Cyber Apps World Inc (CYAP)

[Stock_Barber]

A little DD and a must-read!

Behind Li-Ion Motors' Wave II and its distinguished award is a tangled web of companies with connections to Li-Ion's founder, Salim Rana.

Rana, a Calgary, Alberta, venture capitalist, started the company in Las Vegas in 2000 as Whistler Investments Inc., touting "copper-gold" and/or "gold-silver" mining on an island in British Columbia.

Since then, the company has changed its name from Whistler to Hybrid Technologies Inc. and then to EV Innovations. It has subsidiaries with names like JavaKing Coffee, Zingo and Superlattice.

Four days before Christmas last year, the company changed its name to Li-Ion Motors.

The company's ever-mounting losses have been funded by selling stock to investors on the over-the-counter market, also called "penny stocks" or "microcap" stocks.

Despite those losses, Li-Ion makes payments to companies operated by Rana. For example, on Feb. 26, Li-Ion entered into a $2 million loan agreement with Frontline Asset Management, with a fixed interest rate of 12 percent. Rana had incorporated the company in Nevada two days earlier and is Frontline's sole officer and director.

http://www.nytimes.com/gwire/2010/10/27/27greenwire-x-prize-winner-has-checkered-financial-past-65136.html?pagewanted=all