Proxy filed today AH ....and as usual it was right after a sell-off.....it happens every time folks
To grant authority to the Board of Directors of the Company to effectuate a reverse split of our common stock in its sole discretion and to amend our Articles of Incorporation for the purposes of effecting a reverse split provided that such ratio is between 1:5-1:15.
To approve the amendment of our articles of incorporation to increase the number of authorized shares of capital stock of the Company from 100,000,000 to 150,000,000 (pre-split basis); and
Who is going to oppose these proposals?? there are not enough institutions or large shareholders to fight the massive insider advantage.
You are screwed...again
You forgot to add this :
With respect to Proposal 3 to effectuate a reverse split, we ask for approval as a precautionary measure only in the event that the stock price does not reach the minimum bid within the allowed grace period. Management believes that with increased momentum in the business, improved visibility in the sales process, and adequate funds to actively market its products, that its current and future growth prospects are significant enough to warrant a higher stock price. However, management cannot guarantee that the market will reward the company with a stock price to maintain its NASDAQ Capital Market listing and therefore asks for a YES and grant the board of directors the authority to effectuate the split in the event it is necessary to do so by August 27, 2012.
Management notes the following positive developments to support growth and achieve the minimum bid price:
· The recent expansion into Thailand has given current and new customers increased confidence in the company, with a number of new contracts signed and a number of new projects going through the sales cycle.
· The hiring of a new president to lead efforts in Saudi Arabia has reinvigorated our joint venture efforts, with the recent signing of multiple new projects.
· The build out of our sales team for our newly formed e-procurement subsidiary, Vroozi, Inc. which is expected to greatly boost the number of customers, further contributing to revenue growth.
Oh yeah....the reverse split approval is only a "precautionary move" just in case the minimum $1 bid rule is not met...
and on the next breath they propose to increase from 100M to 150M shares
Because they know that there is no way that they will be able to avoid R/S this time.
They gave their best shot with the latest pre-earnings pumpaganda, followed by their cute pony and dog show during the CC and the subsequent conferences. The market reaction?? dump this stinky pile of chit as fast as you can buddy.
The next shoe to drop?
The Russell will kick them out and close the door for ever on this monument of a failure
You beat me by a few minutes, and you are wanting to take credit for my calls. But it's good to know that there is at least one person who reads filings here.
I feel for the longs here....I was one of them and I got screwed many times too. You can only take so much of this never changing rape on US shareholders