First, BUYER BEWARE of this brand new ticker symbol and 'company': SBRV. Pk — aka Sebastian River Holdings, Inc. — aka MEM Financial Solutions.
This new ticker is the 3rd stock symbol change since July. Here's the brief history of symbol changes and consequent reverse splits that have screwed investors year after year:
July 26th of 2004—
First symbol was VRMD (company name: Vision Real Estate Management and Development) which had a 400:1 reverse split and changed it's ticker symbol to MMFS resulting in a company name change (they claim it was a 'merger') to MEM Financial Solutions.
April 11—
MMFS had a 200:1 reverse split and changed their ticker symbol yet again to MFSN and their PR releases (after subsequent PR speak of insider stock shorting) said they received the immediate resignation of Daniel J. Duffy.
Now on April 5—
MFSN had a 400:1 reverse split and again changed their ticker symbol from MFSN to SBRV and state in the PR releases that they've changed their company name to Sebastian River Holdings, Inc. And that Daniel J. Duffy is now the acting CEO.
Bottom line: it's been the same company and same people reverse splitting and changing company names and CEOs around since day one; all along, feeding the public with "forward looking" PR releases with the seeming intent of enticing more buys, only to change company names/profiles, and reverse split again.
I called MEM Financial Solutions today and was told that Daniel Duffy no longer works at the company even though the most recent PR release states "For the immediate future, Mr. Duffy will fill the role of Chairman of the Board of Directors, President and CEO of the company [MEM Financial Solutions]". Also, I was unable to get Mark McCleod (his business partner) on the phone for further questioning and he has yet to return my calls.
Note that all relevant contact info for MEM financial Solutions can be found at www.memfinancialsolutions.com. And that the contact info i have listed for this report is for Daniel Duffy's phone, email and business address as provided to me by MEM Financial Solutions and recent PR statements.
Something needs to be done about this (legal action, auditing, etc.) as while it's understood that any stock investment comes with relative risks and rewards, it is evident that now after 3 HUGE reverse splits and symbol changes in less than 3 years, such moves are highly suspect and should warrant investigation.
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