AGEL is a micro-lending company...tons of shares out with little/no business over the last couple of years as they lacked funding and resources to make the major moves in the micro-lending market...
They were working on a bank deal in 2010 for a source of micro-lending funds to ramp their business, the likes of which fell through at some point we assume...actually, Steve did mention he is still working on bank deals, but could not give any details (when I spoke with him yesterday)...
On the verge of either going under (Steve ran out of funds) or making a big deal, we just landed a big deal with GATE TECH...Vince Molinari, a founder of GATE TECH, came on as the Chairman of the Board for AGEL...GATE has now taken a controlling interest in AGEL through GINEW Holdings and preferred shares (as stated in SEC filings and recent PRs)...
GATE TECH just made a funding deal with Prudential Financial...PRU provided an initial $2.5M of seed funding to GATE's subsidiary, GATE Global Impact, which is the subsidiary involved in micro-lending...hence, through AGEL, GATE Global Impact will be able to provide micro-lending services in better fashion...the link with Prudential leads those that like to tie strings together to believe that AGEL + GATE + Prudential = $$$$$$$ and success for AGEL's future...
GATE is also a private company at the moment, and if they wanted to go public, AGEL and its subsidiary would provide a nice route for that...this may happen soon, but is just speculation until it happens...companies often take controlling interests before going public...
We do have a couple of issues though, the major one being the large number of shares in the O/S and free trading float...that is the reason we remain in the triple 000s here and why people are hesitant to buy...despite Steve mentioning no current R/S planned and the big news and speculation going on, it will take some buying and further news to move this thing up for good...some mention of share reduction or that GATE will not sell their shares down here would be very reassuring...
