Platinum pays contractors in stock instead of cash

201112071635 Platinum pays contractors in stock instead of cash
What is Platinum up to now that COWBOYS & ALIENS finally came out? Well, according to this call with shareholders, lots of COWBOYS & ALIENS merchandising and licensing…meaning it has now taken the place of MEN IN BLACK in the Scott Rosenberg bio. But new stuff is coming! And in a cost-cutting measure, they have hired a company to rep them — but instead of paying cash they pay stock. Elsewhere, it’s a LOT of cost-cutting — not a bad idea given the huge losses they have been reporting.

“As you may have already heard, we are building a franchise plan around another of our books, “Atlantis Rising,” and we’re thrilled about other upcoming projects, including “Unique” at Disney (with “Harry Potter” producer David Heyman); “Vice” (with producer Andrew Lazar and Top Cow Productions, Inc.); a “hybrid” feature film project that will mix monsters and humans, “Nightfall” (with Bill Stuart, developer and executive producer of “The Rock”).

“Platinum is also developing “MetaDocs” for television (with FremantleMedia and Landscape Entertainment). It’s kind of a cross between “Grey’s Anatomy” or “ER” and “Superheros.” And, we are also working on “Gray Legion” with Robert W. Cort, who is the producer of “Three Men and a Baby,” “Runaway Bride,” “Mr. Holland’s Opus”) and dozens of other movies.

“Internally, Platinum has been aggressively restructuring our business to improve efficiency and lower overhead. In that regard, we have retained Rutledge Law Center LTD. to replace a lot of want we were initially doing in-house and to represent Platinum in its business and contract law matters. Rutledge Law Center LTD. is compensated for those services in restricted stock — not cash. This has improved our short-term cash flow, is substantially improving our workflow, and aligns the corporation’s operation with the long-term interest of us shareholders. Additionally, the corporation’s number of authorized shares has been increased to allow us to strategically negotiate settlements with certain of the corporation’s debtors (in addition, of course, to complying with requirements that enough shares be authorized to cover existing convertible notes).

“We are being strategic in our spending, and have substantially reduced our monthly overhead by a combination of reduced payroll and eliminating some independent contracting agreements — and much of our balance sheet expenses represent stock warrants — not money spent for office supplies, employee salaries or other similar costs. In that regard, please know we take seriously our position as fiduciaries to the corporation — and we will continue make certain money is spent wisely.”


If you are jonesing for MORE Platinum info…well this is going to be a regular thing!

“I am also pleased to announce that Platinum just entered into a licensing deal with Brand Xpand to develop, operate and fulfill orders for dozens of “Cowboys & Aliens” themed merchandise through our website.

“As always, we welcome your comments and feedback. Our next call will be on January 3, 2012, to go over our business strategies for 2012 and share our management’s expectations for the upcoming year. I invite you to email Marianne@RutledgeLawCenter.com with topics you’d like us to consider addressing during the January call. We are currently planning an annual meeting of the corporation’s shareholders that we hope will be as fun as it is informative. More to come on that. Thank you for attending this call and being a loyal supporter of our developing corporation. Have a wonderful day.”

Comments

  1. Gary Dunaier says:

    Waiting for the news that they’re going to start paying contractors in either “Schrute Bucks” or gum.

  2. Even the studio that released the movie admitted it didn’t work.

  3. Who would accept payment in stock form from this guy?

  4. Nobody ever pays me in gum. =^(

    I find it interesting that Platinum is rep’ing a Top Cow property, though. I don’t think I had seen that reported anywhere before.

  5. Torsten Adair says:

    After the news, the stock rose from $.0044 to $.006, then dropped back down and closed at $.0045.

    Year-To-Date, it is down 92.74%. (A loss of six cents a share.) There was a brief surge during the movie, with a high of $.071, then the stock continued its slide.

  6. “That’s as good as money sir. Those are I.O.U.s”

  7. Lee Greenwood – “I.O.U.”
    http://youtu.be/uwSa1Ok6KN0

  8. This would all be sad if it weren’t so funny.

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