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EFGO [ Esprit Financial Group, Inc ]
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[QUOTE]Originally posted by brackep: [QB] Posted by: Allinxxl1968 In reply to: ratso1 who wrote msg# 40313 Date:5/14/2007 9:53:44 AM Post #of 40328 I got the same e mail whats the big deal? cashnowcorp*cashnow.com wrote: Hi XXXXXXXXXXXX; We have a new writer on staff and he was told to write a standard “boiler plate PR” that companies issue when they complete the 504 financing. On his own accord he decided to change a few words which just came to our attention now. In summary a 504 rule financing means that the company issues restricted stock that accredited investors can turn into free trading after a certain period of time which they must hold their stock and they must register the stock in their state and only sell it in their state. If you go to the SEC site it explains in detail the process etc. I know the writer wrote "In order to properly fund much of our expansion into new financial products and services, we sold shares under this rule of exemption," . This is not correct. 504 stock can not be sold by the company as there are rules who can buy 504 stock. I know the bashers must be just having one hell of a good time with this one, but we can not do a retraction as eventually this 504 stock will become free trading. The financeers assure us that they are still holding on to that stock as longs. Lastly, the downward pressure on the stock this past week is not because of this 504 financing. It has come to our attention that it is a large shareholder that has assigned their stock to some quasi hedge fund. I will ask Garr to post this in the TOWN HALL for everyone’s reference Regards [/QB][/QUOTE]
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