this is a post from jazz_1 on the other bord it ha
Post# of 451
Posted On: 07/15/2013 8:58:28 PM
this is a post from jazz_1 on the other bord it has some good info for investors.
Answers to LKEN Investor Questions:
Nuemark replied to the questions I sent up a few months ago. The answers are below. Please contact Nuemark directly if you have any additional questions about the responses.
1. What is the latest information on the DTC Chill? When might we be able to lift it? What exactly has been done in order to address the DTCC chill on this lock? What is the process that has to be followed, and what part of the process has LKEN done so far?
Answer: The DTC Chill on Greene Concepts, Inc.'s Common Stock; we have taken certain action that will allow us to open an inquiry with DTC to resolve the issue, while we have a plan of action to end the chill on the stock we are not able to discuss them in a public capacity until such time as they're materially relevant and we have firm information from the DTCC. Also, this is not a lock as described in your question, such as a Global Lock, this is simply a chill for deposit.
2. What is the ideal exchange for LKEN? Are there plans in place for us to get there? What are those plans?
Answer: At present Greene Concepts' Common Stock is quoted on the OTC Pink Sheets which is an adequate venue for now, furthering our desire to up list is an additional component to our plan of growth, generally speaking and certainly not intended to be an inclination as to which exchange we would move on to but, NASDAQ would likely be a first choice in light of their popularity with other growth oriented technology companies.
3. Any thoughts of using some of the 3 billion shares for expansion, acquisition, or debt cancellation? Why are 3,000,000,000 authorized shares necessary?
Answer: Greene Concepts' is presently Authorized for 3,000,000,000 shares, we elected to lower the Authorized Common Shares substantially following the reverse stock split and created a sufficient amount of space within the capital structure to facilitate additional M&A, Capital Raising activities, and potentially settle many of our Long Term liabilities.
4. Did the R/S accomplish what the company intended? How will that benefit shareholders short-term and long-term?
Answer: The stock split was a decision that the Board of Directors made that was not taken lightly, the purpose of which was to create a capital structure attractive to Institutional and Accredited Investors as well as lower market volatility and create a more liquid marketplace for our shareholders insuring that long term value exists.
5. All common shareholders were split out 100 to 1. Why was the A/S not reduced by a similar amount (it was only reversed about 3 to 1 “drop from 10 billion shares to only 3 billion shares”?
Answer: As a growth oriented company, we had to authorize and insure sufficient capital structure would be in place to future M&A, Debt Settlement, and Capital Raising, the plan moving forward is to avoid restructuring, unlike some peer companies in this market tier which may frequently restructure.
6. Did LKEN management choose the date of the 100 to 1 reverse split, or rather...were they aware which week the split would commence, before the conference call on 28th July, 2012. Previous information from others claim that FINRA chooses the execution date of the R/S, not the company. Please confirm this.
Answer: FINRA selects the date in which the market effects the reverse stock split.
7. Does the company have any comment to make on the fact that just about all shareholders of LKEN at this point in time are holding their shares at a loss? How does the company plan to restore shareholder value?
Answer: The company has some significant plans and impending developments which are very positive and while we do not control the marketplace of our stock, we believe it will be a very positive move for the value of Greene Concepts.
8. Why were the CEO’s preferred shares that are convertible into common shares at 1 to 100 not reverse split as well? Pre-split, the CEO’s preferred shares if converted accounted for around 10% of the company’s outstanding shares. In effect they gave him ownership of 10% of his company. Post-split this accounts for 90% of the ownership of the company. So from a shareholders point of view, the CEO has increased his ownership of LKEN by almost 10-fold, a 1000% increase. Could you explain in detail why this happened?
Answer: Mr. Greene's share ownership has always remained in the majority, Mr. Greene is not only a Preferred Shareholder but, has long owned greater than 50% of the Common Stock as well, in effect he was the single largest effected shareholder in the reverse stock split. The preferred position was issued in lieu of cash compensation to settle long outstanding debts with Mr. Greene for cash which he personally invested.
9. Are there any financial institutions interested in investing in LKEN?
Answer: We are currently in discussions with a number of Institutional and Accredited Investors for our various stages of our ongoing development.
Additional FAQ's appear here: http://www.greeneconcepts.com/investor-relati...-contacts/ .
-Jazz
Nuemark replied to the questions I sent up a few months ago. The answers are below. Please contact Nuemark directly if you have any additional questions about the responses.
1. What is the latest information on the DTC Chill? When might we be able to lift it? What exactly has been done in order to address the DTCC chill on this lock? What is the process that has to be followed, and what part of the process has LKEN done so far?
Answer: The DTC Chill on Greene Concepts, Inc.'s Common Stock; we have taken certain action that will allow us to open an inquiry with DTC to resolve the issue, while we have a plan of action to end the chill on the stock we are not able to discuss them in a public capacity until such time as they're materially relevant and we have firm information from the DTCC. Also, this is not a lock as described in your question, such as a Global Lock, this is simply a chill for deposit.
2. What is the ideal exchange for LKEN? Are there plans in place for us to get there? What are those plans?
Answer: At present Greene Concepts' Common Stock is quoted on the OTC Pink Sheets which is an adequate venue for now, furthering our desire to up list is an additional component to our plan of growth, generally speaking and certainly not intended to be an inclination as to which exchange we would move on to but, NASDAQ would likely be a first choice in light of their popularity with other growth oriented technology companies.
3. Any thoughts of using some of the 3 billion shares for expansion, acquisition, or debt cancellation? Why are 3,000,000,000 authorized shares necessary?
Answer: Greene Concepts' is presently Authorized for 3,000,000,000 shares, we elected to lower the Authorized Common Shares substantially following the reverse stock split and created a sufficient amount of space within the capital structure to facilitate additional M&A, Capital Raising activities, and potentially settle many of our Long Term liabilities.
4. Did the R/S accomplish what the company intended? How will that benefit shareholders short-term and long-term?
Answer: The stock split was a decision that the Board of Directors made that was not taken lightly, the purpose of which was to create a capital structure attractive to Institutional and Accredited Investors as well as lower market volatility and create a more liquid marketplace for our shareholders insuring that long term value exists.
5. All common shareholders were split out 100 to 1. Why was the A/S not reduced by a similar amount (it was only reversed about 3 to 1 “drop from 10 billion shares to only 3 billion shares”?
Answer: As a growth oriented company, we had to authorize and insure sufficient capital structure would be in place to future M&A, Debt Settlement, and Capital Raising, the plan moving forward is to avoid restructuring, unlike some peer companies in this market tier which may frequently restructure.
6. Did LKEN management choose the date of the 100 to 1 reverse split, or rather...were they aware which week the split would commence, before the conference call on 28th July, 2012. Previous information from others claim that FINRA chooses the execution date of the R/S, not the company. Please confirm this.
Answer: FINRA selects the date in which the market effects the reverse stock split.
7. Does the company have any comment to make on the fact that just about all shareholders of LKEN at this point in time are holding their shares at a loss? How does the company plan to restore shareholder value?
Answer: The company has some significant plans and impending developments which are very positive and while we do not control the marketplace of our stock, we believe it will be a very positive move for the value of Greene Concepts.
8. Why were the CEO’s preferred shares that are convertible into common shares at 1 to 100 not reverse split as well? Pre-split, the CEO’s preferred shares if converted accounted for around 10% of the company’s outstanding shares. In effect they gave him ownership of 10% of his company. Post-split this accounts for 90% of the ownership of the company. So from a shareholders point of view, the CEO has increased his ownership of LKEN by almost 10-fold, a 1000% increase. Could you explain in detail why this happened?
Answer: Mr. Greene's share ownership has always remained in the majority, Mr. Greene is not only a Preferred Shareholder but, has long owned greater than 50% of the Common Stock as well, in effect he was the single largest effected shareholder in the reverse stock split. The preferred position was issued in lieu of cash compensation to settle long outstanding debts with Mr. Greene for cash which he personally invested.
9. Are there any financial institutions interested in investing in LKEN?
Answer: We are currently in discussions with a number of Institutional and Accredited Investors for our various stages of our ongoing development.
Additional FAQ's appear here: http://www.greeneconcepts.com/investor-relati...-contacts/ .
-Jazz
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