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ericn

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May 16 10 9:57 PM

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Apparently, Axiotron has not submitted any financial reports for the fiscal year ending Sept. 30, 2009 or for the quarter ending in December 31, 2009. That is a big deal for a publicly traded company. 

Now, according to Fox Business, Axiotron is attempting to pay its outstanding debts by giving its creditors a substantial chunk of the company, and trading of its stock has been halted. In its filing with Canadian stock regulators, it scheduled a stockholder's meeting in June to consider a proposal to give 35% of the company to secured creditors and 7.8% to unsecured creditors in exchange for all outstanding debt.

While clearing what appears to be about $3.4 million in debt from its books might seem to be a great thing, consider this excerpt from its filing:

Between November 30th, 2009 and April 29th, 2010, the Corporation successfully persuaded certain unsecured creditors to reduce the Corporation’s debt by accepting US$0.16 per every US$1.00 owed, reducing the Company’s trade payables to these unsecured creditors from approximately US$1.2 million to US$186,617.05.


On April 29th, 2010, the Corporation reached a debt-for-share settlement agreement with these unsecured creditors to accept 5,183,807 Common Shares in the Corporation valued at US$0.036 per Common Share in full settlement of the US$186,617.05 debt (the “Unsecured Debt Settlement”). ...


So, after spending six months getting its unsecured debt reduced by 84%, evidently they still couldn't pay it and opted to exchange stock for debt. This is not a healthy company.

Whether or not they can convince stockholders that this is good idea, none of this bodes well for the upcoming Modbook Pro. With all this going on, do you suppose Axiotron has been able to focus on all the details of a new product release? Do you think they have the cash to cover the Modbook Pro's initial production run? (Certainly, no one is going to lend them the money.) Indeed, they don't know they going to have a company until after the shareholder meeting.

Still trying To be hopeful,

EricN

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ericn

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Jun 11 10 3:17 PM

Oh, Shit:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2010) - BULLETIN TYPE: Cease Trade OrderBULLETIN DATE: June 11, 2010TSX Venture Tier 2 CompanyA Temporary Cease Trade Order has been issued by the Ontario Securities Commission on June 11, 2010, against the following Company for failing to file the documents indicated within the required time period:


                                                            Period Ending

Symbol    Company         Failure to File                          (Y/M/D)

("AXO")   Axiotron Corp.  Audited annual financial                       

                          statements and related                         

                          management's discussion &                      

                          analysis                               09/09/30

                          Interim financial statements and               

                          related management's discussion                

                          & analysis                             09/12/31

                          Interim financial statements and               

                          related management's discussion                

                          & analysis                             10/03/31

                          Certification of annual and                    

                          interim filings                                



Upon revocation of the Temporary Cease Trade Order, the Company's shares will remain suspended until the Company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.TSX-X


Found at Benzinga.

So, Axiotron's Shareholder meeting took place Tuesday June 7th. While I was encouraged, after recieving a Quickscript promotion e-mail on the 8th, to believe things went well at the meeting, now, I don't know what to think.

EricN

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ericn

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#2 [url]

Jun 11 10 4:05 PM

Alright maybe it is not so bad. Perhaps the dog ate their homework. Nonetheless, it appears as though the shareholder meeting went well. From Poten & Partners' Axiotron Shareholders Approve Restructuring Plan,

Los Angeles, CA US, June 10, 2010 /FSC/ - Axiotron Corp.  (AXO - TSX Venture), (the "Company") today announced that at a special meeting of the Company's shareholders held in Toronto, Canada, on June 7, 2010, the shareholders unanimously approved the three resolutions presented at the meeting, clearing the way for the Company to complete its restructuring and conclude fundraising efforts initiated last year.

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#3 [url]

Jun 16 10 9:46 PM

Hi there

it actually sounds like there might be a little twinkle of hope there somewhere.........!  So I have upgraded my previously very gloomy assessment to being very cautiously optimistic that we might see the modbook pro after all..............  I guess the waiting game still goes on.

felix b.

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#4 [url]

Feb 7 11 4:04 PM

I am one of the unsecured creditor trying to seek $$$ from Axiotron.  I have not been able to get any email response from this company for over 6 months and I don't expect this company will pay me anything for the money they owed me.  It is sad to see this company taking a dive into the deep end but I have tried to assist them so much by allowing them long payment term but at the end they took advantage of me and now I can't get my email response at all.  Good luck Andreas, I will not want to do business with you ever again.

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