Friday, September 04, 2009

Stockhouse threatens suppliers with bankruptcy - Canada Stockwatch


Stockhouse Inc., a stock market website company, reveals in notes to its second quarter financials that it is pressing its long-suffering information suppliers for debt forgiveness -- or bankruptcy may loom on Oct. 31, 2009. That is the date upon which a $557,000 (all figures U.S. except stock prices) debenture comes due, and the company does not have the money to pay it out.

Recently Stockhouse voluntarily ended its registration with the Securities and Exchange Commission, explained as a cost-cutting measure. The proxy material for the upcoming AGM were the last documents filed with the SEC.


Shareholders of the two-cent stock have much to consider at this year's AGM, which the company delayed to Sept. 30, 2009, from June 30, 2009. It blamed the delay on the SEC's examination of its proxy material. As mentioned, one of the matters is issuing Mr. New, who earned $254,160 in 2008, shares for the $200,000 (Canadian) debt.

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