posted
p>On March 11, 2004, the Company and Diamant Plastics Corp. ("PLASTICS", a private company incorporated in Ontario, Canada, executed a letter of intent to negotiate the exclusive rights, for the Company, in the United States and Canada; to manufacture, market and distribute new non-PVC based plastic utilized in the stretch-film food packaging industry, name branded DIAMANT ™.4t564 </p> <p>On April 22, 2004, the Company formed a wholly owned subsidiary, Diamant Film Inc. ("FILM", under articles of incorporation in Ontario, Canada. The subsidiary was formed to continue negotiations and implementation of the food packaging business. </p> Effective June 28, 2004, FILM finalized an agreement with PLASTICS for the exclusive distribution rights in the United States Of America, to market and distribute DIAMANT™ film. The agreement has a term of five years, renewable for a further five years at the FILM's option. </p> <p>On October 8, 2004, DIAMANT ART CORPORATION (as ART International Corporation) filed a Form 8-K detailing its subsidiary's ongoing business.
In prior years, under Canadian GAAP share capital was reported net of issuance costs, in the aggregate of $2,047,758, whereas under U.S. GAAP such costs were charged against the operating income as a period expense in the year of stock issuance; thus under U.S. GAAP the reported share capital amount was greater by the amount of the issuance costs. Consequently, under the respective Canadian GAAP the corporation's reported accumulated deficit was lower by the
same margin. </font></p> The closing daily exchange rate for 1 United States dollar expressed in Canadian dollars for May 31, 2005 was 1.2530. </p> <p ALIGN="justify" style="text-indent: -18">(5)</font><font FACE="Arial MT" SIZE="2"> </font><font FACE="Times New Roman PSMT" SIZE="2">Under Canadian GAAP exchange gains or losses are charged against the operating income as a period gain or loss, whereas under U.S. GAAP they are reported as a cumulative translation adjustment in the Statement of Shareholders' Retained Earnings or Deficiency
posted
How many rumors drop stocks pps like this? Then when people looking to invest do DD, see a drop in pps, notice the delisting rumor, and also that the company didn't set things right with a notice to shareholders on the website at least.
Maybe if this were a more transparent and profitable company it wouldn't be a big deal.
I don't disagree with you, though, that having to respond to a rumor is unprofessional. Matt
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Diamant Art Corporation Quashes Internet Rumours Dec 8, 2005 1:36:00 PM Copyright Business Wire 2005 TORONTO--(BUSINESS WIRE)--Dec. 8, 2005--
Diamant Art Corporation (OTCBB:DIAAF) wishes to respond to rumors which apparently have arisen on the INTERNET BULLETIN BOARDS. Diamant Art Corporation wishes to confirm that it is up to date and current with all of its regulatory filings with the Securities and Exchange Commission which can be viewed on EDGAR and meets NASDAQ/NASD requirements. There is currently no administrative order issued by any regulatory or taxing authority with jurisdiction over the Corporation. The Corporation is currently in discussions with the Ontario Corporations Financial Branch with respect to annual filing requirements which Management believes will result in no administrative action being taken by that authority as the Corporation will comply with any final decisions of the Ontario Corporations Financial Branch. The Corporation has been assured by the Ontario Corporations Branch that its current status is active and that no action will be taken by the Ontario Corporations Tax Branch for at least sixty (60) days pending the discussions.
As a final word the corporation would like to remind shareholders and general public to verify with the proper regulators and Government agencies as to the accuracy of RUMOURS. The corporation wishes to thank its shareholders for their continued support.
About Diamant Art Corporation
Diamant Art Corporation, through its wholly owned subsidiary Diamant Film Inc., has secured the exclusive marketing and distribution rights in the United States, Territory of the People's Republic of China, Canada, Mexico, Bahamas and recently Korea to Diamant(TM) film, a non-PVC food stretch film.
Diamant(TM) film is the world's first plasticizer-free stretch film based on polystyrene and the first food wrap film that is environmentally friendly and recyclable. Diamant(TM) film has recently received the ECO logo certified by the Environmental Choice Program. The Environmental Choice Program is North America's leading benchmark of environmentally responsible products and services. Diamant(TM) film has successfully met the criteria for both the environmental and performance standards.
BIO-PLASTICS INC. division a wholly owned subsidiary of Diamant Art Corporation was formed to develop and acquire new products and technologies for the manufacturing of totally Bio-Degradable products.
Safe Harbor
This media release may contain forward-looking statements regarding but not limited to management, market potential, distributor success, market size, international sales, marketing, future events and performance of the Company which involve risks and uncertainties that could materially affect actual results. Investors should refer to documents that the Company intends to file with the SEC for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this media release.
For further information, please contact Stefan Gudmundsson, CEO and President of Diamant Film Inc., at (905) 752-0220, or visit our website at www.diamantfilm.com.
Diamant Art Corporation (OTC Bulletin Board:DIAAF)
Source: Diamant Art Corporation
---------------------------------------------- Diamant Film Inc. Stefan Gudmundsson CEO and President (905) 752-0220 http://www.diamantfilm.com
posted
they should have posted this PR first,at least now they have 60 days.
The Corporation has been assured by the Ontario Corporations Branch that its current status is active and that no action will be taken by the Ontario Corporations Tax Branch for at least sixty (60) days pending the discussions.
posted
the way I read the news is like this,its just like the Nasdaq warning notice on stocks trading under a buck,at least now it appears the company has 60 days to get their tax situation in order before action is taken against them,hell is they PR a WFMI connection that alone would generate enough money to cover taxes back to 93
posted
Diamant Art Corporation Web sales of Diamant Film Commences Thursday December 8, 12:00 pm ET
TORONTO--(BUSINESS WIRE)--Dec. 8, 2005--Diamant Art Corporation (OTCBB:DIAAF - News), and its wholly-owned subsidiary, Diamant Films Inc., commenced its Web sales of 12 inch and 18 inch 2000 foot cutter boxes of catering film for residential and commercial use earlier this week. Diamant is proud to announce that its Web sales have been substantial better than anticipated for the limited time of operation. ADVERTISEMENT
According to Stefan Gudmundsson, Diamant Art Corporation, and its wholly-owned subsidiary Diamant Films Inc., have exceeded its sales expectations and will continue operate in accordance with the mission specified in its business plan. As previously stated by Diamant Art Corporation's president and chief executive officer, Stefan Gudmundsson, "We are very pleased to have a site where customers, investors, press and other interested parties can purchase products and access up-to-date information on our products, technology, and finances. We plan to update the contents regularly to reflect the developments of our products and to emphasize the marketing plan."
About Diamant Art Corporation
Diamant Art Corporation, through its wholly owned subsidiary Diamant Film Inc., has secured the exclusive marketing and distribution rights in the United States, Territory of the People's Republic of China, Canada, Mexico and the Bahamas to Diamant(TM) film, a non-PVC food stretch film.
Diamant(TM) film is the world's first plasticizer-free stretch film based on polystyrene and the first food wrap film that is environmentally friendly and recyclable. Diamant(TM) film has recently received the ECO logo certified by the Environmental Choice Program. The Environmental Choice Program is North America's leading benchmark of environmentally responsible products and services. Diamant(TM) film has successfully met the criteria for both the environmental and performance standards.
BIO-PLASTICS INC. division a wholly owned subsidiary of Diamant Art Corporation was formed to develop and acquire new products and technologies for the manufacturing of totally Bio-Degradable products.
Safe Harbor
This media release may contain forward-looking statements regarding but not limited to management, market potential, distributor success, market size, international sales, marketing, future events and performance of the Company which involve risks and uncertainties that could materially affect actual results. Investors should refer to documents that the Company intends to file with the SEC for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this media release. Diamant Art Corporation (OTC Bulletin Board:DIAAF - News)
Contact: Diamant Film Inc. Stefan Gudmundsson CEO and President (905) 752-0220 www.diamantfilm.com
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posted
After re-reading the PR I had to put this in perspective now,a public company must notify all share holders of any material event that could possibly effect the price per share (PPS).
Diamant Art Corporation wishes to confirm that it is up to date and current with all of its regulatory filings with the Securities and Exchange Commission which can be viewed on EDGAR and meets NASDAQ/NASD requirements. There is currently no administrative order issued by any regulatory or taxing authority with jurisdiction over the Corporation.The Corporation is currently in discussions with the Ontario Corporations Financial Branch with respect to annual filing requirements which Management believes will result in no administrative action being taken by that authority as the Corporation will comply with any final decisions of the Ontario Corporations Financial Branch. The Corporation has been assured by the Ontario Corporations Branch that its current status is active and that no action will be taken by the Ontario Corporations Tax Branch for at least sixty (60) days pending the discussions.
I do believe the bolded section of the PR is a material event don't you? They were notified on December 5th so since it is a material event why was there no PR to share holders? Why did they wait until a rumor surfaced confirming stating they owed taxes before they publically notified share holders?
I just hope that they do indeed pay all thats owed and close this chapter of DIAAF and get their product on U.S. shelves ASAP! They have 60 days to get their act together,they have a good product with real contracts.....do something with it!!!
posted
Could be that they wanted to solve the tax issue as soon as possible, in silence. I don't think for them it was that a big issue to tell their shareholders about it.
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Whoa, whoa, whoa! They are not saying they owe or don't owe taxes. I don't expect them to tell us every time they are contacted by their version of the IRS, good or bad. They have indicated that their filings are current and up-to-date. OCB has assured them that their status is active, and they are currently in 'discussions', not under investigation or anything similarly threatening.
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Being a novice here, I was wondering how people know about the shorts, SB, and stuff like that. Without being to harsh to a novice, can anyone help?
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Interested, just read the threads for while, ask a question here and there, and you'll start getting it. We utilize the 'immersion' method of training here.
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Couple of things, though. If the PVC wrap with Whole Foods is still in the testing stages, it makes me think that it may be awhile before any news happens. Corporations aren't known for their rabbit's pace.
However, with the bashers/shorters really pulling out the stops in terms of trashing this stock, that makes one think that people are willing to do anything to get their hands on cheap shares.
I'm still trying to figure out a re-entry point from here.
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Uh, the R/S rumor was posted as an informative question, and had zero effect on the PPS. On the other hand, the delisting rumor had a dramatic effect on the PPS, yet the poster of that rumor seemed to be welcomed back with open arms.
-------------------- I have taken a vow of poverty, so if you want to irritate me, send money.
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B.S. an Hell no it wasn't an informative question! you don't watch L2 or can't afford it I guess!
quote:Originally posted by tech1: Uh, the R/S rumor was posted as an informative question, and had zero effect on the PPS. On the other hand, the delisting rumor had a dramatic effect on the PPS, yet the poster of that rumor seemed to be welcomed back with open arms.
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