It’s good to see companies in our space taking the route of being a fully reporting and filing company, moving off the Pink Sheets and listing on the OTCBB. Penge Corp. (OTCBB: PNGC) has had a busy year so far, taking the necessary steps to make this happen.The company recently announced that it received approval from the National Association of Securities Dealers (NASD) to step up from the Pink Sheet quotation service onto the OTC Bulletin Board effective May 16, 2007. Penge will file its quarterly reports on Form 10-QSB and annual reports on Form 10-KSB, containing financial reports and other important information, with the Securities and Exchange Commission (SEC), and expects to hold its annual shareholder meeting in July, 2007. Penge’s fiscal year end is June 30.
Penge reduced its short and long-term debt by $2.45 million dollars during the period from January 1, 2007, to May 2, 2007. The company converted $1,234,299 of short and long-term debt into common stock and reduced its non revenue-producing real estate holdings by approximately $1.22 million dollars for a total monthly interest expense reduction of over $23,000 per month.
“Being a public company and having just reduced our debt by $2.45 million should significantly increase our ability to now create much greater shareholder liquidity and value than ever before,” said KC Holmes – president of Penge – in a press release.
Penge is a public holding company that is vertically integrating the retail and wholesale nursery businesses. Penge’s current holdings include two Texas Landscape Center retail nurseries in Midland and Odessa, Texas, and three wholesale growing facilities in Tucson, Ariz., and Houston and Midland, Texas. Penge maintains its principal offices in Midland.