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Johannesburg - Apparently there is a resurgence of financial advisors selling debentures in Edwafin.
The latest published prospectus of Edwafin shows that the group has negative equity of some R36m. In layman's term this means that the group is insolvent, as its liabilities are more than its assets.
We have been promised updated financial statement and a new prospectus by mid-February 2007. Hopefully we will also be allowed a visit to the company's motor manufacturing and paint factory and retail outlets.
Stuart Ramsy, the PRO spokesperson of the group has undertaken to organise a factory visit to Bloemfontein as soon as the group is ready to launch their first 60 "Road Runner" vehicles, most of which have apparently already been built.
In the meantime, potential investors must please be patient and wait for the update which should be available before the end of February 2007. We will try our best to get behind the Edwafin story before then...