Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced that stop transfer orders have been placed on 41,873,677 shares of free-trading common stock. In addition, the Company is working with its transfer agent, Transfer Online, to permanently cancel these shares and return them to the treasury.
PRGE has correctly reported in its filings and disclosures that the number of free-trading shares of common stock was 50,302,139 out of a total issued and outstanding of 175,238,775. However, the information previously provided by OTC Markets incorrectly reported that all 50,302,139 shares were in the public float, when in fact, only 8,261,990 shares have actually been deposited. The stop transfer instructions issued to the Company's transfer agent have blocked any further disposition of 41,873,677 free-trading shares of common stock. The stop transfers involve five (5) certificates issued to foreign off-shore tax haven companies, held in foreign brokerage accounts.
According to President Gordon Johnson, "we are continually evaluating the accuracy and integrity of our stock issuances and from time to time discover situations that require us to act. The information previously provided by OTC Markets incorrectly assumed that "free-trading" shares was equivalent to the "float". Upon discovering this error, we deemed it appropriate to rectify this and clarify." (view source)
PRGE is an Enhanced Oil Recovery (EOR) company whose primary objective is the re-entry and re-working of existing oil and gas wells. We are not an "exploration company" in the sense that our business and our methods do not involve an attempt to explore for new oil deposits, but rather to exploit existing known oil and gas fields. Our objective is to acquire existing wells, investing resources to yield increased production, thus mitigation risks associated with drilling and attempting to bring new wells online. As of April 12, 2017, PRGE will continue to operate in the oil and gas arena, but will be recast itself as a holding company at the parent level, thus enabling the company to branch out into additional areas, including real estate, entertainment and technology.
Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced the formation of a subsidiary to acquire and develop strategic real estate projects, as well as its first such property acquisition.
With its base of operations in Austin, Texas, the company is strategically positioned to capitalize on the tremendous growth of the Texas Hill Country wine region. The company has contracted to purchase a $3.3 million dollar, 15-acre Highway 71 frontage tract in Spicewood, Texas, a rapidly growing suburb of Austin. (view source)
Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced that in conjunction with its strategic diversification plan, it has formed a subsidiary to pursue acquisitions in the global wellness market.
With consumer demand for wellness services and products higher than ever, recent research reveals that the global wellness market is now worth $3.4 trillion, making it nearly three times larger than the $1 trillion worldwide pharmaceutical industry. (view source)
License – CNG Technology: On July 12, 2012 The Company entered into an agreement with LL Renaissance Ltd for a five year licensing agreement for the Canada and USA distribution rights to its CNG compression technology. Cash payment in the amount of $97,000 was made to LL Renaissance by a third party and Paradise Ridge Hydrocarbons Inc. issued shares of its stock as payment in full. At the year ending September 30, 2015, $61,433 representing 38 / 60 months of the $97,000 had been expensed. Up to the quarter ending December 31, 2016, 53 of the 60 months of the license totaling $85,683 was expensed with $11,317 remaining to be amortized over the next 7 months.
The Company has been provided office space by one of its officer at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements.
The Company effected a 10,000 to 1 reverse stock split in August of 2012. The financials have been presented to reflect this reverse split for all periods presented.
The Company is authorized to issue 700,000,000 shares of common stock with a par value of $0.00001 per share, and 25,000,000 shares of preferred stock with a par value of $0.001 per share.
Series X Convertible Preferred Stock consists of 2 shares valued at par. Each share is convertible, and only issued to officers and directors and at the option of the holder thereof, at any time after twelve (12) months from the date of issuance, into common shares equal to 30% of the issued and outstanding common shares of the corporation.
The Company entered into a note agreement on September 15, 2011 for $75,000 with interest at 15% due July 31, 2012. In September 2012 the company issued 50,000,000 shares of stock to satisfy this debt. Terms indicate repayment on demand. Further calculations of imputed interest have not been done for the year ending September 30, 2015 due to a reclassification of the principal amount. At December 31, 2016 funds were advanced and outstanding as a note payable to the Company totaling $90,312 to fund operations.
In the twelve months ended September 30, 2011 the Company issued 188,687 common shares. Of the shares issued in the period, 42,448 shares were from the conversion of 2,099,076 shares of preferred stock series A and 145,939 from the conversion of 3,500,000 shares of preferred stock series E. The preferred shares were cancelled and redeemed in March of 2012. For the year ended September 30, 2012 the Company issued 23,346 shares of common stock for services and 2 shares of preferred which resulted in an expense of $22,276. Also during the year the Company issued 50,000,000 shares of stock for debt of $75,000 with the accrued interest of $6,100 forgiven. The Company also issued 125,000,000 shares of stock for a total amount to be received of $50,000. For the years ending September 30, 2015 and September 30, 2014 there were no issuance's of common stock. At December 31, 2016 there were 175,238,775 shares of the Company’s common stock issued and outstanding. An adjusting entry was made for the 63,361 share difference from the last reporting period with 175,302,136 issued and outstanding.
Share Structure (Updated)
Market Value - $73,600,286 a/o April 28, 2017
Authorized Shares - 700,000,000 a/o April 28, 2017
Outstanding Shares - 175,238,775 a/o April 28, 2017
Float - 50,302,139 a/o March 31, 2016 (Actually 1,500,000; more below.)
Recent strong bullish trend hinting towards "Blue-Sky Breakout". (Blue-Sky Breakout is trader slang for all previous PPS resistances broken.)
Volume activity officially hit a record high on 4/25/17 (5 days ago).
50-day moving average about to cross above 100-day moving average, which is a huge bullish indicator. ("Golden Cross".)
Major PPS resistance $0.22 - $0.24 range has been broken and continues to push above at an impressive rate.
OTC Markets Report
We believe PRGE is currently mobilizing itself towards their next chapter and we anticipate it to be possibly life-altering for investors and traders. Why? Here's our diagnosis:
We all know the current float is 50,302,139 ....or is it? It's NOT. How? The 125 Million and 50 Million shares that were issued are held as Control Blocks, meaning they cannot sell them!!! Thus, the tradable float is an estimated 1.2 million.
New CEO, New Company direction. PRGE CEO Gordon Johnson was brought in back in September 2016 to oversee this change in corporate focus and direction. Johnson recently stated, "We have an incredible base of talent here at Paradise Ridge that will enable the company to expand its corporate reach into other areas, while we continue our efforts to build a sustainable and profitable energy business. I am personally very excited about the future of the company."
Dick Hunter also a new addition to PRGE, currently on the board as CFO. For those whom don't realize this, but this is the same Dick Hunter that manages Mike Dell's finances, yes THAT Mike Dell. (CEO of Dell Inc.) (view source)
As of April 24, 2017, PRGE engaged the firm Asset Econometrics, Inc. (AEI), a Dallas-based turnaround company, to evaluate the company's acquisition plans and candidates on an on-going basis. In addition, AEI will assist the company in structuring a new executive team to manage the company's transition into a holding company that manages multiple subsidiary assets.
We've recently discovered an connection between PRGE and StackCap Inc. through association with W. Andrew Stack. We are extremely eager to see what fruits this network brings. (http://stackcap.com) (view source)
We are looking forward to communicating PRGE's complete investment story beyond its existing shareholder base. We believe PRGE should be of particular interest to value and earnings growth investors given the industry PRGE is in and the recent news from the company.
PRGE is currently trading around $0.40 and has a recently gained over 500%. Can you say DOLLARLAND? This company is current with filings and has TA Verified share structure!!!
It most certainly could but even more important is the recent overwhelming interest in the company. Check out Investors Hub and search of Twitter
The Research: All source information contained in this email is from the public sources mentioned below.
Disclaimer: OTC Report (OTCR) publishes reports providing information on selected companies. OTCR is not a registered investment advisor or broker-dealer. This report is provided as an information service only, and the statements and opinions in this report should not be construed as an offer or solicitation to buy or sell any security. OTCR accepts no liability for any loss arising from an investor's reliance on or use of this report. An investment in PRGE is considered to be highly speculative and should not be considered unless a person can afford a complete loss of investment. OTCR has received $5,000 from a non-affiliated third party for the publication and circulation of this report. This report contains forward-looking statements, which involve risks, and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements. Copyright 2016 by OTCR. All rights reserved. Our Full Disclaimer: http://otc.report/disclaimer/
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