Mentor Capital, Inc. Completes 2nd Year Audit for OTCBB Move; Reporting $0.16 Per Share in Basic Earnings
SAN DIEGO-(Business Wire)-September 21, 2009 - Mentor Capital, Inc. (Pink Sheets:MNTR) completed its FY 2008 audit in preparation for filing a self-registration statement with the SEC and applying to move from the Pink Sheets to begin being quoted on the Over-the-Counter Bulletin Board system. The move to the OTCBB was accelerated by the July 8, 2009 acquisition of a significant interest in Quantum Immunologics, Inc., a leading cancer immunotherapy company now in Phase I/II FDA breast cancer trials. At year end, Mentor Capital, Inc. had $1.25 per share in securities or financial assets which included $0.32 or $173,259 in cash against $34,823 in total non-shareholder liabilities. 546,117 shares were outstanding as of December 31, 2008. During the year, earnings per basic MNTR share were $0.16. At the close of 2008, 1,386 shareholders held 28,218,840 freely tradable stepped warrants at $1, $3, $5 and $7 per share exercise prices. Upon call and exercise, the eventual expected warrant proceeds calculate to approximately $145 Million. In a subsequent event, 83% of the $1 warrant proceeds were pledged to Quantum Immunologics in exchange for 20% of the cancer fighting company private stock, with funds primarily being used to finance their FDA trials.
Mentor Capital, Inc. has taken a significant interest in Quantum Immunologics, Inc. whose shares represent the majority of MNTR assets. Mentor Capital is the preferred financing source for Quantum Immunologics and stands ready to apply MNTR public shares as currency to assist Quantum for future acquisitions. These arrangements currently position Mentor Capital, in major part, as a public market proxy for Quantum Immunologics, Inc.
Comprehensive MNTR Company information, including the complete 2008 Audit and notes, can be found at: www.MentorCapital.com. Level II quotes, news, Company information, the 2008 Audit and trading charts may be referenced at www.PinkSheets.com under the trading symbol MNTR.
Forward Looking Statements, Safe Harbor and Risk Descriptions are Incorporated by Reference from the Company Web Site above.
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