SAN DIEGO--(BUSINESS WIRE)--Jan. 6, 2006-- GreenZap, Inc. (Pink Sheets:GZPN) (the "Company"), a provider of secure online payment services, announced that it has retained independent auditors to complete the Company's year-end financials. GreenZap expects the audit to be finished and to have commenced reporting with the Securities and Exchange Commission by end of first quarter 2006. Upon completion, GreenZap intends to file the appropriate documentation to seek the quotation of its common stock on the Over-The-Counter Bulletin Board (OTCBB). "The Company has been growing very quickly since launching 7 months ago," stated Damon Westmoreland, GreenZap CEO. "We have over 600,000 users and have seen our revenues steadily increase, particularly in the last quarter. I'm excited at the prospect of the company become fully reporting and hopeful of moving to the OTCBB," continued Westmoreland.
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GZPN just took a real dive yesterday and/but I think the company this is a great one to accumulate...they are reapidly evolving to become a competitor to ebay/paypal....I am eagerly waiting for their xmas numbers to be released...
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I don't really understand if this is legal or not, but apparently, if you pay GreenZap $100 to become a "Gold" member, you can now buy stock directly from them, that will mature in a year at 220% of your initial investement....
I have never heard of a company doing this before... My gut feel is that if you offer people stock to be paid out in one year at 220% of your initial investement - then the stock is going to tank in a year when people try to get out...
So basically they are claiming that you will make 120% return in one year on your investement in ONE YEAR?
Is this even legal?
************************************************* GreenZap, Inc. ("GreenZap") is offering to its Gold Members the opportunity to purchase 10% Series B Convertible Debentures. These Debentures provide that investors will receive the return of their investment one year after the investment date with interest at the rate of ten-percent. Rather than repaying the Debentures (investment) in cash, GreenZap will be converting the principal and interest into a number of shares of GreenZap's common stock (Pink Sheet Symbol “GZPN”) at a conversion price equal to 50% of the five-day average trading price of the stock prior to the maturity date of the Debenture. For example if the investor purchased $100,000 of Debentures and GreenZap's common stock traded at an average price of $1.00 for the five days before its conversion, the Debenture would be converted into and the investor would receive, 220,000 shares of GreenZap's common stock, giving the investor an effective return of 120% of their original investment.
TIME FRAME & INVESTMENT CAP The offer will become available for execution at 9am PST on Monday, January 23, 2006. The offer is limited to a total investment of 2 million dollars. Once total investment amount is reached, the offer will be closed.
MINIMUM INVESTMENT AMOUNT The minimum amount required to invest is $1,000 U.S.
PAYMENT OPTIONS Investor can pay via direct bank debit (ACH), or via mail in check.
GreenZap will allow investor to pay the investment over a 10 month term if the total investment amount is at least $5,000. For Example, if the member wishes to invest a total of $10,000, he/she has the option of paying 10 equal monthly payments of $1,000.
GreenZap reserves the option to stop accepting payments for investment at anytime. For example, if a $10,000 investment is selected, and investor had successfully made 6 payments of $1,000 (totaling $6,000), and the company elected to stop accepting any further payments, then investor would receive debentures for the $6,000 purchased to date.
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There appears to be a lot of skepticism about this company. Google "greenzap" and you'll find plenty of people calling this a scam. Please do your DD before buying. JMHO.
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Well the stock hovers around 4 cents a share...
Greenzap announced in a press release they were issuing auditted financials during the first quarter. They made the announcement On Jan 6th,
They then affirmed that they had hired a company to perform the audit which they expected to release in Q1 in a press release On Feb 1st
Issued another press release Titled: "GreenZap Announces Audited Financials on Schedule and Clarifies Recent Financing " On March 10th
Issued their weekly news with an article titled: "Audited Financials on schedule for GZPN" On March 14th
And yet somehow we heard from a "Liason" that Greenzap mentioned on some confrence call that they have not completed their audit and they are still weeks away.
I am not sure how you get the bridge number for these calls, but it appears that they are only releasing this information to select people.
Further - they haven't issued their weekly news letter for two weeks. They took the time to announce the audit FOUR TIMES - but there has been no official word on any details on their missing their own deadline.
Hasn't just about every compay on the NYSE and the NASDAQ OTC issued their annual report by now? (assuming they use Jan 1 for the start of a year)? How many months does it take to audit a small startup?
I am sorry for the people that invested money when they stock came out as npwv at $1 a share... Based on the current price of 4 cents a share, I know the loss must have hurt.
If you did invest - you might take a look at another board called scam.com - People have posted that there is an investigation going and they want to talk to people that have complaints.
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quote:Originally posted by MikeJ: I don't really understand if this is legal or not, but apparently, if you pay GreenZap $100 to become a "Gold" member, you can now buy stock directly from them, that will mature in a year at 220% of your initial investement....
I have never heard of a company doing this before... My gut feel is that if you offer people stock to be paid out in one year at 220% of your initial investement - then the stock is going to tank in a year when people try to get out...
So basically they are claiming that you will make 120% return in one year on your investement in ONE YEAR?
Is this even legal?
************************************************* GreenZap, Inc. ("GreenZap") is offering to its Gold Members the opportunity to purchase 10% Series B Convertible Debentures. These Debentures provide that investors will receive the return of their investment one year after the investment date with interest at the rate of ten-percent. Rather than repaying the Debentures (investment) in cash, GreenZap will be converting the principal and interest into a number of shares of GreenZap's common stock (Pink Sheet Symbol “GZPN”) at a conversion price equal to 50% of the five-day average trading price of the stock prior to the maturity date of the Debenture. For example if the investor purchased $100,000 of Debentures and GreenZap's common stock traded at an average price of $1.00 for the five days before its conversion, the Debenture would be converted into and the investor would receive, 220,000 shares of GreenZap's common stock, giving the investor an effective return of 120% of their original investment.
TIME FRAME & INVESTMENT CAP The offer will become available for execution at 9am PST on Monday, January 23, 2006. The offer is limited to a total investment of 2 million dollars. Once total investment amount is reached, the offer will be closed.
MINIMUM INVESTMENT AMOUNT The minimum amount required to invest is $1,000 U.S.
PAYMENT OPTIONS Investor can pay via direct bank debit (ACH), or via mail in check.
GreenZap will allow investor to pay the investment over a 10 month term if the total investment amount is at least $5,000. For Example, if the member wishes to invest a total of $10,000, he/she has the option of paying 10 equal monthly payments of $1,000.
GreenZap reserves the option to stop accepting payments for investment at anytime. For example, if a $10,000 investment is selected, and investor had successfully made 6 payments of $1,000 (totaling $6,000), and the company elected to stop accepting any further payments, then investor would receive debentures for the $6,000 purchased to date.
It is all legal but you are not reading it right...they are only using examples. To do the 220% the stock would have to be trading at $1.00 after one year...it is at .04 cents today. IF you buy now and hold for one year and IF the price is 1.00 and IF and IF...it is a way to get you to buy and not sell for a year..they could be a dollar by them or they could be gone...it is a gamble (i mean investment) option in the company if you think it will make it.
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