ChuckMr. Pumper,
Did you notice this tidbit of information in your research of IBI:
Toronto, Ontario - June 30, 2010: SERENO CAPITAL CORPORATION (TSXV:SZZ.P)
(the “Corporation” or “Sereno”) announced today that certain conditions concerning the proposed acquisition (the “Transaction”) by Sereno of Grey Crown Resources Limited (“Grey Crown”) as a reverse takeover remain unsatisfied.
Since entering into the letter of intent with Grey Crown on January 12, 2010, the Corporation and Grey Crown have been unable to satisfy all of the conditions required to complete the Transaction. The Corporation and Grey Crown continue to discuss the conditions and ability to close the Transaction.
Pursuant to Policy 2.4 of the TSX Venture Exchange Inc. (the “Exchange Policy”), the Corporation was obligated to complete its qualifying transaction by February 15, 2010. The Corporation applied to the TSX Venture Exchange Inc. and was granted an extension of its deadline to March 31, 2010 in accordance with the Exchange Bulletins released November 3, 2008 and March 6, 2009 describing temporary relief measures for current market conditions.
The Corporation failed to complete its qualifying transaction by the extended deadline and its shares were suspended from trading in accordance with the Exchange Policy.
On October 30, 2009, the Corporation held an annual and special meeting at which time the shareholders of the Corporation passed a resolution approving the migration of the Corporation to NEX and the cancellation of one-half of the seed shares held by non arm’s length parties in the event the Corporation did not complete its qualifying transaction within the time period prescribed by the Exchange Policy.
As a result of its inability to complete a qualifying transaction within the time periods, as extended, the Corporation cancelled 600,000 seed shares and the listing of its shares has been transferred to NEX. Trading in the shares of Sereno will remain suspended pending completion of the Transaction or its termination.
Of course IBI has yet to admit that after 7 plus months, they have failed in their efforts, and missed quite a few deadlines along the way - preferring to leave their shareholders in the dark. I am sure that this unfortunate event can all be wisked under the carpet because you see - Grey Crown is a private company - even though it is essentially run by none other than IBI's management and despite the fact that IBI has paid dearly to be a part of this "private" enterprise.