[PLNI]: Who took the CASH derived from the revenues resulting from the Bluelinx distribution agreement?
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1. The Plasticon International, Inc. (PLNI) 2005 10-KSB filed with the SEC states that
"In January 2005, the Company obtained certain assets (molds, sales contract, customer base, and patents) from a related party, Promotional Container, Inc. (PCI). PCI is owned by James N. Turek Sr., the Company's president and majority shareholder."
http://snipurl.com/1a10h
2. The same PLNI 2005 10-KSB states that:
the Company's "...building accessories are marketed by the Company's sales force through a distribution agreement with BlueLinx (63 nationwide locations), and PCI."
"After lengthy negotiations, Promotional Containers, Inc. (“PCI”), an affiliate entity, signed a purchase contract and supplier agreement with Georgia Pacific, effective date February 13, 2004. PCI then subcontracted the contractual agreement with Georgia Pacific to Plasticon."
"..the aforementioned agreement between PCI and Georgia Pacific, which had been assumed BlueLinx Holdings, Inc..."
"a renegotiation of the purchase contract began with PCI, resulting in a newly signed agreement on October 17, 2005..."
3. After reviewing Paragraphs 1 & 2 above, one can conclude that the original 2004 distribution contract with Georgia Pacific was with Promotional Containers, Inc. which is owned 100% by PLNI's CEO James N. Turek. This agreement was then subcontracted to PLNI at the time. Since the October 17, 2005 renegotiation of the distribution contract was between Bluelinx and Promotional Containers, Inc., one can also conclude that that the January 2005 assets obtained by PLNI from Promotional Containers, Inc. did not include the Georgia Pacific/Bluelinx distribution contract. It appears therefore that, during 2005 and 2006, Promotional Containers, Inc. was still subcontracting the distribution agreement with Bluelinx to PLNI.
4. The PLNI 2005 1st Quarter 10-QSB filed with the SEC states that:
"As of March 31, 2005 ..., the Company has a due from PCI of $82,370..."
http://snipurl.com/1a11r
5. The same PLNI 2005 1st Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 1st Quarter were $82,370. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 1st Quarter.
6. The PLNI 2005 2nd Quarter 10-QSB filed with the SEC states that:
"As of June 30, 2005... the Company has a due from PCI of $135,244..."
http://snipurl.com/1a12l
7. The same PLNI 2005 2nd Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 first six months were $135,244. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 2nd Quarter.
8. The PLNI 2005 3rd Quarter 10-QSB filed with the SEC states that:
"As of September 30, 2005... the Company has a due from PCI of $136,965..."
http://snipurl.com/1a12t
9. The same PLNI 2005 3rd Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 first nine months were $136,965. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 3rd Quarter.
10. The PLNI 2005 10-KSB filed with the SEC states that:
"The Company has reflected an amount due from PCI of 65,565 as of December 31, 2005"
http://snipurl.com/1a10h
11. The same PLNI 2005 10-KSB discussed in the above Paragraph states that PLNI revenues for the 2005 full year were $65,565. This amount is the same amount that the 10-KSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 year.
12. Due to the acquisitions of Pro Mold Inc. and Semco, the PLNI 2006 1st Quarter 10-QSB does not list the revenues resulting from the Bluelinx distribution agreement seperately, but the PLNI 2006 1st Quarter 10-QSB filed with the SEC states that
"As of March 31, 2006, the Company has a due from PCI of $205,109 stemming from sales from the contract acquired in January 2005."
http://snipurl.com/18f7e
13. From reviewing all of the Paragraphs above, it seems that PLNI issued false and misleading statements in press releases and in SEC filings stating that the Bluelinx distritribution agreement contract had been acquired by PLNI from Promotional Containers, Inc., which is 100% owned by PLNI CEO James N. Turek, Sr.
It also appears that PLNI has been including the revenues from the Bluelinx distribution agreement in its financial statements for each of the three quarters in 2005, the year 2005 and the first quarter 2006 filed with the SEC, even though Promotional Containers, Inc. has actually been the entity receiving the Cash from Bluelinx on these revenues and not transferring the cash to PLNI.
.
1. The Plasticon International, Inc. (PLNI) 2005 10-KSB filed with the SEC states that
"In January 2005, the Company obtained certain assets (molds, sales contract, customer base, and patents) from a related party, Promotional Container, Inc. (PCI). PCI is owned by James N. Turek Sr., the Company's president and majority shareholder."
http://snipurl.com/1a10h
2. The same PLNI 2005 10-KSB states that:
the Company's "...building accessories are marketed by the Company's sales force through a distribution agreement with BlueLinx (63 nationwide locations), and PCI."
"After lengthy negotiations, Promotional Containers, Inc. (“PCI”), an affiliate entity, signed a purchase contract and supplier agreement with Georgia Pacific, effective date February 13, 2004. PCI then subcontracted the contractual agreement with Georgia Pacific to Plasticon."
"..the aforementioned agreement between PCI and Georgia Pacific, which had been assumed BlueLinx Holdings, Inc..."
"a renegotiation of the purchase contract began with PCI, resulting in a newly signed agreement on October 17, 2005..."
3. After reviewing Paragraphs 1 & 2 above, one can conclude that the original 2004 distribution contract with Georgia Pacific was with Promotional Containers, Inc. which is owned 100% by PLNI's CEO James N. Turek. This agreement was then subcontracted to PLNI at the time. Since the October 17, 2005 renegotiation of the distribution contract was between Bluelinx and Promotional Containers, Inc., one can also conclude that that the January 2005 assets obtained by PLNI from Promotional Containers, Inc. did not include the Georgia Pacific/Bluelinx distribution contract. It appears therefore that, during 2005 and 2006, Promotional Containers, Inc. was still subcontracting the distribution agreement with Bluelinx to PLNI.
4. The PLNI 2005 1st Quarter 10-QSB filed with the SEC states that:
"As of March 31, 2005 ..., the Company has a due from PCI of $82,370..."
http://snipurl.com/1a11r
5. The same PLNI 2005 1st Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 1st Quarter were $82,370. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 1st Quarter.
6. The PLNI 2005 2nd Quarter 10-QSB filed with the SEC states that:
"As of June 30, 2005... the Company has a due from PCI of $135,244..."
http://snipurl.com/1a12l
7. The same PLNI 2005 2nd Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 first six months were $135,244. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 2nd Quarter.
8. The PLNI 2005 3rd Quarter 10-QSB filed with the SEC states that:
"As of September 30, 2005... the Company has a due from PCI of $136,965..."
http://snipurl.com/1a12t
9. The same PLNI 2005 3rd Quarter 10-QSB discussed in the above Paragraph states that PLNI revenues for the 2005 first nine months were $136,965. This amount is the same amount that the 10-QSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 3rd Quarter.
10. The PLNI 2005 10-KSB filed with the SEC states that:
"The Company has reflected an amount due from PCI of 65,565 as of December 31, 2005"
http://snipurl.com/1a10h
11. The same PLNI 2005 10-KSB discussed in the above Paragraph states that PLNI revenues for the 2005 full year were $65,565. This amount is the same amount that the 10-KSB stated was owed by Promotional Containers, Inc. to PLNI as of the end of the 2005 year.
12. Due to the acquisitions of Pro Mold Inc. and Semco, the PLNI 2006 1st Quarter 10-QSB does not list the revenues resulting from the Bluelinx distribution agreement seperately, but the PLNI 2006 1st Quarter 10-QSB filed with the SEC states that
"As of March 31, 2006, the Company has a due from PCI of $205,109 stemming from sales from the contract acquired in January 2005."
http://snipurl.com/18f7e
13. From reviewing all of the Paragraphs above, it seems that PLNI issued false and misleading statements in press releases and in SEC filings stating that the Bluelinx distritribution agreement contract had been acquired by PLNI from Promotional Containers, Inc., which is 100% owned by PLNI CEO James N. Turek, Sr.
It also appears that PLNI has been including the revenues from the Bluelinx distribution agreement in its financial statements for each of the three quarters in 2005, the year 2005 and the first quarter 2006 filed with the SEC, even though Promotional Containers, Inc. has actually been the entity receiving the Cash from Bluelinx on these revenues and not transferring the cash to PLNI.
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posted by the_worm06 | 2/13/2007 01:04:00 AM
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