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Thursday, August 15, 2013 7:20:28 PM
There are shades of scam. At one extreme there are the outfits that do not hide their behavior at all and have absolutely no intention to produce a working model of any sort. They are, for practical purposes, whether legally recognized as such or not, shells. These usually falter rather quickly, and the management runs a high risk of ending up in prison.
On the other hand, there are more sophisticated scam. Some go into a very elaborate scheme to develop a business model that generates revenues but the primary intention remains to get investors to put money in it, which ends up in the hands of management. Indeed, some times is hard to tell the difference between a scam and a poorly run business.
Most scams have one thing in common: the release of PRs that are in the face very unlikely to be fulfilled. In the case of ESFS, the fact that the company is talking about doing business strikes me as pure BS. For all practical purposes, ESFS has no money and revenues are under a million a year, and no audited financials have been released for some time. So, here we have a company that is proposing to spend millions of dollars to try to get a foothold in China but it cannot even get one of its customers in the USA, for example Whole Foods, to make a commitment to its products. Old management was probably legit, but new leadership is not trustworthy. And I base that strictly on the PR release about China. I'm an old man and I have seem most of the scheme, and this smell to a scheme to get people to pour money into the company.
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