IVSO NEWS REPORT
Wallstreetspin.com
A new kind of promissory note ……..
from Investco, Inc
Mr. Lents is the mover and shaker who has a few interesting legacies associated.
I must caution you right up front, that continued reading of this document may
result in severe nausea and possible headaches from trying to understand the intertwined
myriad of what’s known as hyper-complex business shenanigans. Let’s start off slow,
shall we …
To understand what’s going on over at Ivestco, its best to understand who the lead
players are. Front stage is shared by Mr. Joe Lents and Mr. Michael E. Zapetis.
with his good name like Total World TeleCom, International Standards Group, and
finally Investco. His biography, as found in SEC filings, touts a 30 year history in
related accounting fields. We find this experience somewhat ironic and humorous given
the inherent responsibility accountants generally have for ‘bean counting’ and getting
their paper work done in a timely manner - Investco is nearly a month overdue with their
current SEC quarterly filing.
Mr. Zapetis is a busy guy with an interesting track record for establishing
companies. Over the past thirty years or so - he has racked up about 100 companies to
which he is affiliated with or started. That’s about one every four months! Unfortunately
about 95% of the companies today are ‘Inactive’ according to State Entity Filings,
primarily due to being ‘Involuntary Dissolved’, ‘Cancelled for Non-Payment’ or
‘Revoked’.
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Lents and Zapetis have interesting histories and track records, but imagine what
happens when their two worlds collide. Recently they have combined forces in a
company called Investco, Inc. So let’s first take a look at what’s been going on there …
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News, more...
Investco was previously known as Intraco Systems, Inc, which was incorporated
in Florida, March 1990, by Jack Berger who also headed up Intraco, Ltd. Intraco’s
business was stated as a ‘Communications Solution Provider ("CSP"), offering the
integration of voice, data and Internet based technology solutions to a wide range of
customers.’
Fast Forward to April 1999, and now Intraco has completed an exchange
agreement with Custom Touch Electronics, Inc. ("CTE"), a Nevada corporation with no
material operations whose common stock traded on the OTC Bulletin Board (OTC
BB:CTSP). All outstanding shares of Intraco capital stock were exchanged for
10,531,500 CTE shares. As a result, Intraco Systems became a wholly-owned subsidiary
of CTE and CTE changed its name to Intraco Systems, Inc and changing its trading
symbol to INSY
southflorida.bizjournals.com.
An interesting acquisition was that of Page-TeleComputing on June of 1999.
Page had a net market value in assets of $6,090 - but was issued 60K shares valued at
$90k.
See IVSO SEC 07.24.01 and Press Release
Since becoming a traded stock, Intraco Systems dishes out over 10 Million shares
to at least 10 ‘consultants’ (often affiliated) for ‘consulting services’. Nearly 3.5 Million shares in the past 9 months alone to organizations that at this writing we can not even
locate a phone number for nor can company officials provide for us.
See IVSO SEC 011.19.01 and Flow Chart
In April of 2001, Intraco announces it had ‘received a private equity commitment
for $3 million from Dubois Investment Management’. What the press release didn’t say
however was that Dubois had received 500k shares. But as per the July 18, 2001 SEC
Filing, Intraco had only ‘received $225,000 under this Commitment’. The filing went on
to state that, ‘There can be no assurances that any additional funds will be received from
Dubois Investment Management.’ Three months later in the 07.24.01 SEC filing, Dubois
registers the 500k shares for sale. Nothing is ever heard from Dubois or the $3 million
equity investment again.
southflorida.bizjournals.com.
Last year, Intraco also seemed to be running through their rolodex for CEO’s with
then CEO Walt Nawrocki resigned in mid-July and replaced by Jack Berger who then
late August, resigned to make way for Tarek Kirschen. Mr. Kirschen would occupy that
chair until late November when …….. along came a spider, by the name of Joe Lents.
southflorida.bizjournals.com.
Link to IVSO SEC Filing 11.19.01 and/or Flow Chart
Mr. Lents first act with Investco was to call up his old pal Mr. Zapetis to get the
old crew together so on December 26, 2001 Intraco, Inc announces a ‘stock purchase and
exchange agreement with FIFC (Zapetis) In which FIFC exchanged $15 million of
AAUK ordinary shares for $1 million shares of series C convertible preferred shares
($.001 per share) of Intraco (Lents). The preferred shares are convertible into $7.5
Million (post reverse split) shares of common stock of Intraco, with a total aggregate
value of $15 Million. Intraco is authorized to use this asset as a resource to effect
financing to benefit the company and client companies. Under the agreement Intraco is
required to increase the authorized capital stock to 1 billion shares of common stock and
file preliminary proxy statement with the SEC on a timely basis. Failure to increase
capitalization would cause the agreement to be unwound’. Is there really $15 Million in
equity somewhere? As you will see this Lents/Zapetis ‘arrangement’ serves as the
foundation for their future deals such as the …
January 03 press release which announced, the ‘first of several new products that
will be offered to the public. The new product is an 8%, fully guaranteed, convertible
promissory note. The company plans to sell up to $10 million of the promissory notes to
be used for acquisitions.’ Michael Zapetis, Chairman of First International Finance
Corporation (FIFC), states, ‘The notes to be issued by Intraco Systems will not only be
backed by the $15 million in equity we invested in the company but will also be 100%
guaranteed for both principal and interest by additional collateral that FIFC has obtained
for the company just for these promissory notes.'' Mr. Zapetis also states, ‘We have
targeted several revenue producing companies for acquisition by Intraco Systems and
will use the proceeds for this purpose.’ Hmmmmm, so what’s brewing here ….
cn.us.biz.yahoo.com In a press release four days later, Intraco’s next new ‘product’ is a 10% note!
Then the real fun starts. In a January 28 Press Release, Lents announces a ‘1 for 100
reverse stock split which results in each 100 shares of previously outstanding preferred or
common stock becoming one post-split share of preferred or common stock. Intraco had
outstanding stock of 35,553,000 shares representing 100% ownership in Intraco. Post
split and now you have 353,000 thousand shares that represent the company. After the
reverse, Lents issues himself 500,000 thousand shares and fully dilutes the FIFC deal
representing $7.5 million. What happened to the original shareholders? Well, they now
only own 3% of the company - thanks to Mr. Lents. As an encore, he announces a
company name change once again, now to be known as Investco Systems with the new
trading symbol IVSO. Now things are rolling ….
ca.biz.yahoo.com
Three days later, on 01/31 a press release announces a ‘signed a Letter of Intent
with Capitales Tres De America, S.A. The Letter of Intent states that Investco will
acquire 100% of Mercury Surety and Insurance Company, Limited, from Capitales Tres
De America, S.A. for promissory notes and restricted stock of Investco, for a total of
$50.5 million (USD).’
insurancenewsnet.com.
Z 2002 Investco, Inc. Agrees to $50 Million Acquisition
The momentum of press releases increases in an effort to stimulate interest in the
haggard little stock.
02/12, an agreement with CHGC for Placement of its Promissory Notes!
03/07, modifies the 01/31 letter of Intent to $100 million!
03/11, gets a new Public Relations firm!
03/14, Closes $100 million acquisition!
03/26 Cash for Investock stock deal moves!
Are you still with me?
04/05 A merger with American Leisure, Inc
04/08 An update on $10 / share tender offer – (parties still negotiating terms)
04/09 An update on the American Leisure merger
04/04 Receives $10 / share tender offer from FIFC!
Wow, how big can this snowball get ?!? I have to wonder how a company with
consistent late SEC filings ‘due to a major internal re-organization and downsizing’ and Ok, lets slow down the world for a second and lets look at some of these press
with ‘ongoing concern’ accounting statements, a negative cash flow, current bank
overdrafts, and $20k cash on hand … can talk up the PR like they do.
releases a little more closely and the ‘companies’ involved.
From the January 01, 2002 announcement, we looked into FIFC – you know the
company backing all these notes with the $15M in equity they have invested in the
Investco - and found per Florida State Entity filings, that FIFC shares an address with
about 6 other companies, all registered to Mr. Zapetis, which may not sound completely
uncommon, but it’s his home address.
southflorida.bizjournals.com.
And remember from January 31, the Letter of Intent announcement with Capitales
Tres De America, S.A. and Mercury Surety and Insurance Company, Limited acquisition.
Well, we can’t find much info on either that they even exist. But we did find a phone
number in Costa Rica for Capital Tres De America and another ‘inactive’ corporate entity
listing of Mercury Insurance registered to none other than Mr. Zapetis’ wife Karen.
From there we can project interesting thoughts as to why the $50M to acquisition, later
turned into a $100M acquisition and why the $50M of CD’s on a balance sheet was later
restated as being $250M as later stated on 03/07. But let’s move on shall we ……
insurancenewsnet.com
Investco, Inc. Agrees To Modify Letter of Intent - Business Wire
host.wallstreetcity.com.
line=32592114&HeaderSym=IVSO&nocache=32837&template=combined.htm
The February 12 press release announces the Company has ‘signed an agreement
with CHGC, a provider of financing to private and public companies, to place up to $100
million of the company's 8% Convertible Promissory Notes. CHGS provided business is
stated as ‘works in partnership with financial institutions, institutional investors and
other co-lenders to provide private and public sector companies with the financing
needed to meet its growing demands for infrastructure and improve the local capital
markets to develop long-term financing instruments.’ Nice, but why is it so hard to get
information about these companies. Maybe its because per a couple of Florida state
entity filings for CHGC Europe, Ltd and CHGC Venezuela filed just last week shows
that these companies were just created. So maybe …. Just maybe we have the wrong
company as mentioned in the 02.12 Press Release. But when we match up the principal
address at 1110 Brickell Ave, Suite 609 in Miami, we also find another four or so
companies previously run by Mr. Zapetis. (all currently inactive).
hk.us.biz.yahoo.com
ccfcorp.dos.state.fl.us
Ok, lets see what else …..well on March 11, Investco announced VistaQuest, Inc
as their investor relations firm. We called for Investco company information and received an extremely thin (8 pages total) binder that looked like it came from someone’s
3rd grade school project. Its content was essentially a loan application for small
businesses who are looking to have Investco ‘assets’ transferred to their balance sheet in
an effort to make their own balance sheet look stronger, which they can pass along over
to a ‘real bank’ to secure a business loan. Aside from this, the package of course contains
no pertinent information about the company, its background or it officers.
Well so much for Investor Relations, but then again, look what they had to work
with. It’s shouldn’t be much more of a surprise to learn that as of yesterday VistaQuest
put out ‘their own’ press release resigning from the precarious post of Investor Relations
for Investco adding once again to the swirling quagmire of darkening clouds.
insurancenewsnet.com
ragingbull.lycos.com
April 04, marks the Investco announcement that it has ‘received a cash tender
offer from First International Finance Corporation (FIFC), a Miami based financial
services company that currently owns approximately 26% of Investco, Inc.’ and that
‘FIFC has deposited $10 million in cash with BNP Paribas SA bank that will be used
exclusively for the tender offer of Investco shares.’ It certainly seems like Mr. Zapetis is
putting some money where his mouth is. Unfortunately we can’t confirm any of these
transactions just yet, but in the press release just four days later on April 08, the language
has now changed to ‘received an expression of intention’ ‘to undertake a tender offer for
its common stock’. (I like that ‘received an expression of intention’ phrase – is that like a
nod, a smile or what?). Furthermore ‘the matters are now being handled by the
professional advisors who are attending to the appropriate regulatory filings. The
company anticipates these filings to be completed next week with the regulatory
agencies, and the company will make the public announcements as deemed appropriate.’
What this all means is that Investco and FIFC are bound to nothing with each other,
which will allow this deal to dissolve by way of thin air similar to the others with no
recourse.
bizjournals.com
April 5, Investco signs a deal with American Leisure Corporation. American
Leisure, Inc. was founded in 1998 by Malcolm J. Wright, as a holding company for travel
and resort real estate development companies. ‘The group holds investments in several
Orlando based resort real estate ventures; vacation ownership and travel related
companies and intends to acquire a major travel consortium in the next 90 days under a
letter of intent executed with its majority owner (Mr. Wright). When this acquisition is
completed, American Leisure's travel companies will have a combined buying power in
the world's travel market in excess of $35 billion dollars annually enabling Investco to
devise several financial instruments to increase margins for American Leisure and its
member base.’ Wholly Schmolly! $35 billion! Life just can’t get any better can it.
Well there certainly will be some interesting financials to look at when (if) Investco
finally gets their overdue SEC filings submitted.
Easy to assume at this point, that the boys over at American Leisure are not
without issues. Apparently, per State Entity filings, American Leisure shares offices with
West American Development Corp and West American Land Co., Inc in Kissimmee, FL.
Previous principals Max P. Cawal and Daniel Boyar also headed up West America Corp
and had hired Mark Schultz to do a little PR for them. Unfortunately, Back in May of
2000, there was a pretty nasty suit brought against Mr. Schultz for fraudulent stock
touting. But let’s not digress to far into Mr. Wrights, American Leisure – lets get back to
Investco …
sec.gov
host.wallstreetcity.com.
95b0812&Symbol=IVSO
Well, I’m utterly exhausted with all that’s happening over at Investco but I’m not
surprised at what their tired little stock chart still looks like. I guess it’s going to take a
while for all these utopian press releases to be absorbed (or believed) by the ‘would-beinvestor’.
So lets move onto something else. How about a little history on Mr. Lents and
Mr. Zapetis
If you recall, Mr. Lents also had started the International Standards Group.
His history there brings us back to 1994 when on March 22, International Standards
Group (ISGI), a wholly owned subsidiary of (FSG) stock rises 43% on possible takeover
rumors. The news reads ‘that two investor groups indicated they might attempt to acquire
a controlling interest in them’. It goes on to state that ISGI didn’t identify the investors
and said it hasn’t received a formal proposal from either group. Then on March 24 ISGI
states ‘a tender offer for the company’. This time from a company called UMI Inc. of
Coral Gables, FL which according to entity filings - filed for incorporation the day after
the press release! UMI would later get ‘dissolved’ because they never filed an annual
report. After the stock “Pump”, Lent’s decides not to take the deal – ‘in the best interest
of the stockholders’. (How compassionate.) The stock slides 23% that week.
And so on to the next “Pump”. On April 4, 1994 International Standards Group
receives a second tender offer. This time it’s from a company called Elfworks Inc. ISGI
retained a financial advisor but nothing would be disclosed until the company report was
filed. As expected, the stock climbed 3 7/8 following the tender. On April 8, ISGI states
the tender offer is now between joint companies - Five Star Investments Ltd. and
ElfWorks Inc - bidding for 51% of ISGI. Interestingly enough, Five Star Investments
director is the same gentleman, Jose Blanco, who was the director of UMI Inc of Coral
Gables. Pretty neat huh? What are the chances they are related?
ccfcorp.dos.state.fl.us.
MFWD&n3=0000&n4=N&r1=&r2=&r3=&r4=FIVESTARINVESTMENTS&r5=
The next acquisition takes place on April 25, with Membership Reality Ltd.
Pathetic and similar, this company entity filing shows it was created just 5 days before
the announcement. And guess who the director is - Joe Lents! In this deal he gets
680,000 shares of ISGI unregistered common stock to MRL stockholders to complete the
acquisition. He is the only stock holder? ccfcorp.dos.state.fl.us.
MFWD&n3=0001&n4=N&r1=&r2=&r3=&r4=MEMBERSHIPREALITY&r5=
On September 1, 1994, Lents begins his string of Costa Rica private deals. (Do
you know for only $9,500 you can start your own bank in Costa Rica?) theoffshore-
site.com/jurisdictions/costarica.asp This one states a $30 million stock
repurchase from an Administracion de Seguros S.A., a Costa Rican private investment
firm. International Standards group receives $30 million in ‘Bearer Bank bonds’ issued
by the central banking institution of Venezuela valued at approximately $16.5 Million.
In return ISGI issued Administracion de Seguros ‘for investment” 4,566,417 shares of
ISGI restricted common stock and 325,000 shares of its newly authorized series B
convertible preferred stock and an option to purchase 4 million shares of common stock
at $2.50 per share.’
However on September 28,1994 - ISGI issues a press release stating the Bonds
may be invalid, but a bank of Venezuela representative states “they are valid and expect
the issue to be resolved in the immediate future”. Well it turns out, with little surprise to
us at this point, that the Banco Central de Venezuela is owned by Administracion de
Seguros S.A. (Zapetis). Subsequently ISGI shares fall to a 52-week low due to the news
about the possible fake bonds. To take the heat off this issue, Lents is now pushing his
$40 million merger with Elfworks Inc.
Now it’s October 31, 1994 and Lents is trying to restructure the “Bond Deal” with
de Seguros. The bonds are to be returned to Venezuela for deposit in an accredited
Venezuela bank - supplying ISGI with a safe keeping receipt. The company states it is
revaluating its stock repurchase plan. They bounce back to the Elfworks deal again
where there is now a letter of credit from the Mixta-Oahoca Credit bank in Mexico (We
didn’t find a listing for them either, maybe the $9,500 check didn’t clear yet).
When we get to December we find a Mr. Diego Lopez of Costa Rica announcing
the purchase of International Standards Group, which will become a consolidation of
ISGI and Accord Technologies - another income producing acquisition. Amazingly Mr.
Lopez purchased all the ISGI stock that was formally owned by Administraction de
Seguros, S.A. at a market range of $2.00 a share.
But that pesty little counterfeit bond issue is still lingering. The limelight refocuses
on Mr. Lents when in February of 1995, The Morgan Stanley Company sues
International Standards Group, Limited, Joe Lents and Michael E. Zapetis (among
others), alleging the sale of $3.87M of the counterfeit bearer bank bonds supplied by
none other than Mr. Zapetis and his company Administracion de Seguros S.A. Joe Lents
counter sues Morgan Stanley and Zapetis, but would ultimately and strangely enough
dismiss Zapetis – that very person who sold him the fake bonds in the first place. Could
they both have been ‘in on it’ from the beginning? In October of 1996, the remaining
parties (Merrill and Lents) would settle of which the terms were ‘deemed confidential’.
Link to Court Filing and Press Release
It’s time again for ISGI to re-capitalize and find new financing. They start by
leasing some of their property for $5 million in working capital. In September 1995 they
go into a joint venture with Internet based company Maraval & Associates in the
Bahamas. Under this agreement, Maraval acquires 5,000 shares of the company’s
convertible preferred stock for a total of $5 million. They are starting a joint venture
called Florida homes info-net, a wholly owned subsidiary of ISGI.
Feb 8, 1996 ISGI announces a $10 million contract for offshore Insurance (key
word offshore). Then on Feb 21, ISGI announces a $6 million contract for off- shore
insurance and a second contract through American Indemnity Company (AIC) a wholly
owned Subsidiary of ISGI - sound familiar? Now here’s the big one - March 12, 1996
ISGI announces a $17.5 million contract for off shore insurance through AIC this time
with syndicate member, “Lloyds of London”. Note AIC only supplies insurance and reinsurance
to off shore customers only.
Then an interesting twist occurs when on June 12, 1996 ISGI buys Total World
Telecom TWT changing the company focus to the fertile telecommunications industry.
This maneuver takes Total World Public which begins trading under the symbol TWTI.
Total World is described as a ‘Tier 2 switch- based interchange carrier that utilizes stateof-
the-art digital and fiber optic facilities.’
chron.com
On June 14, 1996, ISGI sells AIC to Global Re, Ltd (A Zapetis company). The
sale has provisions that allow ISGI to receive back from Global 35 million shares, plus 10
million options of ISG common stock and a percent of sales for the next four years. Not a
bad deal don’t you think? Then on July 25, ISGI acquires The Financial Group Inc.
(Fransisco Morello Director) for cash and a net branch agreement. Francisco Morello also
happens to be the director of the Florida Homes info-net as well.
ccfcorp.dos.state.fl.us.
MFWD&n3=0000&n4=N&r1=&r2=&r3=&r4=FLORIDAHOMESINFONET&r5=
ccfcorp.dos.state.fl.us.
n2=OFFFWD&n3=0000&n4=R&r1=596435&r2=&r3=&r4=&r5=&r6=0000&r7=MOR
ELLOFRANCESCO&r8=Rxx
On September 24, 1996 ISGI applies for a name change to Total World Telecom.
September 6, 1996 the board approved a stock buy back and appointment of new
president Donald Booth for TWT. Lents feels the stock is undervalued and it will be
beneficial for the company.
October 15, 1996 TWT declares a ‘1 for 15’ stock split and November 5, TWT
acquires Southwestern Telecom for $1,023,756 in cash. Total World Telecom TWT will
then spin off three or so companies. The first one is Financial Standards Group FSGI
(Lents) with a second being Heartline Communications aka TNT Total National
Telecommunications aka TWT. Heartline already had its share of problems when in
1995, it was fined at least $80k by the Texas Attorney General’s office for ‘slamming’. ‘Slamming’ is a sales ploy where unsuspecting consumers believe they have entered a
sweepstakes drawing – say from the local mall kiosk, only to find out later that they have
had their long distance telephone service switched. In a April 25, 1997 Houston Journal
Press Release, CEO Donald Booth commented on Heartline’s operations saying “You
can't undo the past’, ‘that's pretty much all behind us." But was it?
fcc.gov.
Unfortunately Total World’s business plan went on a parallel skew. Its similar
marketing practices simply led to bigger fines. In that same April 25, 1997 press release,
Mr. Booth says the firm had paid out between $7 million and $8 million to take care of its
slamming-related problems and the company is paying penalties and restitution in
California, New York, New Jersey, Florida, Louisiana and Connecticut. Total World
also became barred from operating a business in the state of Tennessee for failure to pay
essentially mandatory business filing charges.
But then in the last week of July, Total National declared bankruptcy – the same
day it was to settle a $680k fine with the state of California in the aforementioned
‘slamming’ violations. Naturally, its stock was halted. In September 1997, the
bankruptcy filing changes from chapter 11 to chapter 7 and the company liquidates. Don
Booth resigns and Mr. Lents returns as President of TWT. Hoorah …. Out with the old
– in with the older….
houston.bizjournals.com
state.tn.us
channel4000.com.
houston.bizjournals.com
houston.bizjournals.com
On December 21, 1998, FSGI (Lents) completed its acquisition of The Martial
Arts Network with the company being purchased for 3 million in restricted common
stock of FSGI. The name changes to TMANGlobal Inc which trades under CHOP or
CHOPE on the NASDAQ OTC bulletin board. It would be delisted just a year later for
not complying with bulletin board rules.
Here’s where it gets confusing so try to stay with me. On January 27, 2000
TMAN sold Financial Standards Group (Lents) to an unrelated party FSG Holdings
FSGH for $88,680 dollars in the form of 3 promissory notes due in June 2000. In
addition FSGH assumed all outstanding receivables and payables and the balance due of
$36,571 on a promissory note created by FSG, Inc currently held by Total World
Telecom Inc. TWT (Lents) the former parent company of FSG, Inc. It seems to me they
are buying and selling companies to themselves. From this point Total World activity
and its business operations fade away ….
houston.bizjournals.com
houston.bizjournals.com
This can happen only in America …..
The word and the buzz is out in IVSO chat rooms and a recently issued and very
To quote Ed Duggan from the following press release as he describes Tarek
Kirschen former President of the Boca Raton based Merchant On-Line Company when
he resigned to take the helm over at Intraco. ‘It seems quite appropriate as the mode and
patterns of these CEO’s who move from company to company as identical’. ‘The
company had never made a profit and had scant income’ despite announcements of
products’, ‘joint ventures and potential contracts that amounted to little or nothing. Their
SEC filings for these companies are strewn with litigation or pre litigations negotiations
with suppliers, former partners, and ex-employees.’
southflorida.bizjournals.com.
pointed article released from Dow Jones on April 12, addresses many of the
aforementioned concerns we detailed here.
Potential investors need to be able to ask some stern questions to this company.
Like – why is it so darn hard to find out information about IVSO and the companies it
deals with? Everything from phone numbers that ring into oblivion to companies which
seem to be created from the mere mention in a press release.
And how many shares of IVSO were used to acquire Mercury? Please skip the
convertible preferred nonsense and break that down to common share potential.
outstanding shares if all preferred convertibles from acquisitions already announced were
converted?
What is the current # of outstanding shares of IVSO? What is the maximum # of
How did Mercury change from a company with $250M on its audited balance
Where are the shares that Mercury and FIFC currently own being held? Are these
sheet, to a company with $50M on its audited balance sheet, to a company with $100M
on its audited balance sheet within one month to meet the "needs" of IVSO?
U.S. or offshore brokerage account?
W
hat were the audited revenues for Mercury last fiscal year? How many
employees does Mercury have? Any debt?
Is Mr. Zepatis, the same Michael Zepatis convicted of drug offenses and
sentenced to 15 years in jail? And is Mr. Zepatis also involved in any way with Mercury,
or just FIFC?
How many of the 500,000 shares issued to CEO Lents (before IVSO recorded a
Why did IVSO give FIFC 7.5 Million shares of IVSO for $15 Million (in essence
selling IVSO stock for $2/share) when IVSO's market price at the time was over
$5/share?
single revenue as "Investco") has Mr. Lents sold since the S-8 was filed? Has Mr. Lents
bought shares on the open market in the last quarter?
What are the details of the $10/share tender offer? Why was the offer made into a
PR before the necessary filings had even been started? What is the delay in filing the 13D
and 10K?
Was Zapetis or FIFC in any way involved in helping CEO Lents establish this
Your IR company DOES NOT know the answers to these questions, but instead
company?
feeds us all deadlines that are magically always just about a day away. Remember, April
5th we were told "by the end of the day today, or Monday---Tuesday morning at the
absolute latest’. ‘The deal is real’. Etc, etc, etc.
How much and in what form was the IR firm paid?
Are there any warrants or options that could be converted into common or
convertible preferred stock?
And who the heck is performing the due diligence on these deals – is there an
auditor, legal counsel.
I’m sorry, but I suspect that these questions may all be a little overwhelming to a
company with only five employees. |
