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$ 300,000 loan in May 2009 to GSTY secured by owned land as collateral. Guess that would be the 160 actually owned acres bought from Dadon for 1,000,000 shares of stock.
Wonder how much of the $ 300,000 will be paid back to majority owner David Dadon for inteest due on the $ 12,000,000 plus debenture on the "option" to buy his other acreage?
The Tony Cataldo/ David Dadon "arm's length" tranactions look to be short arm length transactions to me.
Wonder if this is why Nelson, Figlewicz, and the first accountants took a powder so early. (Of course it might have been just the fact that Tony ran through the cash and had only $ 3 left at end of first quarter.)
Questions about 10Q
INCEPTION
(JANUARY 1,
2009) UNTIL
MARCH 31,
2009 2008 2009
---- ---- ----
Costs and expenses
General and administrative expense $ 276,220 $ -- $ 276,220
Stock option and warrant expense 74,639 -- 74,639
------------ ------------ ------------
Total costs and expenses 350,859 -- 350,859
------------ ------------ ------------
Net loss from operations (350,859) -- (350,859)
------------ ------------ ------------
Other income (expense):
Interest expense (342,401) -- (342,401)
------------ ------------ ------------
Other income (expense) (342,401) -- (342,401)
------------ ------------ ------------
Net loss before income taxes from continunig operations (693,260) -- (693,260)
Provision for income taxes -- -- --
------------ ------------ ------------
Net loss from continuing operations (693,260) -- (693,260)
Loss from discontinued operations (120,881)
------------ ------------ ------------
Net loss (693,260) (120,881) (693,260)
Preferred dividends (264,082)
------------ ------------ ------------
Net loss attributable to common shareholders $ (693,260) $ (384,963) $ (693,260)
============ ============ ============
NET LOSS PER SHARE, BASIC AND DILUTED
CONTINUING OPERATIONS $ (0.18) $ -- $ (0.18)
DISCONTINUED OPERATIONS -- (0.21) --
------------ ------------ ------------
$ (0.18) $ (0.21) $ (0.18)
============ ============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING,
BASIC AND DILUTED 3,935,372 1,813,150 3,935,372
============ ============
GSTY lists $ 342,401 of interest expemses. We do know that there was less than 3 months interest at 5% annual interest due on the 16 million debenture owed to Dadon. Howver a full 3 months interest would have been only $ 200,000 and this was less than 3 months and Dadon also converted 2.2 million of that into 4 million shares. Seems as though the $ 342,401 is twice as much as would be indicated based on what we know. Anyone know the answer?
It also appears there were $384,963 in liabilities for "loss from discontinued operations" + "preferred dividends" from 2008. Is GSTY gonna be responsible for those? (Hopefully not) On 10Q filing these 2 items were in wrong column, but thats a small mistake for Tony and MSPC.
Looks like Dadon ended up taking a $ 9,538 haircut on his announced $ 260,000 cash payment on the option. It appears he only ended up with $ 250,462. Poor David.
Can't you just see it now. Perhaps the conversation went something like this:
Tony: David we are just a little short on the $ 260,000 cash payment we owe you.
David: What? Come on Tony you had $ 456,000 in the bank on 12-31-2008. What the problem?
Tony: Well you know David, expenses. For one the press release patting ourselves on the back for getting an option on your land was just a bit more costly that I thought.
David: Well how nuch cash do you have?
Tony: Uh looks like $ 250,465.
David: OK write me a check for that and you can owe me $ 9,535.
Tony: Need a little help here David. I can't show zero in the bank on 3-31-2009. I've got critics that will tear me a new one.
I am already getting grief on how the option will be listed on the financials.
David: Ok keep a dollar to show positive cash in bank. Oh Tony keep $ 3, I'm feeling generous. Just write me a check for $ 250,462 and we will call it even on the deposit. As the majority stockholder (70% plus of outstanding shares) I wouldn't want to have to deal with a default in the loan terms before I go to Cannes with our 13 movies.
Anyone remember the old TV show "Soap" ?
This company {like most Cataldo led companies) has really turned out to be a "Soap Opera" .
Questions
1.Are Tony and Gerry the only 2 employees? What are their salaries?
2. Did Tony and all the directors get their "fully diluted stock or options on 4-10-2009? When are they required to file form 4 or 5's.
3. What did Tony spend $ 500,000 on in first quarter?
4. Who loaned GSTY $ 300,000 in early May?
5. Who are theyb talking to about a 1.1 million dollar loan?
6. Who is the source of the $ 300,000,000 in debt/equity financing avaialble mthat is nentioned on GSTY website.
7. Why was the website down for several weeks?
8. Why is website url owned by Barry Dadon instead of GSTY?
9. Any news on the GE Capital loan?
10. Why does Tony allow the photo of him and Magic Johnson to have an false caption on 2 pages of the website?
11. Why does Tony list an Illinois telephone number on the SEC filing about the cahnge of accountants.
12. Did MSPC really sign off on allowing the "option" to buy land to have the same value as actual ownership of the land?
(Apparently they did)
13. How much time does Tony spend in the California offices each week?
All these questions and more next time on Cataldo "Soap".
If Tony can get someone to loan the 12.5 million to buy Dadon's land and millions more to put up wind turbines there is another problem. Apparently no transmission lines to get the power off the California land. And if that is finally accomplished, another problem appears to be lurking in the wings.
---------------------------------------------------------
"Already, more than 300,000 megawatts of wind projects are on hold because of insufficient transmission capacity, according to the American Wind Energy Association. That would provide 20 percent of the nation's electricity needs.
"Transmission is really the glass ceiling for renewable energy development right now," said Beth Soholt, director of Wind on the Wires, a coalition of wind energy advocates based in St. Paul, Minn.
Federal energy officials want 20 percent of the nation's energy to come from wind by 2030. That would eliminate 825 million metric tons of carbon emissions a year, create 500,000 new jobs and boost the economy by about $450 billion.
Plan faces obstacles
AWEA has called for investing billions to build "green power superhighways" consisting of high-voltage lines to integrate wind and reduce congestion.
But the plan faces two major obstacles. One is deciding where to put the new interstate lines and power stations. The other is deciding who pays for the overhaul."
----------------------------------------------------------
Wind power = a good idea
But a company with $ 3 in bank, needing 12.5 million to buy land and millions more to put in wind turbines, having to solve the local and nationwide transmission lines problem and headed by Tony Cataldo.
Now there's a longshot folks!
GSTY Website(The Spin):
$ 300,000,000 + in equity/debt financing available from
finance partners
10Q (The Truth)
The Company is in process of entering the alternative energy segment, focusing primarily on wind energy. In this regard, the Company has obtained land, has had prepared a feasibility study and has commenced raising funds and completing its business plan. The Company will require substantial funding to meet its goal of developing a wind energy farm. It is the Company's intention to raise capital through private placement of its common stock and through debt financing to meet the capital requirements of its business plan. The Company has no current revenues and expects it will require a substantial amount of time to develop its infrastructure and begin selling energy.
These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these uncertainties.
Hopes for Next Week
1. Tony Releases 10Q for first quarter.
DONE SUCH AS IT IS.
2. Tony has a conference call to discuss the 10Q, why it is a month late, the recent resignations of the accountants and two directors, just how that 10% of "fully dilutede stock" deal works (especially with 2 directors who resigned), and why the website was down for weeks and is now back up with incorrect info(5 year old "Opening of New York Stock Exchange" posted on 2 pages of website)
OF COURSE NONE OF THESE ADDRESSED
3. Who in the company has "multiple successes" We can rule out Cataldo and Dameron at their last companies for sure. Is there a "successful" invisible employee that they haven't told us about?.
STILL UNDETERMINED
4. Just who Tony is referring to as a $ 300,000,000 funding source on the website.
NOT MENTIONED BUT $ 300,000 FINANCING DEAL DONE . COULD TONY HAVE MADE A SLIGHT ERROR PUTTING $ 300,000,000 IN WEBSITE INSTEAD OF $ 300,000.
5. Will there be a $ 16,000,000 "Goodwill" entry on asset side of balance sheet to offset the $ 16,000,000 debt owed to David Dadon for the "option" to buy his land?
UNBELIEVABLY TONY LIST ENTIRE $ 16,000,000 AS AN ASSET
6. How many days a week has Tony spent in the california offices of GSTYE?
STILL WONDERING
7. Perhaps we may get an update on "Daddyfox", "Jungle Juice", "Very Mean Men", or any of the other 10 films jointly produced by Tony Cataldo and David Dadon that were released in Cannes last month.
STILL TO COME?
$ 456,000 cash gone in 3 months (except for $ 3)
Liabilities up over $ 300,000 from $ 383,000 to $ 684,000.
$ 300,000 in new debt in May (8K?)
New accountants issue going concern on first 10Q.. NOT UNEXPECTED..
Company stock 70%+ owned by David Dadon.
All land mortgaged
12.5 million still owed on option whether GSTY ever buys land or not.
Company says probably no income anytime soon.
Company needs to raise cash.
(Just to pay for the $ 165,000 in monthly expenses that Tony apparently is incurring)
I'll bet that the company will have run through most of the new $ 300,000 by the end of second quarter. Who would like to loan some unsecured money to GSTY, or take a second position behind the $ 12.5 million dollar "option".
HERE COME THE PIPES?
Tony finally files 10Q a month late
Well lets see.
1. On 12-31-2008 they had $ 456,000 in cash. On 3-31-2009 they had $ 3
2. On 12-31-2008 they had $ 383,000 in account payables and accrued expenses (still unexplained BTW). On 3-31-2009 they had $ 684,000 of accounts payable and accrued expenses.
So in 3 months Tony and his few buddies spent about $ 757,000 if my math is right. We know they paid David Dadon $ 260,000 (actually looks to be $ 250,462) for part payment on his "option" but that still leaves about $ 500,000 still unaccounted for. That is over $ 165,000 a month spent by Tony and his 2 employees in first quarter. Where did it go?
With $ 3 in the bank on 3-31-2009 its no wonder that directors Nelson and Figlewicz resigned on 4-1-2009 and 4-10-2009.
Dadon converted 2.2 million of the 16 million in debentures on the "option" into 4 million shares of stock and got another 1 million shares in payment for the 160 acres actually purchased. This raised the outstanding shares from 1.8 million to 6.8 million with Dadon owning 5 million of those 6.8 million shares. So Dadon now owns over 70% of the outstanding shares of GSTY stock.
As to the number of "fully diluted" shares that has ballooned to over 35 million shares with the convertibility feature of the debenture for the "option" opening the door for millions (my math says about 5 million) of cheap shares (apparently $ .05 each if Figlewicz filing is correct) for Tony and the boys based on his 10% deal and their 2-3 % deals.
The biggest joke is valuing the $ 16,000,000 "option" as a $ 16,000,000 asset.
The other "funny" parts of the filing are:
On May 1, 2009, the Company completed a $300,000 loan with interest at 10%. The loan is collateralized by a portion of the Company's land and is due on May 1, 2010.
The Company is in the document preparation stage for an additional loan of $1,100,000 which will also be collateralized by its real estate.
Since the company only owns 160 acres that is all they can collateralize. My guess is that the only one who might make this loan is David Dadon as he would then have grip on all of GSTY assets with 70% stock ownership and all land tied up in his financings. But that is just a guess. maybe Tony will give us an 8K and explain. (Sure).
The 1.1 million is anybody's guess and I feel this may become just another of Tony's "Safe Harbor" statements before its over. Don't believe anyone is going to lend a million on an option, but maybe Tony is once again wooing Marat Safin and the Marr Group. Or maybe ghe still has David Firestone "backing" him. A third possibilty might be that Tony has convinced Magic Johnson to spend 1.1 million of the 2.25 million Tony paid him for 2 days work at Calypte to invest in his wind project. Lets face it when it comes to wind Tony is your man.
$ 3 you say...
You think
They'll just let it go to the pink sheets and then put out some PR's without ever revealing any earnings reports or sec filings going forward? I don't remember the mandatory time limit for filing the quarterlies before going pink, but this has to be pushing it you would think. JMHO
Hopes for Next Week
1. Tony Releases 10Q for first quarter.
2. Tony has a conference call to discuss the 10Q, why it is a month late, the recent resignations of the accountants and two directors, just how that 10% of "fully dilutede stock" deal works (especially with 2 directors who resigned), and why the website was down for weeks and is now back up with incorrect info(5 year old "Opening of New York Stock Exchange" posted on 2 pages of website)
3. Who in the company has "multiple successes" We can rule out Cataldo and Dameron at their last companies for sure. Is there a "successful" invisible employee that they haven't told us about?.
4. Just who Tony is referring to as a $ 300,000,000 funding source on the website.
5. Will there be a $ 16,000,000 "Goodwill" entry on asset side of balance sheet to offset the $ 16,000,000debt owed to david dadon for the "option" to buy his land?
6. How many days a week has Tony spent in the california offices of GSTYE?
7. Perhaps we may get an update on "Daddyfox", "Jungle Juice", "Very Mean Men", or any of the other 10 films jointly produced by Tony Cataldo and David Dadon that were released in Cannes last month.
Tony Cataldo, not your average CEO
or
Nobody could do a better job than Tony Cataldo.
or
Tony Cataldo in one word = unbelievable!
After VOIC Debacle and now failing to file 10Q here Tony has truly earned the Tony "No Show" Cataldo nickname.
10Q now 28 days (4 weeks) late. Will the 10Q be pregnant with news?
Next SEC filing from Tony Cataldo companies past and present?
Will next filing (all overdue by at least 4 weeks at this point) come from:
1. Tony Cataldo's present company GSTYE, odds about 2-1
2. Tony's last company VOIC odds 1000-1 (overdue 14 months)
3. Tony Cataldo's company 2002 to 2004 CBMCE, odds about 2-1
From the "Ve Vill tell you Vhat Ve Vant you to know Vhen Ve Vant you to know it" philosophy of management.
Profile of a newbie investor in GSTYE?
Possible answers to: Why I invested in GSTYE stock.
1. Being a "riverboat gambler" investor I always look for "contrarian" situations to get a good value. With almost no cash, out of SEC filing compliance, no sales, two directors and the accountants resigning, and headed by seven time loser Tony Cataldo this was the perfect "contrarian" situation.
2. I needed a tax loss "Real Bad".
3. I met a guy in Cannes France who said this one was a "can't lose" sleeper.
4. I hang on every word put out by CEOcast.com "Where Wall Sreet Listens".
26 days late and Tony is still giving the retail stockholders the one finger salute by refusing to file the 10Q and allowing company to keep the big E addition.
25 days late and Tony is still giving the retail stockholders the one finger salute by refusing to file the 10Q and allowing company to keep the big E addition.
10Q now 25 days late. Where's Tony?
Maybe like the bar that had the sign painted above the bar that said "Free Beer Tomorrow"
Tony could paint a sign saying "SEC filings will be updated tomorrow" and put it on the front door and the website.
Lets hope that in the end we find out all of the facts behind the dealings at VoIP, Inc. And everyone involved gets what they deserve.
June 5, 2009 10Q filing now three weeks late
Tony Cataldo showing his disdain for Green Street Energy shareholders by failing to meet SEC filing requirements.
Shades of VoIP, Inc.
44 trading days so far in second quarter
Green Street Stock (GSTY/GYSTE)
28 days Zero shares traded
8 days less than 1,000 shares traded
6 days 1,000 to 5,500 shares traded
2 days more than 5,500 shares traded
May 27, 2009 (the big day) 80,300 shares traded
May 29, 2009 17,800 shares traded
May 27th was apparently the day that Ivsto25 (a yahoo board poster) leaped in buying at the ask. On that day the 80,300 shares traded was over 2/3's of all shares traded so far this quarter (119,400 total)
Tony thanks you IVSTO and now the Shorts Killer ( another yahoo board poster) announces he plans to jump in for $ 25,000 so we can possibly expect another larger volume day today.
website www.greenstenergy.com is back up.
Here is owner info on the URL in case anyone needs it.
Registrant:
Barry Dadon
23760 oakfield rd
HIDDEN HILLS, California 92115
United States
Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: GREENSTENERGY.COM
Created on: 06-Jan-09
Expires on: 06-Jan-10
Last Updated on: 20-May-09
Administrative Contact:
Dadon, Barry barrydadon@gmail.com
23760 oakfield rd
HIDDEN HILLS, California 92115
United States
8182646214 Fax -- 8188843443
Technical Contact:
Dadon, Barry barrydadon@gmail.com
23760 oakfield rd
HIDDEN HILLS, California 92115
United States
8182646214 Fax -- 8188843443
Domain servers in listed order:
NS1.LUNARMANIA.COM
NS2.LUNARMANIA.COM
Registry Status: clientDeleteProhibited
Registry Status: clientRenewProhibited
Registry Status: clientTransferProhibited
Registry Status: clientUpdateProhibited
I bet thet the accountants are still struggling with how to handle the $ 16.260,000 "option", as well as the 19% stock grab by the directors, 2 of which have already resigned.
I also predict that cash in bank (very low) and outstanding shares (much higher) at 3-31-2009 will be very "Cataldolike".
Tony Cataldo if he has decided to stay for a while (and I think he has since the website full of hype is back up) will need a big Press release to entice new investors and new stockholders.
I believe that the "hype" will be the combining of the BS of both Greenstreet and Dameron's Patriot Wind and trying to take two struggling companies and attempting to make them look strong together. That and Tony may announce a "potential" funding partner (website says $ 300,000,000) but will not say who.
Just have to wonder WHY anyone would pick Tony Cataldo to run a public company considering his past record.
Every company he has headed or been associated with in last 10 years has had a lower stock price the day he left than it had on the day he started. He did have some upticks but those all went way.
He has his very best chance at breaking that record here at GSTYE since on the day he started the stock price was at $ .05 . It rose in January to $ .70 and has been in the $ .15 to $ .50 range since.
Lets see how close I get to the actual facts.
I just hope he doesn't run off and abandon this company like he did at his last CEO job (VoIP,Inc. symbol VOIC) without making the SEC filings and basically leaving the company in a lurch.
Anyone heard from Tony "Get in, Get Mine, Get Out" Cataldo
since the press release about 3 months ago "validating" his deal with movie associate David Dadon's company?
Ditto for CEOcast the $ 10,000 a month Cataldo "mouthpiece" who was also last heard from with that "validation" press release?
Tony enters into June continuing to give GSTYE stockholders the one finger salute by ignoring SEC 10Q filing.
Anyone talked with Tony lately? or Mike?, or Gerry?, or Sade?
Or CEOcast?
Too bad that dragon man is no longer with us.
Possible reasons why Green Street Energy (GSTYE) still has not filed its first quarter 10Q?
1. Both old and new accountants refusing to accept GSTYE stock in payment for services?
2. Electricity turned off in home office? Unable to use computers or printers? Tony presently handwriting the 10Q?
3. Tony just decided to "hold off" for a bit?
4. Addition of E makes symbol GSTYE a "cuter" symbol?
5. Time to go pink, fly "under the radar" and avoid answering embarrassing questions from stockholders?
6. Green Streen Energy waiting for Michael Wachs and CEOcast to open their SEC filings service?.
7. "April fool" bug hit company computer?
8. Afraid to go to office and risk getting "swine flu"?
9. Company laptop has been "misplaced"?
10. With a reduction in staff there are just some things you Can(nes) do and some things you Can(nes) not do?
11. Gimme a break, we just now got the website back up.
12. That's what June is for.
13. Hey be glad you got a 10K. Thats more than Tony's last company got.
14. Tony spent all the company cash paying county property taxes, and buying general liability, workers compensation, and directors and officers insurance? Ir was either that or giving $ 260,000 cash to pal David Dadon as part of an "option" deal.
Next week boy, I say next week 10% Tony will clear all this up and silence his critics.
Yeah the really really gulible ones go for cool graphics like the windwmills, and Tony's "safe harbor" rantings.
Did you notice that instead of taking down or correcting the Magic Johnson and Tony Cataldo "opening the NYSE" photo, they left it the same and put it on two webpages.
Tony makes Joe Isuzu and John Lovitt look like pikers.
Can't wait to see the source and conditions on the $ 300,000,000 available financing mentioned on the website.
Maybe its Tony's 5% of the billions of patent inringement cash coming to VOIC.
Must have been impressed with the website lol.
runncoach, from the Yahoo board Ivsto25 posts about GSTYE:
"im a new buyer picked up a few"...
"have been watching this for some time"
Ivsto25
Apparently this is the answer to the question of who in the world would be stupid enough to buy this stock (GSTYE) at $ .40 - $ .50 a share with it out of compliance with the SEC filings and having had two directors and the accountants resign in last two months..
apparently it was Ivsto25 ..
MWAV/Green Street paid CEOcast 250,000 shares of stock (presently worth over $ 100,000) and $ 10,000 per month on a 12 month contract to be the IR firm for the company.
Results
Here is the Green Street Page at CEOcast
http://www.ceocast.com/(mrfe5p552ll1rwjvpifpcw55)/company.aspx?id=13947
Please note all the errors on the page and the fact that Tony Cataldo has never been interviewed.
Also note that it has been two and a half months since CEOcast has mentioned anything about MWAV/Green Street.
Hardly a good use of corporate funds.
One day left in May for Green Street Energy to "do the right thing" and file their 10Q for first quarter 2009.
Will they do it, or will they continue to give their stockholders the one finger salute into June?
Due Diligence
We all know of Cataldo's record of stock prices dropping radically at all of his past companies.
Now here is some info on only other employee Gerry Dameron
http://www.dailycamera.com/news/2008/apr/13/wind-broker-clean-and-green-goes-belly-up/
Now lets compare and contrast that info with statements made on Green Street website in the operating business section at
http://www.greenstenergy.com
First statement in the Challenge paragraph I find hilarious
"Strong management team... multiple enterprise successes"
I know Cataldo has no successes in last 10 years and article above on Dameron doesn't indicate he is any real "find" either. Is there an invisible management partner with multiple successes?
And then there are the "dirty dozen" Advantages . 12 unabashed statements about the advantages of the MWave, Green Street and Patriot Wind group
1. 5 high yield wind sites in Tehachapi CA.
(Well GSTYE owns one 160 plot and has paid a $ 16,260,000 option fee on one other 4840 acre plot, so Patriot Wind (PW) must have 3 sites they have "thrown into the pot".)
2. 3 wind sites in New Mexico in a early development.(Hmm this is new, is it PW?)
3. $ 300,000,000 in equity/debt financing available from finance partners . (Can't wait to get the "skinny" on this new development, can you?)
4. PW brand identity already established in less than 3 years. (How different is its brand identity from article posted about Dameron at beginning of this post?)
5. Recognition from major public power and wind industry associations. (Why do tell, details PLEASE.)
6. 20 PPA energy contract now well accepted. (By who do tell, details PLEASE)
7. PW is the first company to offer unique PTC finance model for munis. (Can you give us a couple of examples of where this was instituted?)
8. Consolidation of wind project talent into a flagship company.
(Oh please Cataldo and Dameron, you gotta be kidding)
9. Key governmental relationships in place and expanding. (How about some examples. Then again maybe they were including the bad relationships in the statement)
10. PW supports letter from Governors Scharzenegger and Richardson. (Hey,lets see them; and who is Governor Scharzenegger anyway?)
11. Low overhead and use of expert wind consultants keeps PW ROI high. (Do tell. details PLEASE. What is PW's high ROI anyway?)
12. Low cost of site control on key high yield wind sites in CA market. (Only because they haven't spent any money to put in any infrastructure yet on the GSTYE sites. And shouldn't that be "potential high yield wind sites" or are some of the PW sites in California already operating?)
Tony and Gerry have some serious "splaining" to do to show justification of the above statements. I truly hope they are up to it and the 10Q truly enlightens everyone with the explanations and details of these new developments.
Wonder who the $ 300,000,000 financial partners are?
Surely they wouldn't put that on the website if it weren't in place, would they?
Its 10Q time Tony and how about some press releases on the financing partners and the Patriot Wind acquistion. Hey they deserve an 8K or have you used all those up announcing the resignation of directors and accountants?
Cataldoisms:
"Thank you for not bringing weapons"
"Urine you could bathe in it, you could even drink it.."
"See you in Wilmington in June"
Yowzah!, Yowsah!, Yowsah!
Green Street Energy site now back up and running.
http://www.greenstenergy.com
Now 2 webpages have the lie about Magic Johnson and Tony Cataldo opening the "New York Stock Exchange" with photo attached.
(It is actually a photo of an AMEX not a NYSE "bell ringing" ceremony for Calypte Biomedical compoany on 9-14-2004, a company that Tony resigned from 2 months later after its stock fell over 50% in 2 months after "bell ringing". (As a side note Magic spoke at the bell ringing and did not once mention Calypte Biomedical or his spokesperson's job with them or his director's position which Magic never honored.)
BTW Calypte Biomedical and Green Street both now have the same distinction of having an E added to their symbols, CBMCE and GSTYE respectively, for failure to make proper 10Q filings on time.
I also notice that the website is now adding Patriot Wind as part of the "team" I guess Tony will be filling us in on this connection no later than the end of this month. Did Dameron have something to do with Patriot Wind?
Website still shows stock symbol as MWAV on investor page.
Website full of Tony's "validation" BS about wind power. If GSTYE could put a wind turbine in front of Tony's mouth maybe there would be some cause for hope.
Well they finally got the website back up, warts, incorrect info and all. Who do we "credit" for this Tony Cataldo, Gerry Dameron, or Barry Dadon?
Can a 10Q be far behind?
Found this that reminded me of GSTYE leader.
Yeah bloodhound
Something doesn't smell right IMO but then again shareholders are usually the last to know lol.
WOW the stock has jumped to $ .475 on 78,000 shares. Someone has spent $ 35,000 to buy stock all the way up on what must have been at a rising ask.
Be real interesting to find out the logic on this move. Particularly with all the negative still unexplained baggage.
runn, I wonder where Cataldo will surface next and what he will have to say.
As best I remember the last press release which was over 2 months ago was Tony congratulating himself on the $ 16,000,000 he paid to Dadon for the option on Dadon's acrerage. Tony said a rival wind company's successes "validated" the deal.
I believe that CEOcast.com's last pronouncement was also the posting of this same Tony Cataldo backslapping announcement .
No discussion of 10K and why there were $383,000 worth of liabilities on MWAV/GSTY start up balance sheet of 12-31-2008.
No hint as to why company website on url owned by David Dadon's son Barry Dadon disappeared in early April.
No reasoning given for Nelson and Figlewicz departures. (My guess is that there was basically no cash left. The cash in bank on 3-31-2009 as reported in 10Q would confirm or repudiate that guess.)
The resignation of accountants was somewhat anticipated.
The old accountants were holdovers from Turek days.
They were probably not familiar or comfortable with the "Cataldo Way"; with the "fully diluted" deals for Tony and the directors and the $ 260,000 cash and $ 16,000,000 debt at 5% interest paid for an "option" to buy land from a Cataldo co-producer of 13 films that were to be recently released at Cannes.
In a world where there should be "arm's length" tranactions, it sure appears to me that Tony's are "short arm length" tranactions when it comes to the retail stockholders.
If I am right the company as of 3-31-2009 will have less than $ 100,000 left out of their initial $ 456,000. They will still owe the bulk of the $ 383,000 liabilities that they "started out" with. They will have zero income. They will have no one coming forward to loan them money in any reasonable fashion.
I believe there will be almost $ 100,000 in accumulated interest due 3-31-2009 to Nacelle on their $ 16,000,000 "option" debt . As of 5-19-2009 the accumulated interest due on the "option" debt will have grown to $ 200,000.
And the "fully diluted" stock situation will be fun to watch the new accountants wrestle with. As will the asset value of the $ 16,000,000 option. Where is Bob Staats when you need him?
Maybe Tony will file 10Q this week and "splain" everything.
Maybe I will win the powerball with my one ticket tonight.
LOL
I wonder if they want it to be a pinky to save the auditor's fees. Plus all those employee/bod details that are included in sec filings. Always something it would seen. JMHO of course.
doncha just love to read THIS kind of wording:
During the two fiscal years ended December 31, 2008 and 2007, and the subsequent interim periods through May 14, 2009, there were no disagreements with McGladrey on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement.
Where's the 10Q boys?
the difference in the 8k and 8K/a is that 8K said
During the two fiscal years ended December 31, 2008 and 2007, and the subsequent interim periods and through the date of resignation, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K of the Securities and Exchange Commission (the "Commission").
and before the old accountants would "sign off" on the wOrding it was ameded to:
During the two fiscal years ended December 31, 2008 and 2007, and the subsequent interim periods and through the date of resignation, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K of the Securities and Exchange Commission (the "Commission")," except for material weaknesses in the Company's internal control over financial reporting as disclosed in Item 9(T) and Item 8(T) of the Form 10-K and Form 10-KSB/A for the fiscal years ended December 31, 2008 and 2007, respectively."
Tony Cataldo has Green Street Energy playing "Wheel Of Fortune" .
I'd like to buy a vowel,Pat. An E please.
Wonder if accountants MSPC LLP have agreed to take GSTYE stock on payment of services?
Wonder when first intesest payment is due to Nacelle Corporation on the $ 16,000,000 at 5% annual interest note?
Any repalcements made for departed Bruce Nelson or Jeff Figlewicz?
Why has CEOcast, the $ 10,000 a month mouthpiece headed by ex-con Michael Wachs, been silent for over 2 months as respects Green Street?
Why is Tony Cataldo available at an Illinois phone number?
What number do you dial to talk with Dameron?
When will the 10Q for first quarter be filed?
Any takers on the 13 Cataldo/Dadon films at the recently ended Cannes Film Festival?
"I upped my income as a result of Green Street Energy, up yours."
Will this be the parting words of Tony Cataldo, David Dadon, and other Cataldo lackeys?
May 24, 2009
Last day of Cannes Film Festival.
May 25, 2009
Memorial day
May 26, 2009
Hopefully this will be 10Q day at GSTYE.
Can't wait to see MSPC LLP balance sheet presentation, specially the handling of asset value of the option to buy the Nacelle Corporation property.
Will Tony be back answering the company telephone: tanned, rested, and ready?
Anyone ever talked with V.P. Dameron?
How about Mike Pruitt?
Any news about the GE Capital Loan that dragon man told us that Mike was working on?
Here is an idea. Cataldo and Dadon do one more movie
"Living Large = The Tony Cataldo Story, A True Story."
I would even volunteer to write the screenplay just using SEC filings, company press releases, and newspaer articles in the public domain. All the famous people could play themselves.
John Salley
Claude Van Damme
Martin Landau
Earvin "Magic" Johnson
David Firestone
Owen Nacarrato and Mark Baum
Jay Oyakawa
Richard Brounstein
Barb and Gerry Newmin
Shawn Lewis
Bob Staats
David Dadon
Emmet and Furla
Dr. Richard George
Mike Pruitt
Tim Clemensen
Sade Panahi
Marat Safin
and let us not leave out ex-con Micahael Wachs who Tony brought to the table at $ 7,500 to $ 10,000 a month though his company CEOcast.com
Would make Gordon Gekko and "Wall Street" look tame.
Stock price $ .30 caused by $ 300 buy of 1,000 shares of GSTYE at the ask in late trading.
Just have to question the reasoning behind that purchase.
Buying stock in a Cataldo run, non SEC comp[liant company at the ask when the accounting firm has just resigned. Not indicative of a real smart buy for a retail investor since sales had been made in the $ .15 - $ .16 range this week.
Was it a oops I pushed the wrong button move?
Or could there be a more nefarious reason? With a 3 day weekend coming up and investors in companies like GSTYE having extremely short memories, maybe this was designed to get Tuesday's opening up to $ .30 With insiders holding millions of $ .05 options on GSTYE shares wouldn't it be better to dump shares from a $ .30 base rather than a $ .15 base?
And to think it only cost $ 300 to "make it happen".
Or maybe Tony Cataldo and Mike Pruitt got the multi-million dollar financing from GE Capital.
Wonder how those 13 Cataldo/Dadon films are doing over at Cannes.
Theme song for another Tony Cataldo headed company?
IMHO if they could bottle the essence of Tony Cataldo as a perfume fragrance it would be "Eau De Polecat".
The dreaded E huh.
Guess they were too busy with the films?
Not really much to say except that another company gets Cataldoed.
Don't look for today to be a big buying day at the ask.
GSTY now GSTYE
Less than 5 months as CEO, this might be a record for fastest to an E for a Cataldo run compoany.
Wonder when we will hear something from the company except for resignations.
Will it be TODAY ?
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Green St. Energy (OTCBB: MWAV), a company developing a portfolio of renewable wind energy assets, announced the results of an appraisal conducted by a leading global energy assessment firm, 3TIER, that have significant implications for the value of the company's newly acquired acreage in Tehachapi, California, a desert area known for its prolific production of wind energy. The independent report estimated the average wind speed at the Green St. Energy location to be 7.8 meters per second, or 17.5 mph. This means that the firm is 68% confident that the true wind speed at the location is between 14.5 and 20.4 mph. The report also estimated that the power capacity factor at the location, a common assessment tool for wind farm viability, is 40%, which is considered excellent by industry standards. Existing wind farms have been financed and successfully operated with capacity factors in the 28% to 30% range, suggesting that Green St. has acquired a property with significant potential for wind power generation. The report could help in attracting developmental partners and financing. The highly desirable characteristics of the acquired land, taken in conjunction with the high number of preexisting wind farms and infrastructure in the area could greatly enhance Green St.'s ability to generate significant revenues from the project. Shares closed up 29 cents on the week, finishing at $0.51.
Green St. Energy Completes Acquisition of Highly Desirable Property in Tehachapi, California to be Used as Wind FarmAccording a report issued by 3TIER, a leading global energy assessment firm, the estimated power capacity factor at the location, a common assessment tool for wind farm viability, is 40%. This rating is considered Excellent by industry standards. Many existing US wind farms have been financed and are being operated successfully at 28% to 30% capacity factors; thus, the Green St. Energy Tehachapi site rating by 3TIER indicates a wind power capacity that is approximately 33% greater than average standards for finance-able wind farms in the US market. The 40% power capacity rating is an annual average power capacity based on a turbine-type that is typical for the property.
"We are excited to acquire the first property in such a highly desirable area for wind to energy projects," said Tony Cataldo, M-Wave's Chairman and CEO. "We plan on moving aggressively to obtain the necessary permits to allow energy production on the farm. Due to the favorable legislative environment, existing infrastructure including transmission lines and strong interest from construction and development partners, we are optimistic that we will be able to begin energy production quickly relative to properties located in other areas of the country. We are also actively focused on completing the acquisition of the balance of the acreage from this owner."
About Green St. Energy
Green St. Energy has assembled a strong management team and advisory group with high level wind industry relationships with companies such as GE Wind, Vestas International, and the American Wind Energy Association. The company is poised to bring numerous high value assets into their renewable energy project portfolio over the coming 8 to 12 months. The firm can be contacted at: 123 Green Street, Suite 1000, Tehachapi, California 93561. CEO Anthony Cataldo can be contacted at: (310) 556-9688.
Additional details on the transaction may be found in the Company's 8-K filing. Actual results and the timing of certain events discussed herein could differ materially from those projected in or contemplated by forward-looking statements due to a number of factors, including but not limited to, the risk factors and other disclosures contained in M-Wave, Inc.'s annual reports on Form 10-KSB for the period ended December 31, 2007, and the other disclosures contained in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: Green St. Energy
CONTACT:
CEOcast, Inc. for Green St. Energy Dan Schustack, 212-732-4300
Copyright Business Wire 2009
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KEYWORD: United States North America California INDUSTRY KEYWORD: Energy Alternative Energy Other Energy SUBJECT CODE: Contract/Agreement Merger/Acquisition
The FirstLook Report also estimated that the power capacity factor at the location, a common assessment tool for wind farm viability, is 40%.
This rating is considered Excellent by industry standards. Many existing US wind farms have been financed and are being operated successfully at 28% to 30% capacity factors; thus, the Green St. Energy Tehachapi site rating by 3TIER indicates a wind power capacity that is approximately 33% greater than average standards for finance-able wind farms in the US market. The 40% power capacity rating is an annual average power capacity based on a turbine-type that is typical for the property.
"We are excited that a leading energy consulting firm has determined that the wind speeds at the land are so strong," said Tony Cataldo, Green St. Energy's Chairman and CEO. "This has important implications for our ability to attract developmental partners and financing for the project. We believe there is significant upside potential for the Property and are confident that the infrastructure in place in Tehachapi, the long history of wind project success in the Tehachapi region and highly attractive characteristics of this land enhances our ability to generate significant revenue from this Project."
The Company also announced today that it has changed its name from MWave, Inc. to Green St. Energy to better reflect its current business and operations.
About Green St. Energy
Green St. Energy has assembled a strong management team and advisory group with high level wind industry relationships with companies such as GE Wind, Vestas International, and the American Wind Energy Association. The company is poised to bring numerous high value assets into their renewable energy project portfolio over the coming 8 to 12 months. The firm can be contacted at: 123 Green Street, Suite 1000, Tehachapi, California 93561. CEO Anthony Cataldo can be contacted at: (310) 556-9688.
About 3 TIER
3TIER is an energy assessment and efficiency company: the Firm provides the core data and knowledge for clients to make the best decisions regarding their investment in a renewable energy generation technology. The Firm uses sophisticated computer modeling systems, in-house expertise and reliable delivery mechanisms to forecast both the short-term intermittency and the long-term availability of renewable energy. The Firm provide utility-scale, scientifically based assessment and forecast products and services to our clients. Founded in 1999, 3TIER is a privately-held, equal opportunity employer based in Seattle, WA with offices around the world.
Additional details on the transaction may be found in the Company's 8-K filing. Actual results and the timing of certain events discussed herein could differ materially from those projected in or contemplated by forward-looking statements due to a number of factors, including but not limited to, the risk factors and other disclosures contained in M-Wave, Inc.'s annual reports on Form 10-KSB for the period ended December 31, 2007, and the other disclosures contained in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: Green St. Energy
CONTACT:
CEOcast, Inc. for M-Wave Dan Schustack, 212-732-4300
Copyright Business Wire 2009
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KEYWORD: United States North America California INDUSTRY KEYWORD: Energy Alternative Energy Other Energy SUBJECT CODE: Product/Service
The corrected release reads:
M-WAVE ENTERS RENEWABLE ENERGY BUSINESS THROUGH DEFINITIVE AGREEMENT TO ACQUIRE OF LAND IN PROLIFIC AREA FOR WIND TO ENERGY PRODUCTION
Company to Change Name to Green St. Energy
M-Wave, Inc. (OTC BB:MWAV) or the "Company" announced today that it has entered the renewable energy sector by entering into a definitive agreement to acquire 160 acres of land to be used as a wind farm in Tehachapi, California, Tehachapi, located between Bakersfield, California and the Mohavi Desert is recognized as a prolific area for the production of energy from wind. The Company is also in negotiations with the same land owner to acquire an additional 4,840 acres. Some of the companies with operations in the area include GE Wind, Mitsubishi, Florida Power & Light, Horizon Wind Energy and Vestus. The Company plans to change its name to Green St. Energy to reflect its new operations.
Under the agreement, M-Wave will acquire the land through the issuance of 1 million shares of restricted stock. The land is located at the highest point of the ridge line in the area, which results in a higher level of wind.
"We are excited to acquire a highly desirable area of land in the wind capital of California," said Tony Cataldo, M-Wave's Chairman and CEO. "Tehachapi is the ideal location to develop wind farms, due to the proximity of transmission lines, highly desirable topography and friendly regulatory environment. We believe this land acquisition represents the initial phase of building a world-class renewable energy company."
Additional details on the transaction may be found in the Company's 8-K filing. Actual results and the timing of certain events discussed herein could differ materially from those projected in or contemplated by forward-looking statements due to a number of factors, including but not limited to, the risk factors and other disclosures contained in M-Wave, Inc.'s annual reports on Form 10-KSB for the period ended December 31, 2007, and the other disclosures contained in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: M-Wave, Inc.
CONTACT:
CEOcast, Inc. for M-Wave Dan Schustack, 212-732-4300
Copyright Business Wire 2009
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KEYWORD: United States North America California Illinois INDUSTRY KEYWORD: Energy Alternative Energy Environment SUBJECT CODE: Contract/Agreement
Under the agreement, M-Wave will acquire the land for approximately $16 million, through the issuance of 1 million shares of restricted stock and a Note, convertible into a maximum of $16 million worth of restricted common stock, subject to limitations on conversion amounts and a floor of $0.53 per share. The land is located at the highest point of the ridge line in the area, which results in a higher level of wind.
"We are excited to acquire a highly desirable area of land in the wind capital of California," said Tony Cataldo, M-Wave's Chairman and CEO. "Tehachapi is the ideal location to develop wind farms, due to the proximity of transmission lines, highly desirable topography and friendly regulatory environment. We believe this land acquisition represents the initial phase of building a world-class renewable energy company."
Additional details on the transaction may be found in the Company's 8-K filing. Actual results and the timing of certain events discussed herein could differ materially from those projected in or contemplated by forward-looking statements due to a number of factors, including but not limited to, the risk factors and other disclosures contained in M-Wave, Inc.'s annual reports on Form 10-KSB for the period ended December 31, 2007, and the other disclosures contained in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: M-Wave, Inc.
CONTACT:
CEOcast, Inc. for M-Wave Dan Schustack, 212-732-4300
Copyright Business Wire 2009
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KEYWORD: United States North America California Illinois INDUSTRY KEYWORD: Energy Alternative Energy Environment SUBJECT CODE: Contract/Agreement
M-Wave, Inc. Announces Asset Purchase Agreement
ITASCA, IL, Sep 11, 2008 (MARKET WIRE via COMTEX) -- M-Wave, Inc. (OTCBB: MWAV), a provider of international procurement services, and a virtual manufacturer of customer-specified electronic components, sub-assemblies, and consumer products, announced today that it has entered into an Asset Purchase Agreement (APA) with certain members of its management team which provides that the Company will sell substantially all of the operating assets and the Purchaser will assume certain liabilities of the Company.
On September 10, 2008, the Company announced that Anthony J. Cataldo had accepted appointment as a Class I Director, to hold office until the next stockholders meeting. Mr. Cataldo has joined the Board to evaluate and formulate the future of the Company after the anticipated consummation of the APA.
ASSET PURCHASE AGREEMENT
Joseph Turek, Chairman and CEO, and Robert Duke, divisional president of M-Wave, have formed M-Wave International LLC, an Illinois limited liability corporation (MWI) for the expressed purpose of acquiring the operating assets of M-Wave, Inc. for $500,000 plus assumption of all operating liabilities including but not limited to accounts payable, vendor contracts and employee obligations. Additionally, MWI will extend a $500,000 operating term loan with an effective interest rate of 12% due December 31, 2008. Upon the closing of the transaction, the Company's obligations under the loan shall be extinguished. The closing is conditioned, among other things, upon obtaining shareholder approval of the transaction.
The board of directors accepted input from an engaged third-party investment banker that deemed the transaction to be fair from a financial point of view to the Company. The Company had, as a publicly reporting entity, been losing approximately $30,000 per month throughout the calendar year 2008. As such, the Board of M-Wave believed it could not continue to operate without an infusion of capital. The availability of capital has been generally constrained in the presence of continuing losses.
The Company states there can be no assurances that the APA with M-Wave International, LLC will be approved by stockholders and become effective.
ABOUT M-WAVE, INC.
M-Wave provides supply chain services and sources printed circuit boards, custom electronic components, extrusions, assemblies, and non-electronic products from Southeast Asia. The parts and components sourced are utilized in a wide range of commercial and industrial electronics, contract manufacturing and other consumer products. M-Wave additionally offers domestic and international supply chain services for its second and third-tier customers.
Actual results and the timing of certain events discussed herein could differ materially from those projected in or contemplated by forward-looking statements due to a number of factors, including but not limited to, the risk factors and other disclosures contained in M-Wave, Inc.'s annual reports on Form 10-KSB for the period ended December 31, 2007, its report on Form 10-Q for the period ended June 30, 2008, and the other disclosures contained in documents filed by the Company with the Securities and Exchange Commission.
M-Wave's website is located at www.mwav.com.
Contact:
Jeff Figlewicz
Acting Chief Financial Officer
(630) 562-5550 ext 4720
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