RE:Sec vs C exchange
Landcruiser thank you for posting this. First off the company was in the process of closing out its acquisition of Covid Technologies and with that had to file papers to do so that in itself doesnt warrant any such halts or investigation. Nevertheless the claim as to how many surgical and n95 masks it can make per day is something which is a claim that has yet to be proven and one I personally wasnt expecting to see until the deal was formally closed and stated to be through a press release and it wasnt issued so that meant to me this needed to be taken care of first. Now to the point of production while Covid made the claims that it had stated it could do they nowhere stated they were in production as of yet but what they had said is that they were looking to invest in a product line that I had mentioned about and that manufacturing line that can give Covid the capacity to produce the masks would cost about 4.5 million...nowhere was it specified whether they had already have the line or still needed to get it and whether it had been paid for. If people could remember my post I said it may be possible that the company may look to finance for this reason. Further to either the Covid website or possibly in the press release I forgot which where I read it it was stated that the company Covid has already arranged with a client which was not disclosed that they have orders for them. All of these things are most likely in process so as with any way business works it is organic and fluid and I would say does not give any reason whatsoever for this halt to have happened and I can now fully see why I was told this was all about interpretation...they should no way halted this stock issue but rather issued conditions on this company that need to be met in a step by step way and then see what the company is doing in regards to its progress and that is what all the monthly filings are about that companies have to give to the folks at the Canadian National Stock Exchange. I personally feel the SEC has overstepped where it should have stepped and should not have put a halt at this point but rather issue a very firm warning and conditions which need to be negotiated and ultimately complied with meaning if the company was indeed getting and waiting for the production line equipment it should have to furnish proof that payments have been made to secure it, have a receipt of those payments from the company that is supposed to supply the equipment and the estimated delivery time as to when it would reach the company. Now in regards to the daily claims that should be amended and qualified by the company something to the affect that upon production commencing the company believes it can make x amounts of n95 surgical masks and respirators per day so I can fully understand that to possibly happen but again I cant understand or see any justification for what has happened now. As for as taking a month before stepping in the company never put out a press saying everything was approved as to the acquisition...if that was done and the company was dragging its feet in letting shareholders know then the company should have put out that everything has been approved and now is waiting to receive equipment to start production if that was the case or whatever it may be. The bottom line to me is simply one of interpretation on the material information and how it is presented and handled but again something that didnt need the SEC to do what it did just yet. If however after doing what I am suggesting was a better way to handle things and the company was in fact defaulting on complying with what has been asked for yes then I would say the halt is justified. In any case the company now has several things to prove and satisfy which by the looks of things as this newswire has stated is for Junr 9th the company told me it should be around June the 4th. In any case, it is good to know which claims have been investigated...acquisition no factor...the production capacity is a matter of relative statement as already explained. It is funny Ntar Artech was under a lawsuit by American lawyers in regards as to how it was reporting its earnings and promoting it...the shares initially dipped but ever since has risen and stayed up. The point here is that people may be jumping the gun on calling companies out when they need to chill a bit and allow companies to continue to do their thing. That being said I am not saying at this point whether Covid will or will not be able to produce the numbers of ppe per day as it has claimed I dont know but nowhere did I as an investor believed production started I wouldnt until and unless the company issues a news release. I also did not accept the acquisition until a press release saying it was fully finalized was issued. Therefore I have no idea why the SEC is jumping down the company's throat at this time. Now I am not saying this to defend the company going bat for them by no means am I doing that but rather speaking objectively...the company has the onus no doubt to substantiate all its claim and if it happens to fall short they are responsible to make the proper amendments and as soon as possible issue a press for all this. At this point this should really be something the SEC needs to issue their warning and let the company through its obligation file the paper work on the monthly basis as they do as well as start getting things properly addressed as to production equipment whether they have it or waiting for it then from there as to when production actually begins and how many ppes of each type is actually being made per day etc. All in all at this point I am not concerned but I will be looking for the company to fully and satisfactorily address all this over the coming month.