[PLNI]: Plasticon's SEC filings and the Pro Mold acquisition
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1. On May 4, 2006 PLNI filed the audited 10-K for the year 2004 with the SEC:
http://www.secinfo.com/d18jvt.vx.htm
2. In the "Subsequent Events" section of the PLNI 2004 10-K, it was stated that the acquisition of Semco by PLNI was formally completed:
"NOTE 11: SUBSEQUENT EVENTS
On January 15, 2006 the Company purchased the controlling shares of Semco Distribution, Inc. a Nevada corporation and Ultimate Surface LLC, a Nevada limited liability company. The purchase was for a total sum of $2,750,000 payable as follows; $100,000 deposit, $550,000 upon completion of escrow, shares of restricted common stock with a valuation of $100,000 and $2,000,000 to be paid as cash performance payments based upon certain funding requirements."
3. In the same "Subsequent Events" section of PLNI's 2004 10-K, it only stated that PLNI had entered into an agreement to purchase ProMold. There were no statements regarding the formal closing of the Pro Mold acquisition:
"On December 5, 2005 the Company entered into an agreement to purchase ProMold, a Missouri corporation, for a purchase price of $3,500,000. The terms of the agreement included a cash payment of $2,500,000 with the balance $1,000,000 in the form of a 7% percent promissory note, with a five year term, which was secured by the assets purchased by the Company. "
4. In the UNAUDITED financial statements filed with pinksheets.com, PLNI stated that Company acquired all the stock of Pro Mold, Inc. in December 2005:
https://www.otcstockinfo.com/repository/671/671_FR18.pdf
"In December 2005, the Company acquired all the stock of Pro Mold, Inc. (Pro Mold), an injection molding facility in the Midwest. The purchase terms are a payment of $3,500,000 in cash (see Note 3)."
5. What is the real story regarding the acquisition of Pro Mold by PLNI? Why did the Audited financials filed with the SEC fail to state that the Pro Mold acquisition was formally closed as of May 4, 2006, five months after the December 2005 date that the unaudited financials filed by PLNI with pinksheets stated that it had been closed?
6. If PLNI does not own Pro Mold, then why has it been carrying the assets on its books since December 31, 2005 and why has it been booking Pro Mold revenues on its Income Statement since January 1, 2006?
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.
1. On May 4, 2006 PLNI filed the audited 10-K for the year 2004 with the SEC:
http://www.secinfo.com/d18jvt.vx.htm
2. In the "Subsequent Events" section of the PLNI 2004 10-K, it was stated that the acquisition of Semco by PLNI was formally completed:
"NOTE 11: SUBSEQUENT EVENTS
On January 15, 2006 the Company purchased the controlling shares of Semco Distribution, Inc. a Nevada corporation and Ultimate Surface LLC, a Nevada limited liability company. The purchase was for a total sum of $2,750,000 payable as follows; $100,000 deposit, $550,000 upon completion of escrow, shares of restricted common stock with a valuation of $100,000 and $2,000,000 to be paid as cash performance payments based upon certain funding requirements."
3. In the same "Subsequent Events" section of PLNI's 2004 10-K, it only stated that PLNI had entered into an agreement to purchase ProMold. There were no statements regarding the formal closing of the Pro Mold acquisition:
"On December 5, 2005 the Company entered into an agreement to purchase ProMold, a Missouri corporation, for a purchase price of $3,500,000. The terms of the agreement included a cash payment of $2,500,000 with the balance $1,000,000 in the form of a 7% percent promissory note, with a five year term, which was secured by the assets purchased by the Company. "
4. In the UNAUDITED financial statements filed with pinksheets.com, PLNI stated that Company acquired all the stock of Pro Mold, Inc. in December 2005:
https://www.otcstockinfo.com/repository/671/671_FR18.pdf
"In December 2005, the Company acquired all the stock of Pro Mold, Inc. (Pro Mold), an injection molding facility in the Midwest. The purchase terms are a payment of $3,500,000 in cash (see Note 3)."
5. What is the real story regarding the acquisition of Pro Mold by PLNI? Why did the Audited financials filed with the SEC fail to state that the Pro Mold acquisition was formally closed as of May 4, 2006, five months after the December 2005 date that the unaudited financials filed by PLNI with pinksheets stated that it had been closed?
6. If PLNI does not own Pro Mold, then why has it been carrying the assets on its books since December 31, 2005 and why has it been booking Pro Mold revenues on its Income Statement since January 1, 2006?
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posted by the_worm06 | 6/30/2006 12:32:00 PM
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