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Posted On: 03/20/2018 1:59:47 PM
Post# of 1521
$PSGR (SEE END OF COMMENTS FOR LEGAL DEFNITION)
I thought that I would provide a LEGAL DEFINITION for a DEVELOPMENTAL STAGE COMPANY. Why am I doing this? Well, for TWENTY PLUS YEARS (counting all its former names) Pershing Resources describes itself as an R& D or a DEVELOPMENTAL STAGE COMPANY in its website. The company has had many name changes over the years. I don't know if this has to do with an interpretation of the LEGAL DEFINITION (....establishment of a NEW business) or just coincidence. The portions of the definition that are very apropos to Pershing Resources are:
1) ...either the principal operations may have not yet begun (NOTE: There appear to be NO PRODUCTIVE operations; only ALLEGED Testing and R&D)
2) ...has limited sales (NOTE: There have been NO sales that everyday investors are aware of)
3) Pershing Resources has made prior announcements of a (possible) Joint Venture with PELE (a Nevada Corp) and a financial arrangement with Blackridge (Capital Investment Corp) (NOTE: Effective until today, NO arrangements have been consummated for the JV or the Capital Investment...PELE backed out/Pershing Resources did not inform investors of the reasoning behind the failure to consummate the deal; Blackridge...who knows???))
4) It is known as a BLANK CHECK COMPANY. This is very apparent over the past TWENTY PLUS years.
SUMMARY: Pershing Resources can claim that it IS still a DEVELOPMENTAL COMPANY because it will periodically change its definition either by NAME CHANGE or by stating that it is no longer solely an R&D Company or by allegedly starting testing at the various claims/mine sites. For those who understand the old carnival Shell Game..find the pea.
Development-Stage Company Law and Legal Definition
Development-stage company refers to a company that is devoting a majority of its attention on the establishment of a new business. In a development-stage company, either the principal operations may have not yet begun or have begun without producing significant revenue.
A development-stage company has limited sales. A company having no specific business plan or purpose or has indicated in its business plan that it is to engage in a merger or acquisition with an unidentified company or companies is known as a development-stage company. It is also known as a blank check company. [Peck v. Pac. CMA, Inc., 2007 U.S. Dist. LEXIS 40435, 1-2 (D. Colo. June 1, 2007)].
I am POSITIVE that I will never again write a check to a Blank Check Company.
I thought that I would provide a LEGAL DEFINITION for a DEVELOPMENTAL STAGE COMPANY. Why am I doing this? Well, for TWENTY PLUS YEARS (counting all its former names) Pershing Resources describes itself as an R& D or a DEVELOPMENTAL STAGE COMPANY in its website. The company has had many name changes over the years. I don't know if this has to do with an interpretation of the LEGAL DEFINITION (....establishment of a NEW business) or just coincidence. The portions of the definition that are very apropos to Pershing Resources are:
1) ...either the principal operations may have not yet begun (NOTE: There appear to be NO PRODUCTIVE operations; only ALLEGED Testing and R&D)
2) ...has limited sales (NOTE: There have been NO sales that everyday investors are aware of)
3) Pershing Resources has made prior announcements of a (possible) Joint Venture with PELE (a Nevada Corp) and a financial arrangement with Blackridge (Capital Investment Corp) (NOTE: Effective until today, NO arrangements have been consummated for the JV or the Capital Investment...PELE backed out/Pershing Resources did not inform investors of the reasoning behind the failure to consummate the deal; Blackridge...who knows???))
4) It is known as a BLANK CHECK COMPANY. This is very apparent over the past TWENTY PLUS years.
SUMMARY: Pershing Resources can claim that it IS still a DEVELOPMENTAL COMPANY because it will periodically change its definition either by NAME CHANGE or by stating that it is no longer solely an R&D Company or by allegedly starting testing at the various claims/mine sites. For those who understand the old carnival Shell Game..find the pea.
Development-Stage Company Law and Legal Definition
Development-stage company refers to a company that is devoting a majority of its attention on the establishment of a new business. In a development-stage company, either the principal operations may have not yet begun or have begun without producing significant revenue.
A development-stage company has limited sales. A company having no specific business plan or purpose or has indicated in its business plan that it is to engage in a merger or acquisition with an unidentified company or companies is known as a development-stage company. It is also known as a blank check company. [Peck v. Pac. CMA, Inc., 2007 U.S. Dist. LEXIS 40435, 1-2 (D. Colo. June 1, 2007)].
I am POSITIVE that I will never again write a check to a Blank Check Company.
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