My interest is in the concept as an investment. A 30 second Google search on Russ George, featured so prominently in the Times story turns up his promotion of "Cold Fusion". Not the first thing I hope to find in a due diligence package.
A look at Planktos' SEC filings, starting with the 4/18/07 10K throws up at minimum some pink flags.
The share ownership.
Ave Ricardo J. Alfaro, Sun Tower Mall 59
Panama City, Panama
The accounting firm: ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
On January 31, 2007, the Company received notice of Chisholm Bierwolf & Nilson, LLC’s (“Chisholm”) decision to resign as our independent registered public accounting firm.
The reports of Chisholm on the consolidated financial statements of the Company as of and for the years ended December 31, 2005 and 2004 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
During the years ended December 31, 2005 and 2004, and through January 31, 2007, there were no disagreements with Chisholm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Chisholm, would have caused Chisholm to make reference to the subject matter of the disagreement in its reports on the Company’s consolidated financial statements for such periods.
The reverse merger/private placement/Vancouver style capitalization:
NOTE 8 — SUBSEQUENT EVENTS
In January 2007, the Company completed a private placement for 2,885,000 units at $0.40 per unit for cash proceeds of $1,154,000. Each unit consists of one common share and one share purchase warrant exercisable into one common share at $0.40 for a period of two years.
In January 2007, the Company purchased the research vessel “Weatherbird II” for $800,000 to further the development of its ocean plankton restoration technology.
In January 2007, the Company repaid $102,000 of a related party loan payable outstanding at year end 2006.
On January 12, 2007, the Company entered into a securities exchange agreement and plan of exchange with Solar Energy, Ltd. to acquire 100% ownership of Planktos, Inc. (a subsidiary of Solar) in exchange for an aggregate of 45,000,000 shares of common stock of Planktos Corp., and the fulfillment of certain conditions on or before closing. The conditions include: (a) making available working capital of no less than $1,000,000 to Planktos on or before the acquisition is completed, (b) cancellation of 45,000,000 shares of issued and outstanding common share capital on or before the acquisition is completed, and (c) obtaining shareholder approval of the transaction. The transaction has not yet obtained shareholder approval.
In February 2007, the Company completed a private placement for 838,333 units at $0.60 per unit for cash proceeds of $503,000. Each unit consists of one common share and one share purchase warrant exercisable into one common share at $0.75 for a period of two years.
On March 8, 2007, the Company effected a 1:1.5 forward split of its common stock and amended its articles of incorporation to reflect a name change from “Diatom Corporation” to “Planktos Corp.” in anticipation of closing on the terms of the Securities Exchange Agreement and Plan of Exchange.
Not what I'd look for in an investment.