House 1 = Pin point Media iSIGN issued 7.5 million shares of its common stock from treasury and provided an initial loan of $250,000 to Pinpoint Media Group Inc. upon the signing of the Letter of Intent with Pinpoint on June 24
th, 2011. In addition, iSIGN advanced additional funds amounting to $141,290 for a total of $391,290 prior to the effective acquisition date of October 20, 2011.
The advanced funds were utilized by Pinpoint’s management as interim working capital and settlement of overdue accounts payable.
2.4 Effect on Financial Position
In early 2012, iSIGN intends to replace Pinpoint’s existing Board of Directors, with the new Board to consist solely of existing iSIGN directors. In addition, the officers of Pinpoint will largely be replaced with existing iSIGN officers.
The principal reason to purchase Pinpoint was to acquire the contract relationship that has with Mac’s Convenience Stores Inc./Alimentation Couche-Tard Inc. and to negotiate a new contract. iSIGN intends to install its technology into all the Mac’s Stores to provide synergies, and once completed iSIGN will have the world’s largest fully interactive digital signage network. In addition, iSIGN anticipates expansion into Circle K stores.
They have been unloading their position of 7.5 million shares since February 20th 2012 after their hold period was over. That is why this stock has not made it over 0.30. This positon must be almost closed out.
my DD at its finest. Do your own DD
Cheers. and good luck all longs.