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Microcap & Penny Stocks : OTC Shell Search and DD... -- Ignore unavailable to you. Want to Upgrade?

To: javajake who wrote (683)	3/20/2000 2:00:00 PM
From: Ga Bard	Read Replies (2) \| Respond to of 858

According to the SEC ... A blank check company is basically an idea on paper for a company with no assets, no income, no business plan and no products. Just because they file the 10SB does not mean they are coming off the pinks just that they have started moving in the right direction but it could take years to complete. I have talked to a couple of SEC attorneys and they are telling me that most of the pinks will not come off the pinks regardless unless they do a complete total registration and so forth with audited financials and meet the all the requirements of the OTC. Another words meet the following just for starters: * Have all shares Fully registered * Know and disclose exactly who owns the "Public Float" * Comply with all NASD Bulletin Board listing requirements (I do not have a list or I would post it) * Have a trading symbol per your designation * Be registered with EDGAR at the SEC World Wide Web site * Authorized Common Shares - 50,000,000 or more * Issued Common Shares - 1,000,000 or fewer * Authorized Preferred Shares - 20,000,000 or more * Issued Preferred Shares - few if any * Assets - -0- * Liabilities - not greater then assets * Financial statements audited by a SEC qualified accounting firm There is a lot more with all the new rules and regulations concerning a 15c211. This is just the tip of the iceberg. But the SEC did not do this delisting just to allow them to come off the pinks. They have had since January of 1999 to get in compliance. Once on the pinks it is basically extremely difficult to ever come off. Some will hopefully but most will not. If they do it will be a long time coming. Wished I had read all this material and done some DD before holding at least one that went to pinks. I will just have to write it off as a loss now. Good luck to all you pink sheet shareholders. :-0 Gary