Thomas J. Catino 4/05/2007 10:29 AM EST E-mail author | E-mail article | RSS | Link
Due to many letters from our readers on The BigHub.com (OTC: BHUB), we had to write a piece on the company, especially given what appears to be a very explosive situation surrounding the possibly hijacked shell and unregistered shares sold that might have to be covered. The story is still developing, but here is what we know so far;
The BigHub.com (OTC: BHUB) was merely a dormant shell that barely traded... that is until rumors circulated that mentioned BigHub.com as a potential reverse merger candidate. Soon after, Yucatan Holdings, the owners of the shell, commented and put out a press release on March 28 which stated the company did not know or have any discussion with regards to the speculated interest of Cyberhand Technologies in BigHub.com. What was more intriguing, however, is that the company said it was concerned about the recent activity in its shares because it seemed too excessive. BigHub.com common stock listed on the PinkSheets has traded on some days during the month of March, well above half a billion shares.
What could be the cause of such active trading? In 2005, individuals by the name of John Sparrow and Jason Wong registered a corporation using the name The BigHub.com Inc., according to Florida Secretary of State documents. It is not certain at this point, but there is speculation that Sparrow and Wong might have opened an account with Select American Transfer and claimed ownership of the company which would have given them the ability to change the share structure and sell shares on to the open market. A representative at Select American Transfer would not comment on the situation, only to say that the company ceased to be the transfer agent for BigHub.com two weeks ago. John Sparrow could not be reached for comment.
In a follow up by BigHub.com on April 2, the company announced it added Jayme Dorrough to the Board of Directors and has appointed Darrell Peterson as interim President. Peterson went on to say, "the company is working through counsel to update and disseminate information concerning the current structure of the company and outline the company's intent on future projects it may be involved in. The company plans to update the http://www.pinksheets.com web site within the next few days." At the time of publication, PinkSheets has failed to update the corporate listing for BigHub.com Inc. which still lists John Sparrow as President.
However, Darrell Peterson told Ant & Sons that the company is working diligently to update that information. The company's legal team is being very pro-active and investigating the irregular trading activity that could have occurred as a result of unregistered or illegal shares hitting the open market. Peterson confirmed that there has been no share authorization increases since the last 10-Q SEC filing that indicated there were 50,000,000 shares authorized and 21,685,521 shares outstanding, despite the common stock of BigHub.com trading in excess of 391 million shares in today's trading session alone. BigHub.com Inc. is currently sending documents to a new transfer agent, New Jersey based Olde Monmouth Stock Transfer, and updates will be issued in the near future. The company still plans on using the shell for a reverse merger in the future. Stick with Ant & Sons for the latest.
The author does not have a vested interest in shares of The BigHub.com Inc. (OTC: BHUB)
posted
The Big Hub.com, Inc. Updates on Corporate Action
PR Newswire "US Press Releases "
JENSEN BEACH, Fla., April 5 /PRNewswire-FirstCall/ -- The Big Hub.com, Inc. (Pinksheet: BHUB) announced today that it has updated the following information:
1. The Company has filed and brought current corporate annual reports with the State of Florida. The State of Florida advised the Company that the updates should be reflected on the web site within 3-5 business days. 2. The Board of Directors has approved by resolution the appointment of Olde Monmouth Stock Transfer as stock transfer agent for the Company 3. The Company has updated and expects http://www.pinksheets.com to reflect the information provided within the next 24 hours.
Additionally, the Company has been in discussions with Select Stock Transfer with respect to the current information regarding the share structure of the Company. Select Stock Transfer has advised the Company that they expect to forward conclusive information to corporate counsel and the newly appointed stock transfer agent by the close of business Monday April 9, 2007. The Company expects to update the investing public shortly thereafter.
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of The BigHub.com, Inc. to be materially different from the statements made herein.
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