RE:RE:RE:JULY 28 SEDARI've been saying for a long time that this will fail. I expected that they would be done and gone by early January of this year but somehow they hung on. This business, with its various itterations has been a dismal failure. Look back at miraculins, luminor medical technologies and now rise life sciences ........ they share a common theme ...... failure. Some folks I've talked with wonder if there was ever any real plan for success..........
riozenga wrote: Amgamg67 wrote:
Thanks for posting the information, but I don't understand what's going on with this transaction. If someone can explain,that would be greatly appreciated. Thanks
It looks like that the deal with Scientus is dead. World Class Extraction beat RISE to the punch and bought the debentures note out from underneath Scientus and RISE (and Canaccord). You gotta wonder why RISE and Canaccord could not raise $5M or $6M for this deal in four months. Maybe the investor did not have confidence in Scott, the rest of RISE management team or Scientus's management team for that matter.
Someone needs to take this dog behind the shed and shot it...
It looks like that RISE is in deep trouble. No facility, no operating business, way too much debt, very significant contingent liabilities.
The only hope is that the brokers at Canaccord holds a lot of the debentures in RISE and they might want to try to safe their own skin by doing completing another financing or merger. More likely, the debentureholders will be saved and the equity holders will be wiped out. But who knows, maybe Scott can pull another rabbit out of the hat (even though this Scientus rabbit was dead at arrival).
GLTL