Spoke with Harry Hargens, former CEO, details as follows:
He purchased the patents, assets and liabilities of ISPY in 2005 as stated in the SEC filing.
Payments are to be made to ISPY (totalling up to 500k, also verified in SEC filing) ) in the event that sales are made using the patents he developed, no sales have taken place to date.
He still owns many shares in ISPY, but is no longer associated with the company.
He believes that ISPY has no ongoing business, is a relatively clean shell and is a vehicle that could be utilized for a reverse merger.
He reminded me that is how he originally got involved with ISPY, that is, his private company was reverse merged into ISPY in an attempt to secure financing to further the encryption patents for PIN based transactions. Adequate financing was not secured.
Looks like ISPY is a shell folks. :)
