Trimerica Energy Corp: announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

5 June 2003business combination● NeutralMajor

On May 22, 2003 the company bought all the assets of AEC I Inc. (including its patents) for 104 million new shares plus forgiveness of a $202,000 loan, and renamed itself Alternate Energy Corp. AEC I now holds 95% of the voting stock, so existing shareholders were heavily diluted. The business becomes marketing a patented technology that converts low-temperature heat into power, mainly for steam power plants. The old directors resigned and Blaine Froats, his son Sean Froats and Jack Wasserman took over the board.

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24 Apr 2003auditor change▼ Bad

COI Solutions said Marvin B. Seidman, CPA, its auditor for the past year, told it he would no longer audit public companies, so the board hired Danziger & Hochman of Toronto. Seidman's report for the past year also carried a 'going concern' opinion, and there were no disagreements. The company's address is now in Brampton, Ontario.

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27 June 2002auditor change▼ Bad

An amended version of the May 2002 auditor-change report. It now says Grant Thornton was dismissed, and that its 'going concern' opinion appeared in the past two fiscal years (the original said one). It again states there were no disagreements, and Marvin B. Seidman, CPA was engaged.

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8 May 2002auditor change▼ Bad

The company, filing under the name COI Solutions, Inc., said that on May 4, 2002 its board told its auditor Grant Thornton it would use Marvin B. Seidman, CPA instead. The filing says Grant Thornton's audit report for the past fiscal year included a 'going concern' opinion (doubt about the company's ability to keep operating), and that there were no disagreements with them.

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