E-Waste, shell company linked to $100 million New Jersey deli, announces reverse merger CNBC 1 hr ago Dan Mangan
E-Waste, a shell company linked to a nearly $100 million company that owns just one New Jersey deli, announced it will enter into a reverse merger transaction with a privately held corporation.
E-Waste, which itself has a sky-high market capitalization of $110 million despite having no business operations, had been marketed with the deli company, Hometown International, for such a reverse merger or similar transaction.
E-Waste s mailing address is in a North Carolina office building and is the same address as a company connected to Peter Coker Sr., whose son, Peter Coker Jr., is chairman and CEO of Hometown International.
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The shell company Europa Acquisition I Inc. was one of eight shell entities set up in 2010 by Peter Reichard and Peter Coker Sr., the North Carolina-based investors in deli owner Hometown International.
After Reichard and Coker sold them, most of those shell companies including the one later purchased by Trump s former real estate tax lawyer Allan Schwartz ended up having their registrations revoked by the Securities and Exchange Commission for failing to keep current in their disclosure filings, records show.
Your Hometown Deli in Paulsboro, N.J., is no mere neighborhood delicatessen. Despite racking up less than $40,000 in sales over the past two years, the deli s parent company has a $100 million valuation on the over-the-counter stock market.
One of those investors cryptically named VCH Limited also collects $25,000 per month from Hometown International for a consulting agreement related to efforts by the money-losing sandwich seller to merge with a private entity.
While Hometown International operates a real Italian deli in Paulsboro, New Jersey albeit a modest one with less than $37,000 in combined sales in the past two years E-Waste has no actual business operations.
Google Earth
Your Hometown Deli in Paulsboro, N.J.
Despite that fact, the market capitalization of both companies has topped $100 million in recent weeks, due to a seemingly inexplicable rise in the prices of their thinly traded stocks since last year, when overseas investors began taking stakes in the companies.