I know it's the 0.10 and under board, but I thought this one would interest some people:
Press Release Source: ParaFin Corporation
ParaFin Corporation Announces the Final Stage in the Process of Selling 90 Million Barrels Valued at US$6,800,000,000 Thursday August 10, 1:29 pm ET
LOS ANGELES, CA--(MARKET WIRE)--Aug 10, 2006 -- ParaFin Corporation (OTC BB:PFNC.OB - News) has structured the sale of its Russian Export Blend Crude Oil (REBCO) allocation of (90) ninety million barrels, as the ("Product"), in such a way as to provide the prospective buyers, such as Global Energy Trading Ltd., with flexibility for payment, delivery and Investment. The value of the Product at current Market Price of $77 per Barrel is equal to approximately $6,800,000,000 (US$6.8 Billion). "When you deal with entities of this size and sophistication in an extremely large transaction, the complexities of the deal are enormous," stated Mr. Frank Saez, Asset Manager of ParaFin. "We have worked out the details with the prospective buyers, and are now waiting for the insurance company, who will issue the performance bond, to finish its due diligence."
The Product is ready for sale and deliverable in (1,000,000) One-Million Metric Tons of REBCO per month from the Baltic and Black Sea (the "Loading Ports"). The price is discounted pursuant to the payment terms and conditions as FOB Loading Ports, as follows:
Option-I; Buyer delivering a Monthly Revolving Irrevocable-Documentary-Letter-Credit (IDLC) with Cargo-by-Cargo payments upon presentation of Bill-of-Lading and a 2% Performance Bond to guarantee timely Vessel arrival and loading; the Net Discount is $2.50 per Barrel.
Option-II; Buyer delivering a Stand-By-Letter-Credit Format 458 Demand Guarantee (SBLC); The Net Discount per barrel will be negotiated depending on the number of months paid for the Monthly Shipment Value (MSV).
Option-III; Buyer delivering as per Option-I for the basic Net Discount of $2.50 per Barrel and any number of MSV as per Option-II.
Option-IV: Buyer can purchase the Product as they would any security like a bond or a stock. ParaFin has issued a fully registered Series "A" Preferred Stock with the underlying value of the REBCO Product. The Net Discount per barrel would be negotiated based on the Purchase Quantity.
Each Preferred Stock Certificates (issue price $77,000 per Preferred Share) is represented by one thousand (1,000) Barrels of the REBCO Product ($77 per Bbl.). The Certificate has a CUSIP and ISIN # that can be posted on Bloomberg or EuroClear. Settlement can be via Depository Trust Corp. (DTC), EuroClear or Bank-to-Bank. The holder of the Certificate has the security's Market Liquidity and a Physical Redemption Feature for delivery on FOB Loading Ports in minimum quantities of (50,000) Fifty-Thousand Metric Tons and as per port availability within a 60-day time period.
Confirmation of the Product and its delivery will be provided inclusive with an Insurance Binder for the entire purchase amount that will cover any non-delivery event inclusive of Political Risk and Civil Unrest coverage. The coverage is provided by an "A" rated Insurance Company. ParaFin will secure a Futures Contract to protect the Investor from any downward price movement of the Product. The coverage is limited to the Investor's original investment, however, additional coverage can be secured by request and at Buyer's expense.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Contact: ParaFin Corporation Telephone: (877) 613-3131 Facsimile: (866) 613-3131 e-mail: ceo*parafincorp.com Internet Web Site: http://www.parafincorp.com
We had a volume of 1 731 681 compared to an average of 589 272 and the news were out at 1:30 pm.
As mentioned by someone else, a lot of people from other boards are talking about it and it's getting a lot of attention. I wouldn't be surprised to see those little stock pick websites to post this one for tomorrow and maybe the following days, which will bring more volume to it.
It's looking very nice for tomorrow and probabnly next week IMO.
Posts: 819 | Registered: Apr 2006
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Just remember guys. Shakerzzz, Chartinator and a couple other IHUB boys are in this. Not trying to tell you what to do, but as for me I'm gonna keep my head on a swivel here. I don't wanna see anybody get burned and my advice, don't leave your computer. Good luck all.
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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