Mr. Iehab only knows how to litigate for money since he cannot manage a company and make money.
A perfect example is Playsafe, whose two principals are Mr. Iehab and Fadi Nora. United Medical Devices retained Playsafe as a distributor for brand condoms. After an unproductive year, during which Playsafe achieved no sales to a single consumer, United Medical Devices terminated Playsafe’s contract. Playsafe sued for breach of contract. Following a two-week trial the jury found 12 to 0 against Playsafe on all of its claims. Jimmy Esebag indicated that “the Jury clearly saw through the story concocted by Playsafe’s principals Iehab Hawatmeh and Fadi Nora.”
Cirtran was contracted by Playbev to arrange for the manufacture, marketing and distribution of Playboy-licensed energy drinks, flavored water beverages, and related merchandise through various distribution channel. The agreement was set to expire March 31, 2012, and contained a renewal term of five years.
Playbev went into Chapter 11 bankruptcy in August 2011. In March 2012 Playboy and PlayBev extended the licensing agreement through July 31, 2012, to allow PlayBev and Playboy to negotiate a potential new licensing agreement.
Cirtran’s 2013 10K states: “Playbev reached a settlement with Playboy that would have provided for a new license conditioned on bankruptcy court approval of PlaybBev’s reorganization plan, PlayBev’s payment of $2.0 million to Playboy, and other provisions, but PlayBev was unable to obtain the funding needed to pay Playboy the initial amount or otherwise implement the reorganization plan, so that plan was abandoned and the settlement agreement and the new Playboy license did not become effective.”
Since Mr. Iehab could not meet necessary requirements, Playboy did not renew the license. What is Mr. Iehab’s response? Same one as with Playsafe – litigate, since he cannot manage.
Mr. Iehab is clearly responsible for Cirtran’s results. He is the President, Chief Executive Officer, Director, and Principal Financial and Accounting Officer.
Results since 1999 are clear evidence that Mr. Iehab, as CEO and CFO cannot manage.
Loss from Operations
2014 ?
2013 (1,015,316)
2012 (375,813)
2011 (7,043,410)
2010 (1,015,316)
2009 (5,814,653)
2008 (3,911,212)
2007 (7,232,524)
2006 (2,854,369)
2005 (527,708)
2004 (658,322)
2003 (2,910,978)
2002 (2,149,810)
2001 (2,933,084)
2000 (2,791,888)
1999 (3,768,905)
