invested lose.
That information is a far cry from anything that would require an apology from ANYONE who has voiced genuine concern over this company's legitimacy. Any way you look at it, 50+50=100% and 100%-100% leaves ZERO! Shareholder value only goes up if profits are returned to the bottom line. There is NO WAY for that to happen under this financing/stock deal. The market was smart enough to see it today. West America closed at 2.5 cents a share DOWN six tenths of a cent on what SHOULD have been an up day if a legitimate transaction had been announced.
I am a shareholder with 120,000 shares. If this is NOT the case, let management take the responsibility for explaining what is going on. They have certainly not done that in the past, have gone past their own filing deadline for financial statements and now have fundamentally changed the valuation of the company in HIGHLY NEGATIVE WAYS.
Gary, I think you should issue YOUR OWN apology. The market is justifying Future2100 much more readily than you.
Unlike Mr. Shawkey, I will welcome comments from anyone who holds a different view than my own. <<
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