Shares in ValCom Inc (Pinksheets: VLCO) rebounded after the penny stock reached as low $0.021 in the last trading session on news of the Shareholder Meeting. ValCom, an independent entertainment company, saw its VLCO shares close at 3 cents on volume of slightly less than 400 thousand for no gain on Friday.
ValCom recently announced the results of last week’s special shareholder meeting which was called in order to resolve issues related to the capitalization of the stock structure and address an ongoing management/board dispute. Basically, the corporate heads of VLCO had their head on the metaphorical chopping block.
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Current VLCO board of directors members had publicly announced that shareholder meeting had been “adjourned” before it actually began. Some even received phone calls telling them the meeting was adjourned. Talk about corporate malfeasance.
VLCO CEO Tim Harrington was in attendance to the shareholder meeting which took place in Largo, FL. He even tried to adjourn it. In a scene which plays out like Eric Cartman stomping his feet on the ground screaming “Respect my Authority!” Harrington lacked authority under the company bylaws to adjourn the meeting since the structure of the bylaws clearly state that any adjournment can be made only by the Chairman of the Board, the President or a Senior Vice President.
News Flash: Tim, your were the CEO of VLCO – know your bylaws dude.
ValCom shareholders jumped in metaphorical joy voting in Vince Vellardita, Nalin Rathod, Rahul Rathod, and Frank O’Donnell as members for the Board of Directors with Vince Vellardita as Chairman/CEO (Insert sounds of the crowd cheering in the background here). Secondly, shareholders ratified an amendment providing that the total number of VLCO shares shall have authority to issue 581,000,000, of which
- 500,000,000 Common Stock, $.001 par value,
- 50,000,000 Preferred Stock Series A, $.001 par value,
- 1,000,000 Preferred Stock Series B, no par value,
- 5,000,000 Preferred Stock Series C, no par value, and
- 25,000,000 Preferred Stock Series D, $.001 par value
124 Tommy Bahama shirt wearing rum-runner in hand shareholders participated in the vote on the gorgeous April day in Largo, FL. Item #1 was passed with 93,767,864 shares voted in favor of which most likely did not include the approval of Eric Cartman (Tim Harrington). Item #2 passed with 83,823,680 shares voted in favor of, again most likely without Tim’s approval.
To view the company’s version of the shareholder’s meeting, click here.
Bottom Line: VLCO is a penny stock on the pinksheets but it is still a publicly traded company. This whole scene sounds like a homeowners association dispute over the placement of garbage cans and the implementation of seat order at the trolley bus stops in the sub-division.
ValCom Inc. creates and operates full service facilities that accommodate film, television and commercial productions. ValCom’s client list consists of all of the majors such as MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and more.
Probably the most interesting fact you could get from this is that Largo, FL was the tranquil home of Legendary Boston Red Sox Slugger, MLB HOF’er, last man to ever hit .400, member of the 500 Homer Run club and decorated World War II veteran Ted Williams. Visit the Ted Williams Museum whenever your on Florida’s West Coast.
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