Valcor has made their financial reports available.
http://www.valcorinvestment.com/Financials%20Valcor.pdf
It should be noted that all values are in Nicaragua Cordoba. The current exchange rate is approx 20 Cordoba = 1 USD.
I think it could be useful for Valor to include a statement explaining the reports. When looking at the reports, I have a number of questions:
1) These reports seem to be for Valcor SA. Aren't investors investing into "Exportaciones Maderas del Atlantic SA", which owns 100% of "IPEC International". ? Shouldn't these reports be made available as well?
2) "sales" for the whole year on the results show 28,378 "dolares". is this USD? AUD? CAD? and it this all that was sold in one year of operations?
3) "assets" shows that the concessions are worth 5,131,865 "dolares". Again, what is the currency here?
Maybe Valcor could provide a statement to accompany the results?
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4 comments:
Melvin,
We have done everything you told us to do regarding this project!!
I have gotten everything that you have required posted and because of your blog we have had many large groups that would not even come down to Nicaragua to see our project. This has impaired our ability to produce at the required output level that we want to be at.
Please take down the blog now.
You job is not to question the audited reports that we have made available to current investors.
If they have questions about these reports they can ask us personally.
You have done your requirment of us making everything available.
That is what you wanted us to do and now it is your requiremnt to take down the blog.
Melvin,
Why is this blog still up?
We did everything per your requests and now you are just intentionally hurting our business.
We will be pursuing legal action in the next week if this is not taken down.
Anyone reading this to determine if this scam outfit is related to any other company named "Valcor" should understand these investments for wood in Latin America are not in any way affiliated with any other company with same name.
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