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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to close at 598.25 Wednesday. Praveen Varshney has filed a preliminary prospectus to list his fourth capital pool shell, AAJ Capital 2 Corp., with a $250,000 initial public offering at 10 cents. Its IPO agent is Canaccord Genuity Corp.

AAJ Capital 2 sold 2.65 million escrow shares at five cents in January. Mr. Varshney, 54, bought 1.5 million of them. He belongs to a family of long-time stock promoters in Vancouver. He is a chartered accountant (like his father) and is a director of his family's venture capital and corporate advisory firm, Varshney Capital Corp.

His first capital pool shell, Genview Capital Corp. (originally called Spring & Mercer Capital Corp.), listed in 2007 and took almost nine years to close a qualifying transaction. That is about three times too long a horizon for a shell investment, so we consider the shell to have been a failure for its IPO investors. Nevertheless, for investors who arrived later, specifically in the year or two before the shell finally closed its QT, Genview would have been a satisfying investment, by which we mean that it was profitable and reasonably timely. Genview's resulting issuer, Hempco Food and Fiber Inc. (HEMP: $0.96), has so far traded up to $3.13.

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