This could get interesting with the folks who have lawyered up.
Quote:Posted by: Cassandra
In reply to: TXplowgirl who wrote msg# 129439 Date:8/11/2014 6:39:30 PM
Post #129443 of 129448
That is indeed different than what shareholders have been told by company representatives and were led to believe based upon the original PR.Quote:"... which can be redeemed at 0.20 USD or converted for one (1) share of common stock IF the price per share during the time these shares are eligible for submission exceeds 0.20 USD."
This minimum price condition means that unless the share price increases by 2,000% the certs can't be redeemed. Since that is not going to happen, the Series C certificates are worthless.
It wasn't a "gift" at all but was a pure swindle.
A move like this was to be expected from Peter, who is a fraudster and a skilled con artist. The "gift distribution" was always too good to be true and was clearly just a maneuver to drive demand and manipulate the share price to facilitate additional dilution.
Many PVEC shareholders have been excited about the Series C shares, believing that redeeming them could reduce their losses on the common stock. Peter has now proven his true character to all of these people. The only positive thing that might come from this Series C debacle is that people will finally stop believing his constant lies and buying the stock being diluted into the market.
The press release announcing the Series C distribution made no mention that the shares would only be redeemable if the share price was at least $.20. Had that been made clear, no one would have fallen for this scam "gift" and bought or held the stock to be eligible for the gift distribution.
From the PR:
http://ih.advfn.com/p.php?pid=nmona&article=61272609Quote:Series C stock will be issued in certificate form and mailed to all shareholders of record beginning the following week after recording, the week of March 17th, 2014, arriving to shareholders by mail. Beginning September 17th, 2014, certificates will be eligible for redemption for face value in cash or $.20 worth of PVEC common stock. In the event the price per share is higher than face value of $.20 (twenty cents), the Preferred C Series Stock may be redeemed for 1 (one) share of common stock at the current price per share.
Kerry and Jason were both executives at PVEI when this gift distribution was conceived and announced. Both supported it as authentic. Kerry stated she realized that it was a $4 million obligation but stood behind it.
Were they aware of that Peter planned to make redemption conditional on a minimum share price of $.20?
Jason (eocwizard) posted the following on this forum on 3/3/14 when he was still officially the Director of Technical Operations for PVEI. I'll give him the benefit of the doubt and assume he didn't know about the minimum share price for conversion as I found him to be quite naive in a lengthy telephone call I had with him in late December.
Quote:Here's the FACTS:
If you have 1,000,000 shares on March 14th, you will get 5714 shares of Preferred Series C Stock. Each of those shares will have a face value of .20 (TWENTY CENTS), not .001, not .01, not .10, they will be .20. When September 17th rolls around, you may if you wish, trade your preferred shares for common stock. If the stock price is .20 or higher, you will get 1 share of common for each preferred share you own. If the stock is worth .20, then your newly issued common share will be worth .20. If the stock price is .40, then your newly issued common share will be worth .40. If the PPS is less than .20 then you will receive the equivalent amount of common stock to be equal to .20 - for instance, if the PPS is .05, then you would receive 4 shares of common stock to your 1 share of preferred and so on. At the end of the day, no matter how you slice it, the Series C preferred Stock is worth NO LESS than .20 per share.
The absolute lowest the share could possibly be worth is .20 - twenty cents. Therefore, if you own 1,000,000 on March 14th, then on September 17th (ish) those 5714 shares will be worth NO LESS than $1142.80 - one thousand, one hundred, forty-two dollars and eighty cents.
This is the formula, and this is fact - there's no skewing it, misunderstandings or anything of that nature - math is math and this is the math - PERIOD.
