Well folks… Mr. Steven M Samblis, CEO of IC Places, Inc. has released 2 new press releases in the last few days. In one PR he promotes the benefits of buying another company. In another PR he promotes a deal signed with a cable company to air shows from Imagination TV.
Now normally one would think these are significant deals Mr. Samblis has struck, however, since he has not filed an SEC 8-K document, which (see graphic below) as the SEC states “companies must file with the SEC to announce major events that shareholders should know about.”… these agreements must not amount to much. If they were significant, or “major” as the SEC defines it, the events must be made public via an SEC 8-K. Since there has been no filing, the events must not be significant, or “major” as the SEC defines it.
As can be seen in the below message board post, MilesBlue42 has the same questions about a long line of previous press releases. MilesBlue42 asks, as well as all other shareholders (and potential shareholders) should be asking… WHY has there been no SEC 8-K filings on any of these, what many would call, “major” events???
Now the SEC seems pretty clear on the subject of releasing major events via an 8-K filing, but even if the event would be in the grey area for rising to the level of a major event, why would Mr. Samblis not file just to eliminate any possibility of running afoul with the SEC. WHY ???
One would think buying another company rises to the level of “major”. Why would Mr. Samblis not file an 8-K on that initiative??? And… WHERE is the money coming from to buy the new company ??? IC Places has not reported any revenue in quite some time, perhaps as long as 2-years. Yes, some company purchases are based on stock swaps, but certainly the new company would have done their due diligence in researching the value and history of the company they would be accepting stock in lieu of cash from. Many potential investors would likely run like a scalded dog from IC Places stock when they see the history of the company and of it’s CEO Mr. Steven M Samblis. If 4 reverse stock splits, (and the last 2 of which were done within a year of one another), and, the stock PPS now sits in the tripps… doesn’t scare any investor, we don’t know what would. Why would any company accept this stock for payment ?
Don’t be fooled folks… do your research on this company, and it’s CEO, Mr. Steven Samblis. Spending five minutes on Google should give you all the information you would need to make a sound investment decision.