Well, read on and form your own opinion. We were alerted to an action by the SEC regarding a company trading under the ticker IMTC. See the SEC notification here. Right off you may initially ask yourself… what does IMTC have to do with PNCH ? Answer… nothing whatsoever. However… what’s important is the REASON the SEC halted IMTC.
You will notice the following text in the SEC notice:
The Commission temporarily suspended trading in the securities of IMTC because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, IMTC’s business, revenue, and assets. This order was entered pursuant to Section 12(k) of the Exchange Act. (emphasis added)
Now… if IMTC was halted because of “questions” surrounding “publicly disseminated information concerning” among other things “revenue and assets”… how does this differ from the questions surrounding publicly disseminated information about the revenue and assets of PNCH ? Its significant to understand that it appears no hard evidence was used in their decision, but simply the “questions” surrounding such information. There certainly have been significant questions raised about the revenue and assets of PNCH.
The bashers over on LieHub have been saying and predicting the halting of PNCH for quite some time now, however it appears perhaps now the SEC is taking a serious look at companies who, although they may be compliant, or seemingly compliant on their SEC filings, such filings, and any detail, and/or lack thereof, are getting a closer look.
For instance… does it seem reasonable that PNCH has had ZERO revenue in the last several quarterly reports? Where is the revenue for the advertising viewers see on the IC Places website? Where is the revenue from content being provided to Clearvision? Where is the revenue from the Prescription Discount Card program… etc., etc., etc. ??? It just defies logic and common sense that NO revenue is being generated for anything PNCH is doing. Is this enough of a “question” for the SEC to take a close look at PNCH, or, perhaps halt the trading until these type questions can be answered?
There are no shortage of unanswered questions surrounding the PNCH operations and finances. The sad part of this issues is… these are self-inflicted issues. Mr. Samblis’s new concept of going dark so to speak regarding the ongoing operations of the company and discussing and documenting the flow of investor funds, is causing more red flags than the possible unflattering truth. One should ask themselves… why the secrecy surrounding cash flow. If investors navigate to the negative upon the lack of information… what will the SEC think about the lack of information. It is just normal human behavior to question the lack of factual information and secrecy to gravitate to the negative and suspect there is something to hide if there is an appearance of something being hidden from view.
Of course Mr. Samblis could put the SEC and the investors at ease if he would simply inform the investing public of the whereabouts of the invested funds, as well as any revenue being generated from ongoing activities. If there really is NO revenue being generated… then that should be communicated and explained also. Mr. Samblis will likely counter with… “everything is in the filings”. Well, you have read the filings… are you satisfied ? Many are not, and the folks at the SEC are human just like you.
Mr. Samblis… come forward, voluntarily, and discuss the PNCH finances. Not only will you ease investors fears… you just may head off an SEC investigation into a decision to halt trading until such information is uncovered and released.
Think it can’t happen to PNCH ??? We bet that’s what the folks at IMTC were thinking also.