Most people currently discussing RS are referring
Post# of 56324
Posted On: 07/06/2014 11:57:21 PM
Most people currently discussing RS are referring to restricted shares, not reverse split (which yes, has been stated multiple times is not in the plans). However, the restricted shares are also likely going to have little if any impact overall. Here were some comments from Bill on the matter earlier today on the private FITX FB page:
Bill Cenergy:
Jerry, it's a process for them to remove the restrictions. They have to retain a lawyer and get an opinion letter. They need a letter from the company. They can't start the process until after the shares have aged one year from the date which is on the certificate. The completed package of documents is sent to the the transfer agent. The transfer agent then sends it to me for review. I have to review the documents and the transaction. I also have this reviewed by another attorney in most cases. Then I have to respond and confirm the documents are okay or I contest them. This process can take weeks and even months. I don't anticipate any out of the ordinary trading activity when these shares start aging.
Bill Cenergy:
It's all fear mongering.
Bill Cenergy:
As I said before, many shares aged over a year ago and still have restrictions on them.
Bill Cenergy:
Peter I can assure you they legally cannot remove restrictions before the one year date because we are OTC pink. If we were qb, it is only 6 months.
Bill Cenergy:
Jerry, it's a process for them to remove the restrictions. They have to retain a lawyer and get an opinion letter. They need a letter from the company. They can't start the process until after the shares have aged one year from the date which is on the certificate. The completed package of documents is sent to the the transfer agent. The transfer agent then sends it to me for review. I have to review the documents and the transaction. I also have this reviewed by another attorney in most cases. Then I have to respond and confirm the documents are okay or I contest them. This process can take weeks and even months. I don't anticipate any out of the ordinary trading activity when these shares start aging.
Bill Cenergy:
It's all fear mongering.
Bill Cenergy:
As I said before, many shares aged over a year ago and still have restrictions on them.
Bill Cenergy:
Peter I can assure you they legally cannot remove restrictions before the one year date because we are OTC pink. If we were qb, it is only 6 months.
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