Remember (Feb 2007) when Wellington West Capital raised $6.6 million for Futura ( old KidsFutures) at 12 cents. To stock had dropped to 10 cents, but went to 20 cents. Maybe the company was promoted by Wellington West for the stock price to move up. And this is what Futura really needs now also.
Mark was enthusiatic back in 2007:
“The Company is thrilled with the results of this financing” says Mark Farrell, CEO of KidsFutures Inc. “We set an original goal of $6 million to implement our business plan and to streamline our capital structure. We surpassed our targets through strong institutional and retail support and were pleased with the momentum that developed. With the financing in place, management can now focus its entire effort on building our coalition and adding scale to our infrastructure.
David Beutel being VP of Oakwest, had that company invest $1,5 million March 2007. Oakwest owned nearly 22% of the company if all warrants were exercised. In 2007 a bear market came, and by Nov 30th 2007 the stock was worth 2 cents, a drop from 20 cents seen back in Feb 2007.
David Beutel and other lenders continued to pour money into the company now renamed Futura. The lastest financing for $550,000 was in addition to an original loan principal of $1,350,000 ($850,000 + $500,000) One of the lenders was Belweather Partners of which David Beutel and David Campbell are shareholders.
In Feb 2009 the deal with Aeroplan was signed, but the stock still remained in the trenches, even until the recent $550,000 financing. On April 9, 2008 there were 92 million shares issued, now twice that.
That $550,000 was done March 14th, 2012. These proceeds will be used for working capital to finance Futura business expansion initiatives in Canada and the United States. But Mark resigned and a $349,350 severance charge appears in the 1st Quarter. I wonder if that loan was in anticipation of Mark's resignation. I was just 2 weeks difference.
The above information about the financings are on their website. It started out good back in 2007, but nothing panned out since. Yet another 92 million shares were issued during the 4 years when the stock moved between 1 and 6 cents.
David Beutel and David Campbell are still with the company. Here's Mr Beutel's bio when he was with Oakwest back in 2007.
David Beutel is President of Belweather Capital Partners Inc., a private investment company in Toronto and former Vice-President of Oakwest Corporation Limited, also a private investment company. For the past 15 years, he has built early-stage and high growth businesses as a founder, adviser and investor, in Canada and the United States.
At Belweather, Mr. Beutel focuses on providing value to public and private businesses, primarily in strategic development and financing. Prior to his tenure at Oakwest and Belweather he was Vice-President of Grey Worldwide where he helped multinational corporations develop interactive businesses to better serve and market to their stakeholders. From 1996-1999, he headed up New Business and Content Development at Pelmorex Inc., owner and operator of The Weather Network / Meteo Media. One of the companies he co-founded was ultimately sold to Kinkos Inc. for its document creation and management capabilities.
Mr. Beutel is non-executive Chairman of Futura Loyalty Group Inc. and Arius 3D Inc. and is a director of several private companies. He holds a BA from the University of Pennsylvania and an MBA from the Schulich School of Business (York University
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Oakwest financed Futura when the stock traded at 12-20 cents. We have never seen that price again. Still money is rasied $550,000 in March when the stock traded at 2 cents, the same price as back in Nov 2007.
Is there a determination by someone, to save the company by pouring good money after bad? Or are better things yet to come with the idea that the plan is still viable? I sure hope it's the latter. I also hope they explain their business plan a bit more this week. I'm trying to find the pot of gold at the end of the rainbow and by the looks of it, so are others.