RE:RE:RE:RE:Short plays
I am not sure why the Grand Power Logistics scam got posted on the PetroFrontier page (and about 30 other pages). But before you buy into Grand Power stop and ask yourself why promising company with good profit and growing revenue still only has a P/E ratio of 2.21. Something is fishy. The posted article says “The decrease in net profit was principally due to the decrease of the Company’s share of equity value in associated companies in the amount of $416,881. Without accounted for this equity value, the Company would have a net profit of $329,693”. What it should have said is management scammed the shareholders for $416K so the profit of $329K turned into an $87K loss. Check out the filings on sedar.com. If you read the actual Q2 results you find the reason they had this change in equity of $416K is because in a non-arms length transaction they diluted the shares of a subsidiary. In other words they basically gave away big chunk of a subsidiary to a Director for free and lost $416K of shareholders money in the process. And as they control 51% they can do it. A very interesting scam for grabbing $416K out of the company unnoticed. I wonder if its legal. Anyways, my hat is off to these Chinese scammers. This is such a beauty it fooled the writer of the article, and maybe a few others too. The bottom line is you are a really big fool if you buy the worthless paper shares of Grand Power Logistics, in my opinion, that is.