Howard...
My mistake... they did not indicate that it was a letter of intent. My apologies, I was wrong. What they actually said is:
>>Digitcom Interactive Video Network, referred hereafter as Digitcom
Corporation (OTC Bulletin Board: DGIV - news), announced its agreement with Louis International Telecommunications & Equipment to provide U.S. International long distance circuits and termination for Louis International's European call re-origination services and international long distance services. Terms of the agreement commit Louis International to bring $1 Million per month
or more in traffic to Digitcom's U.S. telephone switching facility within 90 days of signing.<<
The unedited version of the PR is posted here:
exchange2000.com
Note that there is no date indicated other than the date of the PR.
My contention is that this press release did not exactly state that the contract was signed. They did say there was an agreement (could it have been verbal? MOU? Letter of Intent? I don't know.) They basically said that the $1M per month would come within 90 days of signing. They did not indicate the signing had happened.
Now before I get lambasted for defending the company on this... I am not. I believe that even IF the agreement (read: contract) had not been signed, then the PR was worded to imply that revenues would certainly start shortly.
And I agree... I do believe that many people depended on this revenue in their DGIV purchase decisions. A similar case could be made with the Egyptian Telco PR.
I personally find it disconcerting, at the least, that the company has not rectified this perception, which I believe they engineered.
I also agree with you Howard, that statements indicating that the company has lost no contracts don't make sense... the company has no IP telephony contracts that we know about, so of course, they cannot have lost them.
Furthermore, in my mind, they clearly indicated that the 10-SB was to be filed on a certain date and they did not deliver.
All the above notwithstanding, I still believe that Mr. Chin's intent is to fix these wrongs... or at least not make them again. The lawyer that they have hired also seems to be intent on the same path. That is goodness, IMO.
Lazarus |
