ASI Technology Corporation
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ASI Technology Corporation (OTCBB: ASIT) is a public Nevada corporation based in Henderson, Nevada. For several years, the company claimed it specialized in the development of advanced patented plasma technologies. However, in 2007 it established a subsidiary named ASI Capital Corporation and began claiming that it is "primarily a specialty finance company that provides financing for commercial, residential and venture capital loans."[1]
Common stock of the company is traded over-the-counter on the OTCBB under the ticker symbol ASIT. The company states in its 10-K annual report that as of December 12, 2007 there were 15,907,552 share outstanding. The company had 30,000,000 shares authorized for common shares and 1,000,000 shares authorized as preferred.
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[edit] Jerry E. Polis
The company was founded by Jerry E. Polis who serves as President and CEO and owns 41% of ASI stock outstanding as of 9/30/2007. Polis devotes only part of his time to this position and receives no salary from the corporation, but does receive other forms of compensation as well as stock options. Polis discloses multiple conflicts of interest with his other business ventures in ASI's SEC filings.
[edit] ASI Capital Corporation
ASI Capital Corporation is a wholly owned subsidiary of ASI Technology Corporation established in 2007. John R. Blackmon was appointed President of the new subsidiary but resigned effective September 30, 2007. ASI Capital reported in its 9/31/2007 annual report that the subsidiary would be run by Eric Polis, son of Jerry Polis, who also serves as Secretary, Treasurer and Director of the parent company.
Since June 2007, the subsidiary subleases space at 9121 W. Russell Rd., Suite 110, Las Vegas, Nevada within space leased by President Jerry Polis and an unrelated individual.[2]
[edit] Shared corporate address
ASI Technology is located at 980 American Pacific Drive, #111, Henderson, Nevada 89014. The office space is shared with privately-held Davric Corporation, which is 100% owned and controlled by ASI President Jerry Polis.[3] Public company AirScooter Corporation, co-founded by Jerry Polis business associates Elwood "Woody" Norris and Jim Barnes also uses this office as its corporate address.
[edit] Key associates
Until early 2007, Woody Norris and Jim Barnes each held greater than 5% of ASI stock outstanding. A sale of 8,888,888 shares for $4 million in March 2007 in which they participated nevertheless diluted each of their holdings to less than 5%.
Jerry Polis and Jim Barnes have also participated in numerous financings of public corporations established by Woody Norris, most frequently with San Diego, California-based e.Digital Corporation, an entity to which ASI Capital extended a short term $750,000 working capital loan at 18% interest in March 2007. The loan has had two extensions of maturity date with payments of additional financing charges paid in e.Digital stock and principal reductions, the most recent of which reduced the loan to $450,000. According to ASI, e.Digital is the only entity outside the State of Nevada to which it has funded a loan.
ASI's annual report also discloses that Jerry Polis owned 4.9% of e.Digital stock as of September 30, 2007, but denied that is should be considered a "related entity." Polis's private Davric Corporation also funded a loan to e.Digital which is still in effect. Although placed years prior to the ASI loan and for a larger amount, the Davric loan is subordinate to the ASI loan, which is secured by all of the assets of e.Digital.
On 1/9/2008, Jerry Polis filed a report with the SEC disclosing that he is the beneficial owner of 25,408,566 shares of e.Digital Corporation stock. This amount translates to approximately 10% of e.Digital's shares outstanding. Polis attributed the substantial increase in ownership to the contractually mandated conversion of e.Digital Series D preferred stock and accumulated dividends which resulted in the issuance of 17,000,000 additional shares of e.Digital stock to entities he owns and/or controls.[4]
[edit] References
Primary article reference: ASI TECHNOLOGY CORPORATION FORM 10-KSB (Annual Report) December 2007
Specific references:
- ^ ASI TECHNOLOGY CORPORATION FORM 10-KSB (Annual Report) December 2007
- ^ ASI TECHNOLOGY CORPORATION FORM 10-KSB (Annual Report) December 2007
- ^ Davric Corp. Schedule 13D—2/18/1999
- ^ Jerry Polis SCHEDULE 13G, e.Digital Corporation, 1/9/2008
