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$HIIT will use that asset to shield its profits
We need to move posts to HIIT board and close this one. HWEG is no more.
New market maker says they just need to work out an issue with DTC.
any idea when it trades?
These are some excerpts from the latest quarterly report. Full report: http://biz.yahoo.com/e/111114/108525410-q.html?legacy=1
Here is some info on what MWD downhole tools encompass: http://en.wikipedia.org/wiki/Measurement_while_drilling
Overview
HII Technologies, Inc. is a Texas based energy field services company which intends to focus on measurement while drilling (MWD) downhole tools. We entered the development stage on May 10, 2011 upon the consummation of the sale of substantially all of the assets of KMHVC, Inc. (f/k/a Hemiwedge Valve Corporation), our wholly owned valve design and production subsidiary. We retained approximately $300,000 in net cash at closing.
We currently employ 1 person. Our executive offices are located at 710 North Post Oak Road, Suite 400, Houston, Texas, 77024. Our telephone number is (713) 821-3157 and our Internet address is www.HWEGstockholder.com.
Plan of Operation
Below is a brief description of our planned activities over the next 12 months:
Months 1 through 3 (August 2011-October 2011)
Continue data gathering of current down hole tool projects known, summarizing our internal data and historical customer feedback and conclude discussions with oilfield inventors and patent attorneys about any inventions that need a commercialization partner.
Months 4 through 6 (November 2011-January 2012)
Review above data to finalize design and development plan of down hole tool or other green energy technology. Conclude budgeting and costs for development plan and align applicable suppliers and outside consultants.
Months 7 through 9 (February 2012-April 2012)
Manage the outside manufacturing of several prototypes for the purposes of validating design and concepts.
Months 10 through 12 (May 2012-July 2012)
Continue development of technology, refining items that didn't perform, start search for bigger company partnering deals once proof of concept is finalized with prototype.
Trends, events and uncertainties
The primary driver for our current business as well as our prior contract mining and machining and engineered valve product business, is the demand for oil and gas The status of the global economy impacts oil and natural gas consumption.
During the latter portion of 2008 and throughout much of 2009, there was a substantial decline in oil and natural gas prices and demand for our services due to the worldwide recession. Since then, oil prices have rebounded. According to the International Energy Agency's (IEA) January 2011 "Oil Market Report," 2011 world petroleum demand is forecasted to increase 2% over 2010 levels. Emerging economies continue to be a significant factor in the recovery, while mature economies play a lesser role. The outlook thus faces uncertainties, as the global recovery continues to remain somewhat fragile. However, we believe that, over the long term, any major macroeconomic disruptions may ultimately correct themselves as the underlying trends of smaller and more complex reservoirs, high depletion rates, and the need for continual reserve replacement should drive the long-term need for our products and services.
A decrease in oil and gas prices causing an industry wide slowdown may result in certain companies to bring in-house the manufacturing of certain component parts otherwise made at outside machining and manufacturing companies. This practice directly impacted our prior contract mining and machining and engineered valve product business. As we intend to sell fully assembled products (and not just components) to end-users, we believe this particular practice will not affect our business.
The following is an update from the Board of Directors as of October 21, 2011;
We are pleased to report that the Company has filed its Form 10 document with the Securities and Exchange Commission on September 14, 2011 and an amended Form 10 on October 20, 2011. The Form 10 should be declared effective sixty days from its initial filing date unless the Company elects to postpone the process for further comment and review. Currently, the Company believes that HII Technologies will achieve public company reporting status on our about November 14th, 2011. Once we receive registrant status, we will also be required to file its third quarter Quarterly Report on Form 10-Q on or about the same time.
Additionally, the Company will be required to work with regulators for some items and a market maker to file a Form 15c-211 with a goal to establish a public quotation of its shares.
Earlier this year, the stockholders approved by written consent the name change of our Company to HII Technologies, Inc. in connection with the sale of the Hemiwedge technology and related assets in May 2011.
We will update stockholders further as milestones permit.
Sincerely,
Matthew Flemming
CFO and interim CEO
CC: Board of Directors
http://hwegstockholder.com/
I wonder if Russell, Matt and Larry lost all their shares like the rest of us? I would like to see proof.
I wonder if Russell, Matt and Larry lost all their shares like the rest of us? I would like to see proof.
Website under construction? http://hwegstockholder.com/
Hopefully this is a good sign, or at least means that we can expect a new website for what is now HII Industries.
Thank you for the link and the response.If I am correct,, the value,, when trading begins again,,will be .001.If anyone feels that this is accurate please let me know.Have A great DAY!!
Post #419,you hit it dead on.I am very disappointed in the out come of the decisions made here and the loss of my $8k.I don't even have the desire to phone their and get my new shell talk.Has anyone spoken to Matt and if so any take on,(other what is posted on the new site)what the possibilities are for our new mollusk company.Sorry about the sarcastic remarks,I had hoped that HWEG was on track,I hope that something good will come out,,,,,for someone anyway,Enjoy the day!!!
HII Technologies files Form 10-12G
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7818606
Activities to date
Since May 2011, we have accomplished the following in furtherance of our strategy and development of our business: we have met with industry consultants about current down hole tools that are currently in the marketplace, reviewed our internal information from previous customer discussions and initiated due diligence on specific opportunities.
Plan of Operation
Below is a brief description of our planned activities over the next 12 months:
Months 1 through 3 (August 2011-October 2011)
Finalize data gathering of current down hole tool projects known, summarizing our internal data and historical customer feedback and conclude discussions and due diligence with oilfield inventors and patent attorneys about the inventions that are in need of a commercialization partner.
Months 4 though 6 (November 2011-January 2012
Complete negotiations and execute agreements, if successful, finalize the design and complete a development plan for the down hole tools or other green energy technologies under consideration. Conclude budgeting and costs for development plan and align applicable suppliers and outside consultants.
Months 7 though 9 (February 2012-April 2012)
Manage the outside manufacturing of several prototypes for the purposes of validating design and concepts.
Months 10 thought 12 (May 2012-July 2012)
Continue development of the technology, complete the search for strategic company partnering deals once proof of concept is finalized and the working prototype demonstrated.
Excellent. Heck, at this point I'd just be glad to have my shares be worth anything.
something is shaking. Trying to resurrect! We will see. Should know by end of Sept.
Matt talks smooth. Let's see if he comes through by end of July +/-
Matt says they are targeting end of July for form 10 filing so maybe this will come back by fall.
Hopefully something materializes soon. I see that the http://hwegstockholder.com/ site hasn't been updated since May 23rd. Then again, it is summer, which is typically a slow time of year for businesses to wheel and deal.
Only hope is for a reverse merger if they can find a company that can find value in Hemiwedge's tax losses
None that I know of. Last time this happened in a stock I had the CEO bled his paycheck out of it for 2 years and let the shell rot. Matt needs to bring the filings current and begin trading again to prove his intentions. Anything other than is just another re-run.
None that I know of. Last time this happened in a stock I had the CEO bled his paycheck out of it for 2 years and let the shell rot. Matt needs to bring the filings current and begin trading again to prove his intentions. Anything other than is just another re-run.
Any info regarding potential reverse merge candidates?
What is the right thing?
If they do the right thing
This can be and will be a HUGE STOCK!
I am hopefull
WILL THEY DO TEH RIGHT THING?
In a reverse merger, you keep your shares. HWEG technically 'aquires' another company. However, in the process of doing so, they will issue stock to allow the new company to gain controlling stake.
Say HWEG has 20 millions shares now. We reverse merge with some company.
HWEG issues 200 million new shares to the holders of the private company.
We still have our 20 million shares, but now highly diluted in a pool of 220 million total shares.
So yes, we will be equity holders of some new company, but at a % of value.
That so called 20 million tax advantage? Look it up, congress passed a bill back in the 80s or so that basically nullifies any deductions the new company can make against this. The only way around it is if the new company doesn't take greater than 50% stock ownership.. well.. nobody will do that.
I just hope that once the shell is trading on an open market, some boiler rooms will pump this thing up and allow me to dump my shares.
Matt told me they are bringing the filings current and the shell will trade again. They are looking at candidates. The saga continues.
Should they reverse merge and once again trade on a public exchange, would current shareholders have their existing shares converted to shares in the newly traded company?
This does suck. No more rights or potential upside of the Hemiwedge valve. But there is still some value here. I believe total shares outstanding were 20-30 million.
Cash on hand - $0.01 per share
20% (estimated corp tax) of 5% (lose 95% of total) of tax loss - $0.01 per share
So we have a $0.02 per share stock. Horrible but still something.
Don't count on the tax shelter of 20 million to be worth anything, actually. When you reverse merge, legislation alone has killed this scheme. If the new merge has the private company owning 80-95% of the company, then the tax shelter is reduced by that much as well.
Good run fellas. This lesson has taught me that news clips about so called 'revenues' are nothing but horsecrap.
They basically made up a bunch of crap and now they have sold it for 7 million dollars. LMFAO.
Ahh well.
I think its great news
Now, with a valuable shell
They can become bigger then ever
IM HAPPY
Hemiwedge is sold. All they have left is a little cash and a large tax advantage. I guess the tax advantage could be valuable to another company in a reverse merger? All patents,assets etc are gone.
Can you elaborate; what, exactly, were you told?
HELLO; GO TO "matt@hemiwedge.com" and as a stockholder he should bring you up to date about the company, financial status and "technology" transfer.
For me it seems to add up to ZERO!
Not sure. Maybe someone will start a class, but would they ever recover anything? Shareholders took a risk and lost. If they feel they were damaged, I supppose they could try to recover.
is there a group taking action against Hemiwedge for damages or inproprieties?
Has anyone heard anything new? Any updates?
I've e-mailed him a few times over the past several weeks and have yet to get a response.
no. But I haven't asked either. I will get with him in a short while.
Have you?
Have you received any further information from Matt?
i bought my stock thru a PIPE private offering. I have tons of proof but don't know if that makes much difference.
You have equity? The entire class of shares in the company was revoked...not suspended.
You own no share any more, so how do you conclude you have equity?
Has any company that had this happen ever traded again? I think they could try to reverse merge into a shell (after 1 or two years), but current shareholders are out of luck.
I think you also could trade between two individuals, but there is no real market for revoked shares. Not really sure how you'd prove ownership, though.
I wish I knew. I spoked with Matt on the day of the SEC revocation, and he told me much the same that he told you regarding equity. However, I admit, I just don't know.
I've emailed Matt a few times since then for an update on operations and public filing/audit status and have not heard back. Additionally, there have been no updates on the Hemiwedge website, which they stated they would use for further communications to investors as well as for general company news.
I have talked to Matt immediately after the incident. He assured me that I still have equity in the company. Reading all the posts makes me wonder what is real and what is not. I put too much money in this company and would hate to see it crash.
Any idea on what is happening now??
What is the latest on Hemiwedge? I don't quite know how to navigate around this board.
Good point. When was the last time HWEG raised money via the market anyway? Over the past several years, they've been financing operations through loans from banks and private investors.
so every pvt company
also with NO ACCESS to PUBLIC $$$
goes BK?
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Hemiwedge Valve Corporation
Company web site...
http://www.hemiwedge.com/public/pag1.aspx
Company IR Matt Flemming, CFO at 936-539-5770 or email: matt at hemiwedge dot com.*
http://www.hemiwedge.com/public/pag51.aspx
Their valves are used in a variety of industries including gas, chemical, and nuclear. The cartridge valve can be maintained or replaced "in line" with out removal minimizing downtime and maintenance.
Hemiwedge Industries is a publicly-traded holding company that operates as a global supplier of engineered valve products. The Company distributes their proprietary valves through their Hemiwedge Valve Corporation (“HVC”) subsidiary. In its 60,000 square foot ISO 9001 and API Q1 approved facility in Conroe, Texas, the Company manufactures and markets worldwide a patented proprietary new valve technology known as the Hemiwedge® Cartridge Valve product line.
The Hemiwedge® Cartridge Valve is an innovative design that incorporates the positive features of ball, gate, plug, and high performance valves resulting in a mechanically sealing, tight shutoff valve with a simple operation that provides outstanding longevity and performance in a broad range of applications with virtually no maintenance.
HVC’s Hemiwedge® Cartridge Valve product line currently ranges in sizes from two inch to twenty inches, ANSI 150 to 1500 Class and is marketed in applications such as refining, mining, process, power, pipeline, mid-stream, and petro-chemical markets.
The revolutionary design of the Hemiwedge® Cartridge Valve
www.youtube.com/watch
Shareholder Information
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued or outstanding
Common stock, $.001 par value, 50,000,000 shares authorized, ...as of April 7, 2009, 24,004,086 shares of our common stock were issued and outstanding.
Source: 10K filing: http://pinksheets.com/edgar/GetFilingHtml?FilingID=6543366
American Registrar and Transfer Co.
On October 8, 2008, Shumate Industries, Inc. (OTCBB:SHMT) sold the assets of Shumate Machine Works to American International Industries (NASDAQ:AMIN). The oilfield machining and manufacturing company, now renamed Shumate Energy Technologies, Inc., is now a wholly-owned subsidiary of American.
On February 19, 2009, Shumate Industries, Inc. completed its name change to Hemiwedge Industries, Inc. to better illustrate the company’s focus on its proprietary Hemiwedge valve technology.
Today, Hemiwedge Industries, Inc. is traded on the OTCBB: HWEG, and has one wholly-owned operating subsidiary, Hemiwedge Valve Corporation. Click below to go to Hemiwedge’s website.
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Wharehouse
Shumate Energy Technologies is a contract machining and manufacturing company focused in the
energy field services market. We manufacture products, parts, components, assemblies and sub-assemblies
for our customers designed to their specifications.
Shumate Energy Technologies was established in 1979. From day one, we have been dedicated to the pursuit of manufacturing and delivering a quality product, while striving to exceed our customer's expectations. We at Shumate Energy Technologies pride ourselves on the quality and service we deliver to our customers. Our core business revolves around our customer's needs for high precision and close tolerance machining. We are well versed in dealing with the unexpected situations that arise when processing exotic materials. We continuously strive to improve our processes on all exotic material requirements, as well as dealing with everyday materials such as aluminum, 300 series stainless, and carbon steel. We have increased our capabilities, and expertise to address the continuous demand for long tubular O.D. and I.D. product requirements. (i.e. deep bore machining up to 80" in an I.D. 8" or greater, 55" deep in an I.D. 5" or greater). Shumate Energy Technologies follows strict daily operating procedures that each employee is required to follow. These basic, but critical principles are the foundation to our success with our customers. We have implemented E2, manufacturing control software to help us become more efficient. Shumate has also added a full time Quality Assurance department to constantly challenge us to higher levels of performance. Our staff at present time is 50. The combined experience for the machinist within that staff is over 300 years. We pride ourselves in knowing we have the right people for the job. We perform subcontract as well as turnkey projects. We maintain a bank of qualified outside service companies that allow Shumate to offer a complete solution to our fortune 100 customer base. Please take a moment and look through the following brief of our people and capabilities. Let's start working on building a great relationship! Thank you, for your time! Doug Gamble - General Manager
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