This is starting to concern me....

Our CEO got 1,500,000 to extend a LC which still had 1.2M owing on it and was backed by all of the insiders including Rick with their own LC's. They all got juicy rewards for this plus Rick double dipped....see below. There is no way that he should get shares for putting up a LC to extend an existing one and then get more shares again as per his compensation agreement.

Rick now also owns" 34% of the company and has sole power to vot or direct the vote of, and to dispose or direct the disposition of, all such 21,883,750 shares of common stock."

So the idea of taking this private for a $1 a share nets him a cool $21M for a couple years of work.

I may be starting to get paranoid here but the CEO having this much ownership and the fact that they are being tightlipped is scary.

IMHO

"On September 26, 2008, as compensation for extending the Letter of Credit, the Reporting Person received 1,500,000 shares of Common Stock and warrants to purchase 3,750,000 shares of Common Stock at an exercise price of $0.30 per share."

"As of the date of this report, the Reporting Person may be deemed to beneficially own an aggregate of 21,483,750 shares of Common Stock, which represents approximately 34.01% of the Common Stock outstanding as of September 30, 2008. The Reporting Person has sole power to vote or direct the vote of, and to dispose or direct the disposition of, all such 21,483,750 shares of Common Stock."