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Microcap & Penny Stocks : ABFG - AMERICAN BENEFITS GROUP, INC. -- Ignore unavailable to you. Want to Upgrade?

To: Janice Shell who wrote (3988)	6/9/1999 3:40:00 PM
From: Jeffrey S. Mitchell	Read Replies (2) \| Respond to of 4128

ABFG's excuse of not filing the Form 10 on time in order to shore up the balance sheet with the latest acquisition is, IMO, pure hogwash. That acquisition was not completed until mid May, which is square in the middle of Q2. Therefore, ABFG can't possibly include it in their audited financials until Q2 is over, which is not until the end of June! Considering how long it takes the average company to assess their financial condition at quarter-end, combined with the time it takes to present these numbers to an auditor, adding to that the time it takes for the auditors to evaluate and sign-off on the numbers, if ABFG truly wants to wait until Q2 ends before filing a Form 10, we're looking at mid-August before they even are able to file the form, and probably the end of September before the SEC signs off on it. And they are telling shareholders they planned it this way?! Best-case scenario for ABFG shareholders is ABFG does file the Form 10 on June 11 as planned without any numbers on the newly acquired mines. Then just pray the SEC signs off on it before July 1 to remain trading on the OTC:BB. ABFG would then have until August 28 to file Q2 numbers, which would include the mines. Keep in mind that if the Form 10 is approved, Q2 numbers do not have to be audited. If they are really in a hurry to discuss the newly acquired mines, they can always release an S-8. - Jeff