Shell Summary for Jan. 25, 2018

by Stockwatch Business Reporter

The TSX Venture Exchange fell 7.47 points to 886.12 Thursday. Rudy Cheddie has filed a preliminary prospectus to list his first capital pool shell, Cherry Street Capital Inc.The shell plans to sell a $500,000 to $750,000 initial public offering at 50 cents, through Canaccord Genuity Corp.

Cherry Street has two million escrowed shares, which it sold at 25 cents in September. Mr. Cheddie and the shell's two other directors each bought 400,000 shares. Mr. Cheddie, 63, is the president of Soroc Technology Inc., a private information technology services provider in Toronto. He founded this company in 1981. Mr. Cheddie has not yet been a public company director.

Mr. Cheddie's fellow Cherry Street directors are Robert Faissal and Joseph del Moral. Mr. Faissal, 49, is the chief financial officer of the shell. He lives in Toronto but seems to have done a lot of business in the Middle East. From 1999 to 2006, he was the managing partner of Macquarie International Consulting and Training Co., which offered human resource and financial consulting services in Abu Dhabi. Afterward, he became the managing partner of Richmond Development LLC, an investment company focused on solar energy, natural gas and electricity in Abu Dhabi and Dubai. These days, he is the president of Cricket Energy Holdings Inc., a Toronto company that offers natural-gas-fired electricity, solar power and water heating. He is also the managing director of Sales Up Group Inc., a Toronto company that sells all sorts of products (food, insurance, health care, utilities) in the Middle East and South Africa. The busy Mr. Faissal is also the managing partner of Lebita Consulting Services LLC, which is a human resources firm in Toronto, and he is a director of Pearl Gold AG, which is a gold explorer in Mali.

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