That's amazing colquhoun. It looks like you've hit the nail on the head alright. Those blighters at CBTE! It is audacious to say they are acquiring GL Biochem, when it's GL acquiring them. Reading CBTE's 8 June 09 Press release I can see the so called acquisition involves 'the issuance 6.56 million fully paid ordinary CBI shares to the shareholders of GL Biochem, representing 51% of CBI's outstanding share capital.' haha. Note the 51% vs 80% on GL's website ah statistics and spin.
Where do we fit in? a very good question colquhoun. Bit difficult at the moment to see what we're getting out of this. GL looks fit and strong. Are we getting a share of the CBTE that's left over from 'acquiring' GL? Even 50% of the remaining 20% CBTE shares is only 10% of CBTE+GL – if you see what I mean.
What a neat way for the Chinese firm to list on Nasdaq. I hope they turn CBTE around though, since December 31, 2008 it has been 'out of compliance with NASDAQ Marketplace Rule 4310(c)(3) which requires a minimum stockholders’ equity of $2,500,000, $35 million market capitalization, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. Compliance with this Marketplace Rule is a condition for the continued NASDAQ listing of the Company’s securities.' And we thought BOS had problems.
Interesting, I surely agree. Profitable, yes please.
BOS Price at posting:
2.4¢ Sentiment: Hold Disclosure: Held
