Buzz Technologies (BZTG)

[Slojab]

"Jack" can't afford to show the books. There was a reason why he had to shrink back into the shadows and relinquish his role as an officer of the company. Both as Shayne Heffernan and as Sean Lee. I'm not sure under which name he removed all the assets that he claimed were BZTG. But then, if there never really were any assets, there wouldn't have been any to remove, huh?

Time to repost this, I think.

About Shayne Heffernan- the true story

From the Australian Securities and Investments Commission website

Thursday 30 January 2003

The Australian Securities and Investments Commission (ASIC) today issued a warning to anyone thinking of sending money overseas to a foreign company called Equity-1 Limited (Equity-1). Related organisations include ITB Limited and Our World Exchange.

ASIC understands that Australian investors have been promised returns of 30% through international sharetrading, and that at least several hundred investors have transferred over $3.5 million to Equity-1. Investors have allegedly been recruited through word of mouth and by attending overseas seminars held by Mr Shayne Heffernan, a director of the company.

‘Equity-1 is not licensed to operate in Australia, so anyone who sends money to them is not protected under Australian law’, ASIC Director of Consumer Communication, Dr Michael Dunn said.

‘If you are thinking of investing overseas you should be extremely cautious, because you could lose everything. You can do a free check of ASIC’s databases at www.fido.asic.gov.au to see if the company is licensed to operate here, or if the person works for a business that’s licensed to do so’, he said.

Equity-1 does not hold a licence or authority from ASIC to offer financial advice or financial products of any sort to Australian investors. Additionally, neither Mr Heffernan nor any agent of Equity-1 is licensed to act as a representative of a securities dealer.

Equity-1 claims to be based in Hong Kong. However, the Hong Kong Securities and Futures Commission has advised that Equity-1 is one of a number that ‘disguise themselves as having operations in Hong Kong by using the address of a mail forwarding facility or settle their transactions through a bank account in Hong Kong, when in fact they do not have any actual operations in Hong Kong’.

The warning can be found at www.hksfc.org.hk/eng/investor/html/index/index1.html

Equity-1 has vacated its registered office address in Australia and has failed to notify ASIC of any change in address. ASIC has initiated action to deregister the company.

---------------------------------

Shayne (as Shayne) was also involved in another US company before he got control of Buzz Technologies. It was called Amerossi International Group

http://www.prweb.com/releases/2006/4/prweb377806.htm

Amerossi International Group, Inc's Shayne Heffernan Talks of The Future for The Company

Shayne Heffernan in a rare Interview outside of China speaks about the future of China in his new role with Amerossi.

(PRWEB) April 28, 2006 -- Amerossi International Group, Inc's Shayne Heffernan said today from the company's Canadian Office that he will not be leaving China, however it is his intention to spend 6 months of the year in Canada to work with Amerossi International Group to plan its China entry.

Make No Mistake, Shayne Heffernan still sees China as the big opportunity in the world. Canada is a great country Shayne Heffernan added, but I know nothing of business here, my specialty is China.

Shayne Heffernan has been a full time resident in Hong Kong and China for many years now and is widely respected as the number 1 Authority on China Business, between his offices in Shanghai and Hong Kong he is widely sought after as a consultant.

-----------------------------

Shayne also spent a considerable amount of time attempting to pump up his credibility by publishing plagiarized press releases to try to make himself an expert.

Here is an example

Seans post published on PRNewsNow.com


http://www.prnewsnow.com/Public_Release/Politics/51232.html

China Based business consultant Shayne Heffernan offers some insight into how to make your China investment a winner.

Strategically, China adopts the "five-year-plan" scheme for its economic development.Shayne Heffernan says you need to know and underst and the Five-Year-Plan and be able to measure its perfomance, The 10th Five-Year-Plan starting in 2001 gives China the first blueprint for the new century with main targets for economic and social development as follows:

- Maintaining a fairly rapid growth rate of the national economy, achieving noticeable success in the strategic restructuring of the economy, and making marked improvements in the quality and benefits of economic growth, laying a solid foundation for doubling the 2000 GDP by 2010; making significant progress in establishing a modern enterprise system in state-owned enterprises, improving the social security system and the socialist market economy and taking part in international economic cooperation and competition more extensively and deeply.

- The average annual economic growth rate will be about seven percent. By 2005, the GDP will reach about 12,500 billion yuan, calculated at the prices of 2000, and the GDP per capita will be 9,400 yuan. In the coming five years, the number of urban employees will increase by 40 million, and the number of surplus rural laborers to be transferred will also be 40 million. The registered urban unemployment rate will be controlled at about five percent; the price level as a whole will be basically stable; and the international revenue and expenditure will be basically balanced.

And it continues

The original article published on China.org website

http://china.org.cn/english/features/China2004/106988.htm

The 10th Five-Year Plan

Strategically, China adopts the "five-year-plan" scheme for its economic development. The 10th Five-Year-Plan starting in 2001 gives China the first blueprint for the new century with main targets for economic and social development as follows:


— Maintaining a fairly rapid growth rate of the national economy, achieving noticeable success in the strategic restructuring of the economy, and making marked improvements in the quality and benefits of economic growth, laying a solid foundation for doubling the 2000 GDP by 2010; making significant progress in establishing a modern enterprise system in state-owned enterprises, improving the social security system and the socialist market economy and taking part in international economic cooperation and competition more extensively and deeply.


— The average annual economic growth rate will be about seven percent. By 2005, the GDP will reach about 12,500 billion yuan, calculated at the prices of 2000, and the GDP per capita will be 9,400 yuan. In the coming five years, the number of urban employees will increase by 40 million, and the number of surplus rural laborers to be transferred will also be 40 million. The registered urban unemployment rate will be controlled at about five percent; the price level as a whole will be basically stable; and the international revenue and expenditure will be basically balanced.

It too continues

There are other examples of plagiarism to create credibility but you get the point.

So, what happened with Amerossi International?

http://www.sec.gov/litigation/suspensions/2007/34-55420.pdf

SEC SUSPENDS TRADING IN COMMON STOCK OF THIRTY-FIVE COMPANIES QUOTED ON THE PINK SHEETS

The Securities and Exchange Commission (“Commission” or “SEC”) today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of the following issuers, commencing at 9:30 a.m. EST on March 8, 2007, and terminating at 11:59 p.m. EDT on March 21, 2007:

Advanced Powerline Technologies Inc. (APWL)

America Asia Petroleum Corp. (AAPM)

Amerossi Int’l Group, Inc. (AMSN)

Also published this way

Mar 8, 2007
Pink OTC Markets News Service

http://www.pinksheets.com/pink/quote/quote.jsp?symbol=biot#getNews

Bangkok, Thailand — The Securities and Exchange Commission ("Commission" or "SEC") today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of the following issuer, commencing at 9:30 a.m. EST on March 8, 2007, and terminating at 11:59 p.m. EDT on March 21, 2007:

Amerossi International Group, Inc. (AMSN)

The Commission ordered this trading suspension because of questions that have arisen regarding the adequacy and accuracy of publicly disseminated information concerning among other things: (1) the company's assets, (2) the company's business operations, (3) the company's current financial condition, and/or (4) financing arrangements involving the issuance of the company's shares.

The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available

information and any information subsequently issued by the company.

At the same time there was a second public company operating out of the same address.(almost). It was called Amerossi EC, Inc (ARSS)

369 Moo 10 Kheha Nakhon 1 (Soi 9) Soi Chelermprakiet Sukhumvit 103 Rd. Nongbom Prawate, Bangkok 10250 Thailand.

http://www.stockpatrol.com/article/key/amerossi_separated%20before%20birth

367 Moo 10 Kheba Nakhon 1 Soi 9 Soi Chelermprakiet 22 Sukhumvit 103 Road Nongborn Prawate Bangkok, 10250 Thailand

Here's what happened to Amerossi EC, Inc.

http://www.sec.gov/litigation/suspensions/2007/34-55628.pdf

SEC SUSPENDS TRADING IN COMMON STOCK OF AMEROSSI EC INC., IRWIN RESOURCES, INC., AND PEOPLELINE TELECOM, INC.

As part of its continuing initiative to address spam-driven stock manipulation, the Securities and Exchange Commission (“Commission” or “SEC”) today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of the following issuers, commencing at

9:30 a.m. EDT on April 13, 2007, and terminating at 11:59 p.m. EDT on April 26, 2007:

Amerossi EC Inc. (ARSS)

Irwin Resources, Inc. (IWRS)

Peopleline Telecom, Inc. (PPTM)

Also an interesting article from StockPatrol.com

------------------------------------------------------

Shayne also operated another scam called Infinite Trust Bank aka ITB Limited and ITB Investment Management Services or itbonline.com (a very creative if totally inaccurate name)

See Australian warning document above for more.

http://www.jerseyfsc.org/the_commission/general_information/public_statements/InfiniteTrustBank.asp

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/internet.shtml

http://law.ato.gov.au/atolaw/view.htm?Docid=JUD/2008ATC10-032/00001&PiT=99991231235958

Conclusion: Shayne Heffernan has been declared a con man by the government of Australia and his cons have been exposed on three continents.

Sean Lee and Shayne Heffernan share the same description (6'2”), the same wife (Emma), the same nick name (Capt Jack), both have boats called “The Black Pearl”, both live in Bangkok, both are connected to Buzz Technologies and both have documented connections as executives with Buzz Technologies.

It doesn't take a rocket scientist to deduce that Sean Lee is, in fact, Shayne Heffernan.

With that knowledge in place, all the rest of what follows makes a lot more sense because we can now come from the default assumption that every representation made by Shayne and Buzz is false since his history supports this assumption.

Let's look at the ones I have been able to document in just a few days.

We'll start with the earlier ones and move forward.

SAP Vice President of Engineering and Principal Architect Mikey Butler to Join Buzz Technologies Inc. in Thailand

BANGKOK, Thailand, Aug. 3, 2006 /PRNewswire-FirstCall/ -- Sutida Suwunnavid Chairwoman of Buzz Technologies, Inc. today announced SAP Vice President of Engineering and Principal Architect Mikey Butler will Join Buzz Technologies Inc. as Chief Technical Officer effective September 1, 2006, during an interview today at The Bangkok ICT Expo.

Mikey Butler has been at the forefront of the IT industry since graduating from Harvard in 1975. His career highlights include:

SAP VICE PRESIDENT of ENGINEERING and PRINCIPAL ARCHITECT SAP Labs LLC Palo Alto, California VICE PRESIDENT, QUALITY MANAGEMENT, PROGRAM OFFICE BEA Systems/Weblogic San Francisco, California SENIOR DIRECTOR, ENGINEERING, BEA QUALITY DIRECTOR SENIOR DIRECTOR, OPERATIONS, (9/03 to 10/04) DIRECTOR, QUALITY ASSURANCE, (9/99 to 9/03) Sun Microsystems, Inc. Mountain View, California REGIONAL SYSTEMS ENGINEER

At the time this press release was issued, Mr. Butler had not finalized their employment agreement and had instructed Shayne not to issue any press releases until the management agreement was finalized. This premature press release caused his current employer SAP to terminate him. He subsequently agreed to certain terms verbally but Shayne and Buzz never kept up their end of the bargain. Here are some emails from Mr. Butler to Shayne.

PS: Once Mr. Butler contacted his attorneys in Bangkok to attempt to collect on Shayne's broken promises, Shayne started spreading rumors that Mr. Butler was fired for spending all his time drunk with Thai bargirls. Considering Mr. Butler has been clean and sober for more than 30 years, it is an unfair and untrue accusation. Mr Butler asked Shayne to provide even a single shred of proof and, of course he was unable to, according to Butler. Here are a few of the emails sent from Butler to Shayne.


---------- Forwarded message ----------
From: Mikey Butler <>
Date: Sun, Sep 10, 2006 at 8:08 PM
Subject: Final Thoughts
To: [e-mail], [e-mail], [e-mail]
Cc: [e-mail]

Sean,

We both know there was NEVER any job for me. It was all just a lie to issue a press release and further your ambitions using that release.

I hope you realize someday that NONE of the damage you did was necessary. I could have stayed at SAP and STILL been interim CTO at Buzz. I could have done this gratis. The press release could have still gone out and NO ONE would have been hurt.

But you never think of doing things the honest way. Your ego forces you to overplay your commitments and capabilities causing those caught in your web of falsehoods to rely on you it ways you cannot complete. Everyone you touched in this deal, me, The Good Network, John Harker, Ultrabrowser, John Nuvo all wish they had NEVER heard of you.


---------- Forwarded message ----------
From: Mikey Butler
Date: Thu, Aug 24, 2006 at 3:55 PM
Subject: Please stop the games!
To: Buzz <[e-mail]>, "Sutida (Sunny) Suwunnavid" <[e-mail]>, "Smart Team H.Q." <[e-mail]>, [e-mail]

Shaan,

I am asking you man-to-man to please stop playing games with Virginia and I!

Based on our handshake agreement I quit my job at SAP and brought
Virginia and I to Thailand. I have acted in complete good faith and
have followed my part of the course agreed on when we met on your
boat. You, however, have failed to follow ANY of YOUR agreed upon
course.

Please stop the manipulation and games and just tell me the truth!!

If there is no job at Buzz just tell me. At this point knowing the
truth, no matter how bad, would be better than more broken promises
and false hopes. Your 'stories' are on the edge of seriously damaging
my financial and marital wellbeing!! How would you feel if I had done
this to you and Emma had the roles been reversed?!

mikey


---------- Forwarded message ----------
From: Mikey Butler
Date: Mon, Aug 7, 2006 at 2:48 AM
Subject: Reality Check--Is this Deal Real?
To: [e-mail]
Cc: [e-mail]


Hey Shaun,

Man-to-man, I need to know if this deal is real!

Almost all of the indicators showing that the deal is real are 'in the red'

•MOU/contracts not done or outlined in email as promised

•Press releases which should NOT have gone out without a contract or approval have been released

•Emails and/or promised replies missing

•Simple logistics such as travel and lodging are faltering badly

This is serious business for me! I've quit a highly compensated, leadership position with the world's 3rd largest software company given your word. If this is NOT real or if there have been problems which styme the deal, PLEASE TELL ME NOW!

If the deal is real, PLEASE SEND A MOU.

I really need clarity on this matter immediately. I have a family that I must support and right now I don't know that I can.

Please let me know within 24 hours, otherwise I will be forced to assume the deal is not real.

Expecting a response very soon,
mikey

PS: you can reach Mike at [e-mail] if you want to confirm or challenge any of this.

And, as an added bonus, here is an email from Mike to me about Shayne.

1) Shayne's (Sean) wife is named Emma. Together they have two children. I visited with both of them in Shayne's home in Phuket. Emma corresponded via email with my wife, Virginia, about lodging Buzz would provide in Phuket. (Another lie). She did sign her emails with her name. I will see if my wife has copies to forward to you.

2) Shayne, Emma, his children and two business associates from Buzz, Craig Hovendove and Greg Pommerenk, spent the day with Sunny and a female board member (forget her name) on Shayne's boat, the Black Pearl. This boat is normally anchored in the Phuket Boat Lagoon. Hence the reason Shayne goes by the name Capt. Jack in Ihub.


3)Shayne is approximately 6' 2" tall and around 260 lbs. He is the person in the picture you mentioned.

---------------------------

This was apparently standard operating procedure for Shayne as he did it again: This from

October 23, 2007
Buzz Unveils Bio-IT Plans for India

Buzz Bio-IT represents the integration of life sciences and Information Technology (IT) and spans a variety disciplines, such as bioinformatics , clinical informatics, cheminformatics, pharmacogenomics, molecular modeling, bioengineering, biosimulation , medical imaging and many others. It has evolved as a result of convergence of several disciplines of science namely biology, biochemistry, molecular biology, bio statistics and computer science.

Keral Patel, CEO of Buzz in India said "although this will call for a further expansion of local staffing we have already secured some contract work to fund our own research, Soybean Deisel and Agricultural IT will be our first research area's"

The Research Office will be established with the co-operation of Department of Communication & Information Technology,Government Of India.

January, 23, 2008: Buzz India Launches Multi-Million DollarOutsourcing/I.T Auction Site

This from August 12, 2008, Buzz Technologies Inc (OTC:BZTG): Buzz releases Bio on CEO India

Aug 12, 2008 (M2 PRESSWIRE via COMTEX) -- BZTG | Quote | Chart | News | PowerRating -- Buzz Technologies, Inc., (OTC:BZTG) today have released the Bio on their CEO of India operations.

Keral Patel was born on April 12, 1981 in Baroda, India. Mr. Patel is the eldest of the two siblings. He has 1 younger sister. Mr. Patel comes from a middle class family in India and so his decision to leave school and become a successful entrepreneur in online business and web development by the time he was 16 years old. continued

I communicated with Keral Patel – Here is his succinct reply

This hiring was discussed but never finalized. This email from Keral Patel, the subject of these emails.

Original Message -----

From: Keral Patel
To: Timothy Miles
Sent: Saturday, September 20, 2008 6:53 PM

Subject: Re: Inquiry RE: Buzz Technologies

No sir I do not know by other name. But I only know him as Capt Jack.
As for the India CEO. I am not India CEO as there is no India Office. So there cannot be any India CEO.

Thanks.

Keral.

--------------------------------------

Now, about the IPO.... Bad news folks.. there is no IPO. Here's some of the PR Shayne used to pump the stock.

Buzz Technologies Inc (OTC:BZTG): IPO UPDATE
Jul 07, 2008 (M2 PRESSWIRE via COMTEX) -- -- Buzz Technologies Inc (OTC:BZTG) Directors and the 2 major shareholders have opted for an early exchange of shares in BZTG to the new IPO entity in a deal that will dramatically reduce the current float of BZTG stock on the OTC market.

Current BZTG shareholders will be able to exchange 1 share in BZTG for 1 share in the new entity at the time of listing. The share structure of the new entity will exactly reflect the current 300m with no additional issue. After which the new entity will take control of the Texas entity and will see it trading as an ADR on the NASDAQ.

Participants in the IPO will need to acquire BZTG stock on market as will Investment Houses and Brokers involved in the IPO. Two Hong Kong brokers are competing for the IPO and an announcement for the lead position will be made in the coming weeks.

The IPO will be released to qualified, professional investors only in Asia. The new structure will allow for a more rapid expansion in China as well as being a tax effective base for the company to grow from. It will also bring to an end the opportunity for the rampant naked short selling practices that have spread through our current exchange.

The make up of the Hong Kong Board will be predominantly new and in keeping with the company's strong focus on Asia. The IPO will be featured at the upcoming SMART Investment Expo in Hong Kong www.smartexpos.com .

Some Directors of the Company intend on increasing their holdings but prior to that acquisition it should be pointed out that:

1. The Company has in the past released financial information 2. The Company has beaten expectations every quarter since inception 3. Estimates of $120m in revenue for 2009 may be revised upwards.

To allow for the proper dissemination of these press releases, directors will not be buying on market for the next 7 days. The directors believe this results in maximum shareholder value. Continued

[September 09, 2008]

Buzz Technologies Inc (OTC:BZTG): Buzz Moves Closer to China IPO with Information Memorandum

(M2 PressWIRE Via Acquire Media NewsEdge)

Buzz Inc has progressed along the path to IPO in Hong Kong with the release today of the draft Information Memorandum, the document is available on request to accredited, qualified investors. The draft is available at http://corporates.12buzz.com/downloads/buzzinc.pdf

Buzz has through necessity and opportunity grown into a diverse group of companies spanning a number of industries and countries. Although on the surface it may not be immediately recognizable, the businesses are in fact tied together in one clearly defined area; they are all businesses that are technology dependent. Buzz has pioneered the way in unleashing the full potential of technology in the markets that have the least technological resources, the emerging markets of Asia.

CONTACT: Beth Simpson, Buzz Technologies, Inc
Tel: [phone]
e-mail: [e-mail]
http://www.12buzz.com

((M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [e-mail])).

Copyright 2008 M2 Communications Ltd.

I contacted the Hong Kong Exchange and asked them about Buzz Technologies. Here is what they said. I have highlighted the relevant portion:

Private and Confidential

CC/ENQ/08/12988

Dear Sir,

I refer to your e-mail of 12th September 2008 in relation to the matter of “Buzz Technologies”.

Due to confidentiality reasons, HKEx is under a strict duty not to disclose any information of companies which have applied to list on the Exchange. However, the information of initial public offerings ("IPOs") will be posted on the HKEx website when the announcement of new listing has been issued and such information can be obtained from the hyperlink at "Listing Matters and Listed Companies" > "New Listings" under the website of HKEx on www.hkex.com.hk. For your ease of reference, you may wish to visit the relevant webpages on our website at the following hyperlinks: -

For Main Board -
http://www.hkex.com.hk/listing/listing.htm

For GEM –

http://www.hkgem.com/newlistings/e_default.htm

You may also wish to note that according to HKEx’s press release dated 27 December 2007, since 1 January 2008, a pilot scheme has been implemented to require new listing applicants to post a web proof information pack (WPIP) on the HKEx or Growth Enterprise Market websites, as applicable. For more information on the press releases, please visit press releases dated 27 December 2007: http://www.hkex.com.hk/news/hkexnews/0712272news.htm and 5 November 2007: http://www.hkex.com.hk/news/hkexnews/071105news.htm

For WPIP-Posting information, please visit: http://www.hkex.com.hk/listing/prelist/wpip_co_list.htm

Thank you for your kind attention.

Yours faithfully,

Heidi Loong

Corporate Communications Department


Since Buzz Technologies is not listed on the “prelist” pages, I am concluding that the IPO has not yet been filed with the Hong Kong Exchange. My opinion is, that Shayne never intended to file an IPO.

I base this opinion on additional fact there is no audit underway because Buzz doesn't have an auditor.

Buzz Technologies Inc (OTC:BZTG): Auditor Appointed in Hong Kong and USA

Jul 21, 2008 (M2 PRESSWIRE via COMTEX) -- Buzz Technologies Inc (OTC:BZTG) is pleased to announce the appointment of Auditors in Hong Kong and the USA. The incoming Auditor, Yu and Associates, is a highly respected firm in Hong Kong, China and North America the companies founder Mr Yu established the entity in 1999 after 20 years as a partner from Deloitte & Touche Tohmatsu, Hong Kong. Before joining Deloitte, Mr. Yu had worked for 8 years with HSBC, the second largest bank worldwide. Mr. Yu brought his experience in the public accounting and finance fields into the firm and the firm developed rapidly to a middle sized firm with expertise in auditing, accounting, tax, and financial areas, for both public and private companies as well as individuals.

We are very confident Yu and Associates is a great addition to Buzz and will add substantial value to the company.

AND

Buzz Technologies Inc (OTC:BZTG): China IPO Update


Sep 17, 2008 (M2 PRESSWIRE via COMTEX) -- Additional details regarding the IPO will be released on the 27th at the Smart Expo in Hong Kong. We are pleased to advise that everything remains on track for our Hong Kong Listing.

The road show currently underway in relation to the Listing has already seen commitment to 25% of the total buyers being sort from institutions and high net worth individuals.

NOT TRUE!

I spoke with Mr. K.K. Yu on the phone and Mr. Yu informed me that:

1.Buzz Technologies has not signed an engagement letter with Yu & Associates CPA hence neither he nor his company are Buzz's auditor.

2.Mr. Yu has spoken with Buzz on the telephone and told them he can work for them but does not yet know what they want him to do and they certainly have not hired him or his company.

I will, of course, forward a copy of this report to Mr Yu to prevent any inconvenience that might occur from trusting Shayne's representations.

Of course an auditor is going to have trouble making heads or tails of this as it is because here are two “financial statements” published by Buzz. Anyone who can tell me how you can get from the 2007 one, given the income, to the 2008 one will win the title of “most creative accounting.


Buzz Technologies Provides Shareholders Unaudited Financials

Market Wire, August, 2007
Unaudited, prepared by Weng Liu Accountant:


Income

Sales 21,438,637.00



Expenses
Equipment Supplies 14,213.00
Equipment Upgrade and Repair Expense 47,956.00
Expense Data Storage 121,149.00
Costs of Good Sold 12,717,568.00
Merchandising Expense 17,890.00
Office Expenses 180,528.00
Rent 153,214.00
Insurance Expense 52,180.00
Postage and Handling Expenses 5,287.00
Payroll/Subcontractor Expense 1,585,129.00
Staff Benefits 39,587.00
Training Expenses 25,987.00
Consulting Expense 68,458.00
Accounting Expense 32,410.00
Legal Service Expense 157,358.00
License Expenses 11,474.00
Sales Commission 351,250.00
Other Selling Expenses 38,721.00
Advertising Expense 152,000.00
Public Relations Expense 35,421.00
Depreciation Expense 210,520.00
Deductible Goodwill 54,639.00
Foreign Subsidiary Taxes 37,506.00
Traveling Expenses 89,452.00

Total Expenses 16,199,897.00


Profit 5,238,740.00


Buzz Technologies Inc announced its unaudited results for period ending August 22, 2008. BUZZ TECHNOLOGIES, INC.


Buzz Technologies Inc announced its unaudited results for period ending August 22, 2008. BUZZ TECHNOLOGIES, INC.


FINANCIAL STATEMENTS

BALANCE SHEET

AUGUST 22, 2008

ASSETS

Current Assets

$35,892.00

Cash

Shares in Buzz, Inc. (at a discount to valuation, see notes)

$300,471,362.00

Total Current Assets

$300,507,254.00

Shareholders Equity

$300,507,254.00


The second “financial statement shows a company with absolutely no assets besides the 35,892 in cash and the stock in the acquired company. It makes no account whatsoever for liabilities, which in an active business would always exist as, at least, accounts payable. Based upon my 20 years experience looking at public company financial statements, these two financial statements simply cannot exist in the same company in these time frames unless the company closed its doors for 6 months, quit taking in money and paid all the bills. Then we'd just have to deal with the bogus “current asset” claimed by the company. I will cover that next.

Summary -

Nothing I have been able to examine is as it seems with Buzz Technologies. None of the press releases I have been able to verify have proven accurate. It's evident that Sean Lee isn't Sean Lee and Buzz Technologies, Inc, gives every appearance of being nothing but a scam, the next in a long history of scams for Shayne Heffernan. It has been alleged to me that many, if not all, of the unconfirmed press releases regarding relationships, and contract and revenues are totally untrue. We will continue to work diligently to confirm this and will publicize it when we do.

We are currently in touch with the Enforcement Division of the SEC and have provided them with this report plus a significant amount of additional information that either is redundant or that I have yet to corroborate. Given that the SEC has already stepped in and suspended two of Heffernan's scams, we are very optimistic of an affirmative response on this one too.

Good Investing