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Author Topic: PAIM
Benjiman
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I didn't see a forum dedicated to PAIM so I figured I would kick one off.

Closes at .008 on September 27th 2007. This seems like a good investment but with all the wild info out there I don't know anymore.

There reverse split goes in to effect tomorrow. 7,000,000 to 1 which means nothing to me but I can't help but wonder how a prefered share could be worth only .000000001 or something like that. Now accrding to what I read in an old forum that died off this stock was at .0001 over a year ago and made it all the way up to the .001 ish mark.

That's another thing I am trying to figure out. Earlier this week the 52wk High was showing .0017 but now it is showing as .0075 and through my research I don't see where this stock ever did that. Anyhow, I may as well stick with it and see what happens.

Posts: 88 | From: Nashville, TN | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
oldguy
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Run from this one. They have been promising gold in them thar hills for years now and have never produced anything. The reason the price went up was because they did a force buy back of 95% of all shares at .000001, meaning that every single investor lost his/her money. These guys are clouds without rain, never producing any gold and periodically taking stocks away. They are able to take your stocks at a tiny fraction of what you bought them for and it is legal. This company is a fraud! Run as fast as you can get away from it. They have done this three times in less than two years. You won't make a dime on this. Don't waste your money.
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oldguy
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One more thing - the only reason the price is up is because they took all the investor's shares back for pennies on the dollar. The price will go back down to .0001, some suckers will buy and PAIM will repeat the process over again. The one thing I will hand them is that they are creative when taking your money, or should I say diabolical.

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It is what it is

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Benjiman
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Wow, you ain't kidding. I did some research on Elvira Gamboa and found she is a serious con artist. I hope I can still dump this. Their reverse split deadline is tomorrow.

So if I can't sell will I still have these shares or do they take them and gove me prefered shares?

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oldguy
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the reverse split is for the preferred shares making any preferred shares worthless. If you had preferred shares and have never converted them to common shares, you are stuck. If you have common shares, you can trade them now. They won't ever find gold. They didn't find any in Canada and they won't find any in the Philippines. It is a scam.
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triovestor
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My letter came today ..

With a deadline of tomorrow . Are they kidding ?

And does not make sense . How can they demand I get my prefered certs to them tomorrow along with my CD debenture shares .

And why mess with the CD debenture shares . I had a piece of paper giving me a set amount of 45,000 dollars in 2011 .

I never got a chance to convert my 45 billion prefered because " Ameretard " took them out of my account without asking me and sent them to me . AND MADE ME PAY A COUPLE FEES .

Can you believe this bull **** .

I do not see how paim can think to get away with this . But as of tomrrow they say they will void my huge amount of prefered and CD debenture shares .

I paid money for those shares . And look what their doing to us . That stupid letter just arrived today .

It is CLEARLY a tactic to rip all of us off . And they made it so hard for us . Letter said we need a signature seal , that we must fill out forms correctly , that we must send certs to transfer agent and bla bla bla . and get it there by the 28 th and sent special tracked mail . Yet the letter that came today was absolute basic mail .


I want to bash their faces in .

I just hope some gets an atorney and does something .And we should still hold on to the certificates for I think . Just in case their is any hope to bring them to justice .

AWWWWEEEEE!!!!!!!


I feel so violated .I'm not being funny this time .
[Eek!]

Posts: 388 | From: redlands | Registered: Jul 2006  |  IP: Logged | Report this post to a Moderator
T e x
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I feel so violated .I'm not being funny this time .

When did you think you were being funny?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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PCola77
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haha, good one Tex!

quote:
Originally posted by T e x:
I feel so violated .I'm not being funny this time .

When did you think you were being funny?


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Benjiman
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Good News for you trio:

"As a result of the actions by some of the brokers/banks, miscommunication and with some of the shareholders' difficulty locating their paper certificate, we are extending the deadline for submission of the paper certificates to October 15, 2007."

Sep 28, 2007 9:28:01 AM

Pearl Asian Extends the Deadline for Submission of the PAIMP
Preferred & CD Paper Certificates to October 15, 2007

MANILA, Philippines, Sep 28, 2007 (BUSINESS WIRE) --

Pearl Asian Mining Industries, Inc. with Stock Symbols: U.S.A. (OTC common shares: PAIM)(OTC preferred shares: PAIIP), Germany (XETRA: R1Z.DE) and (Frankfurt: R1Z.F), announces that we would like to thank all the valued Pearl Asian Mining Industries shareholders who have submitted, on time, their preferred share certificates and convertible debenture certificates to the company's transfer agent, AGN Associates & Stock Transfer Services, LLC. We will announce shortly the company's appreciation to these shareholders in supporting and cooperating with Pearl Asian Mining Industry's corporate action. We realize the challenges of these actions but these are necessary for Pearl Asian Mining Industry in order to move forward and achieve its goal to be up listed, which will ultimately benefit the company and its shareholders long term.

We heard the concerns of some of our shareholders informing our Transfer Agent that some brokers who hold their paper certificates refuse to surrender their certificates on their behalf and have just recently mailed their certificates to these shareholders. However, the transfer agent has informed Pearl Asian, that majority of the brokers and banks have contacted them and are working in meeting the deadline. We also heard that some shareholders are advising others to discard their certificates. If you heed to their advise and discarded your certificates, the company will not be able to issue you the new certificate without the surrender of the old ones.

There are additional documentations required to report this incident. As a result of the actions by some of the brokers/banks, miscommunication and with some of the shareholders' difficulty locating their paper certificate, we are extending the deadline for submission of the paper certificates to October 15, 2007. It is necessary to complete these actions soon to execute the necessary steps to be in compliance with the requirements by an independent accounting review board. All our shareholders will retain their pro-rata interest in Pearl Asian Mining.

PREFERRED SHARES (Old CUSIP # 704755 20 6; Old Symbol: PAIMP) :

(Please Note in your Portfolio the Contra CUSIP No. 704755 990)

The reverse split of the preferred shares, effective September 14, 2007 is 7,000,000 to 1 new preferred share, CUSIP #: 704755 30 5, New Symbol: PAIIP)

CONVERTIBLE DEBENTURE: Cusip #704752 AA 2

A Mandatory Recall occurred on September 14, 2007 for conversion into common shares at a rate of $.01 per share.

ACTIONS NECESSARY TO FACILITATE THIS EXCHANGE:

1) Shareholders holding the paper certificates must return them to the Transfer Agent, AGN Associates & Stock Transfer Services, LLC with the completed Letter of Transmittal to receive the new certificate bearing the new Cusip number and symbol with post reverse-split preferred shares and the equivalent common shares for the convertible debenture.

2) If the certificate being surrendered bears two or more joint owners, all owners must sign the Letter of Transmittal.

3) The processing fee for the cancellation is $25 and $25 for the issuance of the new certificate, payable to AGN Associates & Stock Transfer Services, LLC.

4) If your certificate is lost or stolen, contact the Transfer Agent to report the loss before sending the Letter of Transmittal. Your completion of Affidavit of Loss and Agreement of Indemnity is required to go with the Letter of Transmittal.

5) If there is a desire to change the registration of the certificate, it must be indicated on the Special Issuance Instructions box of the Letter of Transmittal and a Medallion Signature Guarantee Stamp is required for all registered owners and the stamp must be on the certificate and the Letter of Transmittal and the new social security number of EIN.

6) Old certificates, the Letter of Transmittal, the check for the processing fee and the self-addressed, self-stamped envelope must be mailed in a traceable manner, i.e. registered mail, delivery confirmation, signature confirmation, FedEx, UPS, etc)

7) If the certificates are held by the broker/banks, they should surrender those certificates to the transfer agent. If they fail or are unable to do so, please request that they send the certificates to you immediately and advise the Transfer Agent. (Please Note in your Portfolio the Contra CUSIP No. 704755 990)

8) If the shares are held in the street name of your broker/bank, then they will submit these paper certificates to the transfer agent and upon receipt of the new certificates from the transfer agent, the broker/bank will post the appropriate shares to the shareholder's account.

9) The new preferred stock certificates (PAIIP) and the equivalent common shares certificates (PAIM) for the convertible debenture will ONLY be mailed upon surrender of the old certificates to the transfer agent.

ALL PREFERRED CERTIFICATES (PAIMP) WERE CANCELLED EFFECTIVE SEPTEMBER 14, 2007 AND HAS TO BE EXCHANGED FOR THE NEW PREFERRED CERTIFICATE (PAIIP) UPON SURRENDER OF THE PAPER CERTIFICATE (PAIMP) TO AGN ASSOCIATES & STOCK TRANSFER SERVICES, LLC.

ALL CONVERTIBLE DEBENTURE CERTIFICATES ISSUED HAVE BEEN RECALLED EFFECTIVE SEPTEMBER 14, 2007; THEREFORE, ITS MATURITY DATE IS NULL AND VOID. THESE CERTIFICATES WILL BE CANCELLED AFTER OCTOBER 15, 2007 IN EXCHANGE FOR THE COMMON SHARES (PAIM) UPON SURRENDER OF THE PAPER CERTIFICATE TO THE TRANSFER AGENT, AGN ASSOCIATES & STOCK TRANSFER SERVICES, LLC.

This particular action to recall the CD now instead of waiting for the June 15, 2011 maturity date is of utmost importance to be able to pay all the shareholders now with the PAIM common shares.

Again we thank all our valued shareholders in complying with these corporate actions in order for Pearl Asian's up listing to higher exchange to meet its compliance requirements and in conformance with the accounting review board.

"Pearl Asian Mining Industries, Inc. remains committed to protecting all its shareholders. There are several steps and challenges to accomplish our goals and meeting our commitment to our shareholders. Despite these challenges, the company remains focused in its gold productions and potential revenue project expansions in the Philippine Islands," explained CEO Jason Piamonte.

Forward-Looking Statements:

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Pearl Asian Mining Industries, Inc.

Pearl Asian Mining Industries Inc. Alice Navas, 678-570-6538 Fax: 877-317-4430 IRPAIM*hotmail.com www.PearlAsianMining.com

Copyright Business Wire 2007

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Benjiman
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Also, it just went back up to .001 which makes me happy.... er I guess. I still want out though.....
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oldguy
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I converted preferred shares to common, but with their transfer agent, it took almost two months. I think she is related to GamboaHope you can do better!
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oldguy
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There are two potential problems with your preferred shares. the first - is if you can do all the paperwork in time, which is a tall order. I don't believe anything PAIM says - especially about how they care for their investors - that is puff for new victims. they have effectively minipulated you out of your stocks IMHO. Just my opinion! The second problem is if they do allow you to trade in your preferred shares, there will be probably billions of common shares on the market which will drive down the share price - which is going down anyway - back to .0001. The best time to buy PAIM is right after they take more shares in a year or so, when the heat is off and they get a bunch of green investors in for the next round.

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It is what it is

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Benjiman
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It's been teetering between .0008 and .0009 today and Friday. It was doing the same thing on Thursday but at .001 and .0008. I'm set to sell at .0009 if I ever can but there is a part of me that wants to just let it ride. After all the horror stories I have heard on people getting burned I am fairly leary. I may just have to go jump on the CBAY bandwagon. I have been watching Vonage fall to it's death too. They were 3.03 a share when I started watching and after 2 lawsuits, 120M+ and 10.5% of royalties being paid out now they fell to .96 If they hit .50 I thing I will throw a few hundred in just incase they dig their way out. LOL
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oldguy
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More news about what PAIM is going to do at some point in the future. They were posting the same kinds of numbers a year ago and two years ago. They never seem to quite get the actual gold out of them thar hills. They were talking the same numbers for the last quarter of last year. What happened to all that future revenue? They should say "I've got good news and bad news. The good news, PAIM is going to strike it rich. The bad news, it is coming from your pockets."
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