[PLNI]: More false and misleading statements and disinformation by Mr. Richard R. Matthews (Rick Matthews, rrm_bcnu)

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When is it going to stop?

Mr. Rick Matthews ("rrm_bcnu") continues to post false and misleading statements and continues to pursue his disinformation campaign about Plasticon International, Inc. (PLNI). See rrm's post from the PLNI IHUB messages boards below:


1. Mr. Rick Matthews says that "It takes time and money to build a business", yet, after 17-18 years, PLNI had ZERO revenues in 2003, ZERO revenues in 2004 and only about $56,000 in revenues for 2005.



2. In a blatantly false and misleading statement, Mr. Rick Matthews says that

"We see Q1 revenues for 2006 of $1.8M without SEMCO added in".


Yet PLNI's own 15c2-11 filed with pinksheets states that:

"The Company has included SEMCO in its operating results since February 1, 2006"

https://www.otcstockinfo.com/repository/671/671_FR18.pdf
"The January 2006 acquisition of SEMCO was accounted for as a purchase business combination under the provisions of the FASB’s SFAS No. 141, "Business Combinations" as of January 31, 2006. The aggregate purchase price of $750,000 was allocated to the assets acquired and liabilities assumed based on the respective fair values. The values below are fair value estimates made by management. Management is still in the process of finalizing the allocation of the purchase price. The Company has included SEMCO in its operating results since February 1, 2006."



3. Then to continue Mr. Matthews' misinformation campaign, he attempts to justify a massive issuance of PLNI common stock to James N. Turek, Sr, the CEO of PLNI, and subsequent sale, by stating that the significant increase in common shares outstanding was used to buy two small companies and add a few pieces of equipment. The PLNI common shares outstanding were increased to about 5 billion by June 16, 2006 and 6 billion as of last week.

Mr. Rick Matthews' statement on this matter could not be further from the truth.

According to documents filed with the SEC and pinksheets.com by PLNI, a very small fraction of the common shares that were issued during the last 3 years were used to pay for the 2 acquisitions and additional equipment. From January 1, 2004 to March 31, 2006, PLNI's CEO received about 4.3 billion PLNI common shares and sold about 4.1 billion of these shares.

Just from January 1, 2005 to March 31, 2006 alone, PLNI increased its outstanding common shares from 1. 4 billion to 5 billion. James N. Turek, Sr, the CEO of PLNI, received 3.6 billion of these shares, worth about $36 million and sold most of the shares received. According to the same documents mentioned above, Turek loaned PLNI only about $7 million of the $36 million during this period. PLNI used just $3.2 million of the $7 million for cash payments on the 2 acquisitions. In addition, PLNI is committed to issue Turek Preferred Stock convertible into yet ANOTHER 7.3 billion common shares for his forgiveness of about $5.7 million of the $7 mllion that he loaned PLNI.




4. And making matters worse for PLNI stockholders, during much of the massive issuance and sale of PLNI shares, PLNI was publicly stating that it was retiring shares and will be involved in a "share buyback" program. In addtion, during 2005 and the beginning of 2006, and until PLNI filed its documents with the SEC and pinksheets.com, the Company had been publicly stating that the 2 acquisitions would be "privately financed" cash transactions and that shareholders would not be diluted.




http://www.investorshub.com/boards/read_msg.asp?message_id=12774931

Posted by: rrm_bcnu
In reply to: rookinvestor who wrote msg# 15267
Date:8/19/2006 1:47:54 AM
Post #of 15275

Yes Rob...you did sing the praises of Plasticon.

You and I shared candid emails and posts that discussed the pros and cons of PLNI. That is why I was disappointed to read your post.

You need to take responsibility for your own trades, and not say you were "blinded by other pumpers." That is a bunch of baloney. We discussed the positives AND the negatives. You were blinded by your own desire to make money quickly. We have all been there.

You were new to the pinks and have learned a valuable lesson.

It takes time and money to build a business.

Most pinks don't have anything but an office and loud words. PLNI is very different from those stocks. They did indeed have to resort to selling shares to make it happen.

And now we see what that increase in O/S was used to buy. Two triving businesses, three new world class IM machines, heaters, pumps, collateral hardware, and thousands of pounds of raw materials, hundreds of hours of labor to derive detailed quality control procedures, etc;

And the results?

We see Q1 revenues for 2006 of $1.8M without SEMCO added in. We see PLNI products as part of a new Branded Product line from Blue Linx with 20,000 customers and focused marketing.

We also see new larger warehouse facilities in planning for Pro Mold and new manufacturing facilities for SEMCO expansion.

It takes money and time to build a business Rob. PLNI is not a get rich quick scam.

Good Luck to you as well.

Rick




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