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Hi,übertreibt mal nicht hier erst mal eine mail aus RB: Phone conversation with Marc Hung today!!!! I was finally able to get to talk to Marc today after many phone calls; as usual he was friendly, professional, and straight forward. The followings are my questions to him and his responses: 1. Why did Earnest Chung tell one of the posters that XNET is going to be de-listed? Marc said that as a company they want to be straight forward with all the information they have and it is a fact that there is a risk that XNET can be de-listed if SEC does not approve their filing in time. No one knows for a fact if we are going to be de-listed at this time. The company has amended its 10K and Registration Statement and it`s just a matter of time before SEC dispositions its final saying. According to the lawyer and accountant, they have answered all of SEC`s comments and don`t expect any problems but then again it is only these people`s perception and if SEC comes back with more comments we will definitely miss the deadline and end up on Pink slips. Jeff Harris, with NASD Eligibility Rule (301-978-8094), returned my call a couple of days ago and he told me that SEC only reviews and approvals Registration Statement to make the company a fully reporting company; they don`t review nor approve 10K filing. 2. How long does SEC usually take to get back with the company? It could be weeks or months depending on their questions and workload. The lawyer is in constant communication with SEC to find out if and when the comments are cleared. 3. Why did you guys drop the ball on financial reporting? Marc said it was a combination of many factors one of which was accounting practices in the US vs in China/Canada; it took them a while to juggle the numbers. 4. How does the recent stock price under $4 impact our NASDAQ listing? We will have to climb above $4 mark for another month in order to be eligible for NASDAQ application. 5. How is the company doing? The company is doing well and expanding; they are working on several agreements and will announce them when they are materialized. The e-commerce platform for one of the electronics distributor is in a trial period now and the other is on schedule to be implemented; you can check it out at their webpage in Chinese: www.sajie.com. Marc also commented that the stock price hasn`t been doing that good because of the recent market downturn, people getting panic over the "E" and the risk of getting de-listed. As an investor I am totally disappointed with Marc`s managing financial filings; the final responsibility lies with him for not managing his accountants and lawyer to be on top of the paper work in order to comply with all the necessary requirements. There is no excuse. As I recall one of the investment sites came out to recommend buying XNET when it was around $7.50 and it said the price was still cheap to buy; this was right after Xin Net got the accreditation from ICANN. Since then the company signed a major agreement with SINA.com and with two major electronics distributors for e-commerce platforms. The company`s performance and fundamentals have not changed for the worse but for the better and expanding. It is just a matter of time before we comply with SEC filing requirements and if we get de-listed (which I don`t think we are) it`s just going to be temporary. I am a long term investor of this company, I believe in its potentials and management team and I will continue to accumulate shares at these low prices. The sky always clears after a storm. Good Luck to All. Klar war das Verhalten der Geschäftführung undiskutabel, aber das Geschäft brummt. Die haben sicher draus gelernt-wiederholt sich sicher nicht. Und wenn der Wert delistet wird, dann kommt er früher oder später wieder rein. Gruß,Diridari |
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| aus der Diskussion: | XNet - Annual Report liegt vor!!! |
| Autor (Datum des Eintrages): | Diridari (12.05.00 11:28:40) |
| Beitrag: | 32 von 40 (ID:920572) |
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