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www.vstex.net by SL Hak VSTEX remains one of the most vibrant exchanges with most of the companies eager to inform their shareholders. VSTEX themselves are continuing to tighten up regulation with continued amendments to their listing rules. VSTEX have improved a number of areas and have decided on this occasion to focus on shareholders rights and meetings. http://www.vstex.net/?p=103&id=119
It's a shame that not all VSTEX listed companies are willing to play by the rules, there are three companies currently on halt due to lack of compliance. Those currently suspended are BMG, BNF and DFC. Samantha Goldflake was at pains to point out that VSTEX has done all it can to resolve the situation.“It must be noted that besides the rules, clearly written, we started sending them reminders about the mandatory Q1 reporting in advance and we kept sending them emails and notecards.As of now, no CEO of those companies contacted us. As per our listing rules, on April 30 those companies will be permanently delisted.”
For those not paying attention there are some repeating themes:
BMG – Bikini Management Group, CEO Jodii Allen. There was initially a very close association between BMG and Atlas Venture Capital (AVC).
BNF – Begneski Investment Firm, CEO Donald Begneski. Another company that seemed preoccupied with investing in AVC companies.
DFC – Dawes Financial Corp., CEO Mike31 Dawes who offers loans and has a significant presence within Central Grid. There is positive news with the prospect of Crystal Springs Virtual Capital (CSV) believed to be entering active trading on Monday morning. This is Skip Oceanlane's second listed company on VSTEX and CSV is described as a venture capital company investing in virtual companies within Second Life and the Meta-Universe, as well as a limited amount of land ventures. On the other hand it appears that GS Residential Properties (GRP) will require some re structuring in order to enter active trading. It has struggled and is currently offering incentives to purchase its remaining share, which are priced at L$1.20. It's proposing an immediate dividend of L$0.5 per share and a 5% stock option, desperate times at GRP! This is despite its reported Q1 revenue of L$542k of that it netted a profit of L$424k, this would be probably be the most impressive return on all of the SL exchanges, this only raises questions as why VSTEX investors are shying away from GRP. Dare Win Fund (DWF) not unsurprisingly continues to struggle after their recent move from ISE. Q1 Revenue has been reported at L$61k, with expenses coming in at L$58k. CEO Alextseng Rau continues to promote DWF's new “funding system” which Alextseng Rau hopes will be trading soon in order to help boost Q2 revenue. Attempts to track down Alextseng Rau for a more detailed description of the funding system has failed. Mediterraneo OC (MED) is another company with disappointing Q1 results, it shows revenue at L$382k but with heavy expenses last quarter it showed a loss of L$205k . CEO Principedemone Ewing appears resilient and predicts that MED will return to profitability in May. Principedemone is also attempting to rescue Quattrocolori SL (QCL) from oblivion and is in discussion to re list QCL, which will no doubt please their shareholders. Quattrocolori CEO Armagoku Dagostino operated QCL as an advertising agency and appears to have left SL and its shareholders in the lurch. Principedemone is attempting to persuade both VSTEX and QCL's previous shareholders that her vision to turn QCL into a web based SL TV station, SL webradio and SL magazine has prospects. It appears that both MED and QCL share many common shareholders and Principedemone is riding her white horse to the rescue. Maybe she also pay some attention to ITL. Italian Beach Club (ITL) reported Q1 revenue of L$400k and expenditure at L$764k showing a loss of L$364k. Excluding Q1 one off fees for a new web site and blog, ITL are still showing projected losses for Q2. This financial report is only the second official announcement by ITL since the end of November 2007, all does not appear well and some emergency surgery appears in order. Attempts to seek a response from CEO Luigi Vandeverre failed. Valentine Heart Inc. (VHI) continues to eye expansion and is considering the acquisition of two new sims. VHI IPO'd in July 2007 and has since issued 100% of profits in dividend, it is therefore considering seeking shareholders opinion in order to divert dividend payments for expansion. CEO Bart Heart currently presides over 9 sims including Fire Heart, True Heart and Spirit Heart. VHI is currently reporting a monthly profit of L$78k and over the last 6 months has issued a dividend of 0.888, impressive figures especially considering that since July 2007 they have repaid 21% of their IPO in dividend payments, this equates to in excess of L$1 million. On a negative note is a spread of between L$23 – L$54 for VHI stock, although those buying at L$10 at IPO and still holding will be quietly smiling to themselves. One to look out for is Bart Hearts new IPO – DVD that will be appearing soon on VSTEX! If you have information about any VSTEX listed company, please IM or contact Hak on SL-Hak@hotmail.com
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