FormerXBC Inc XEBEQ

RE:RE:RE:RE:RE:Where is that guy?

[MidtownGuy]

It's okay to be disgruntled. I'm not, and am still in for the long ride. To each their own. I had no problems with the loan.

Magicmike67 wrote:

MidtownGuy wrote: The sp took a big hit at the start of COVID and needed capital as the contract negotiatons for the US NAVY among others were slowed initially. SP dropped to $0.20 in March (it's now hovering around $4 for weeks awaiting news, after rising to $6). The CEO did the loan for support, took shares in return, as he is utterly invested. The shares were likely to continue to allow him over 50% ownership (he has like 80 milllion shares out of 160 million, give or take), as their technology is at risk of being bought out he is the protector.

They signed their $11.5 million US NAVY contract a few months later and now have $40mm signed contract backlog.

Magicmike67 wrote:

marketwatch9 wrote: TT, what do you think of the potentiel for PYR ?

Got out of that over a month ago.... Bought XBC. I personally don't trust the hype and think torch sales will be much less then the 50/plant the CEO has indicated. Also don't think they will get $3M/torch, more likely 1.5M in my opinion. The problem is NOx emmissions are to high with plasma torches and unless they can find a way to reduce that they cannot put 50 torches in a plant. They would violate operating licences in terms of NOx emmissions. Another thing that put me off was CEO "loaning" the company 903K fully secured by company assets at 12% and convertable into shares at $0.28. I do not understand what they needed the money for, as they had more revenue coming in over the next 3 months then they had ever had in there history.  Was there not a better deal for investors then diluting the company by over 2% for a loan that was cashed in 6 months later? Seems to me there must have been better options?? jmho
 

 

So the CEO "gifted" himself 3.25M shares @$0.28 rather then go to a bank for a $903k loan against secured assets? Maybe against the over $25M in backlog they had at the time?

TIME LINE:
March 18 loan announced but no details on who provided loan. (turns out its the CEO)
March 24 recieved $1.44M Drosrite payment
April 1 received $550k exclusive tunneling payment
April 16 received $1.4M Drosrite payment
April 21 received $457k exclusive tunneling payment

WHAT WAS $903K NEEDED FOR AND WHY NOT BETTER TERMS FOR SHAREHOLDERS AND NOT CEO???

There technologies may very well be successful but I no longer trust the CEO. If you go through old press releases you can see the hype that never seems to materialize.

I will spare others on this board any more on PYR and not respond any more.