Gotta love investorotter at sljb. Poor boy just cannot comprehend facts. Figured I would post my rebuttal that he posted of HOGS interview with PV and SS in December. Sheesh otter, give it a break!
Otter, read the GD bottom of the post, this is EXACTLY the kind of garbage that last PR said you cannot rely on so KNOCK off the shenanigans dude!
Otter, since you take the liberty to post this NONSENSE again, I too will take the liberty to post mine as well since it CLEARLY disects that interview and shows all that it does not contain anything of substance.
I do have time on my hands otter, maybe you should find some so that you can hone your DD skills and actually look at the points I am mentioning.
Since everyone gets to see that interview post again (notice by the way that HOG is not the one re-posting it), then I want the other parts in mine seen by all as well.
You should stop posting that since alot of the details DID NOT HAPPEN. So you stop, then I will...
Again,
Your post also confirms what I have always said. I truly believe that Airys and HOG are good people and only trying to help investors here, but this is why this type of stuff is NOT acceptable. When it turns out to be BS, a couple of honest people get attached to the stink and then it creates MASS confusion because no one knows anything other than details that turn out wrong.
Interview with Steve Sulja, C.E.O., Sulja Bros. and Petar Vucicevich - December 13th 2006 by IHUB Alias: Airys418, Stock H.O.G. and FishForBreakfast
Written by: Stock HO.G.
This is what I heard today and took notes on. None of this is my opinion, it's what I heard from Steve Sulja and Petar Vucicevich. As always, don't buy or sell based on what I write. Do your own DD and make your own decisions. Personally, I plan to hold my shares and I look forward to meeting other shareholders in Windsor in January, even though it will be cold as hell. This is everything that I have, so please don't ask me about any questions that are not on here. I couldn't ask every single question on the list, but think we did pretty good.
First off, both of the bolded comments are not true. HOG's own admission is that he has in fact sold most of his position and it was a learning experience.
Secondly, did we all miss the shareholder meeting in January?? No, it never did happen.
1) Why were the AFs delayed and why did you make date-certain deadlines? Who did the financials before? Were the previously posted 06 financials and 07 proforma correct?
Econometrics were hired to do the financials. Someone named Greg Garrett. They advised that they would have PWC do the audit of the fins (Sulja would pay for both and agreed). They (Econometrics) basically did a very poor job and after many screw-ups, had to be let go. Inventory and leases seemed to be one of the problems. Sulja trusted them to deliver and made a mistake with giving exact dates. It was not their intention to miss any deadlines. Some mistakes have been made in the past, but none with legal implications. The prior financials and proforma include revs from the M.E. which should not have all been in there, as only the commission on the brokered deals should have.
Again, First lets look at the above bolded sections. The first one is an absolute LIE, per STEVE SULJA in a PR dated Aug. 23 he stated and I quote
" We are pleased to update our shareholders of the asset and audit progress. KPMG and Price Waterhouse Coopers will complete the audit and the assets are contained in the upcoming audited financials"
Again, Second lets look at the above bolded section. The second one clearly tells us that those pro-formas were well off of the intended as they included the total transaction and not just the broker fee. Since that is the case, we have NO idea of the actual earnings do we? At least we know they are drastically different from them though.
2) Speigel & Associates near toronto is in the process of being hired as the auditors. I told them that I talked to Bernard Speigel already. He said he's very professional and is asking for various financials, including data from previous years, which the company is gathering and delivering. Bernand will work with a firm in Chicago to handle the SEC/PCAOB portion of this. AFs will be done, without question.
Ok, no comment as of yet on that audit but I dont know, could be and they should have been doing that all along
3) Do you plan to get off the pinksheets? Yes, we realize we must get off the pinks. We have a couple of options. Option 1: purchase a current OTCBB company. We are looking at 3 right now. Two of the three that were looked at we will not go with. Option 2: After the audit is done, file Form 10, etc and uplist.
The meer insinuation of purchasing an OTCBB shell makes no sense at all if you have the financials and ability to uplist. Again, all this does is try to cover the stink attached currently to SLJB but it DOES NOT change the players at all
4) Please give us an update on the RCMP investigation. There was one interview with the RCMP a couple months ago. We cooperated and have not been contacted by the OEC, SEC, RCMP or any other agency since.
Again, OK, you admit to the interview and had not heard anything else. Could be, guess they were just getting the paperwork in order then
5) What are you doing to ensure no mistakes are made in the future with the company? We have hired lawyers, very good accountants, and a new CFO is coming onboard. to assist us.
Again, we know you hired attorneys (obviously out of necessity with the OSC and SEC and to CYA), but where is that CFO and accountant PR. Both of those are "material" information and are to be published as such
6) Who are the lawyers? Frazier, Miller, and (someone else - HOG can't read his writing on the 3rd) & Richard W. Markle in Texas.[/]
No comment there, we all know the attorneys for them now I suppose. And it seems as though they may need them
7) Do you plan to add to the A/S in the future? No time soon, but possible if when we move to the OTCBB, an additional 200M would be necessary, in order to grow the business locally and in the Middle East.
Of course he says that because that is how they made money the first time so why not rinse and repeat. 200 million additional shares after uplisting would provide for more money that they could take and make a quick buck
8) What is the current A/S, O/S, etc.? A/S is 800M, O/S is 600M plus 200M in treasury, which are not restricted.
No comment, for today that is close I believe that it was reduced slightly but again no comment
9) When will you ungag the T/A and why were they gagged before? We will ungag the TA as soon as the trustees agree to it. They were gagged to protect them. They did not want tons of calls to them, etc. This will happen very, very soon.
Correct, they did ungag them. Interesting though that the "trustees" he mentioned were in fact members of the sulja family and employees of KORE. Makes sense, gag the TA so they cant tell everyone what is going on behind closed doors with us selling stock
10) Who are the trustees? We can't tell you that yet, but you will find out as soon as the TA is ungaged. Are they from the M.E.? No, they are from N. America and are lawyers. Is it Godbetter? No, it's not.
Really, you cant tell us the "trustees" names?? Of course you cant because they are affiliated with the company and yourself and would clearly show insider type selling right?
And they are from N. America and are lawyers?? Really, does everyone in the SULJA family have a law degree?? How about the employees of KORE/Consultech?? Doubtful, that is just a ruse.
11) Do you still work with Godbetter in any way? No, we do not.
No comment, who cares?
12) Do you understand why the shareholders are not pleased with the company right now? Yes, we know that people have invested and lost hard earned money. We do not like to see this. We help a lot of people via charity and do care about the shareholders. We are focused on growing the company and shareholder value.
No sh!t sherlock, lots have lost hard earned money here. And of course you dont like to see it, because it also devalued the shares you still have in your control so it affects YOUR money
13) Is Sam Sulja a stock trader? No, he is a trader in the sense of trading/brokering materials.
LIE, LIE, LIE obviously IMO since the OSC has noted him as being one of the trading accounts being investigated as one of those "pesky trustees"
14) How do you plan to be transparent to the shareholders? We will produce AFs, we will ungag the transfer agent, we will communicate more detailed PRs in the future, we will have a shareholder meeting in Windsor in mid-January, 2007.
Ok, TA is ungagged now, no A/F's as of yet though. BUT another date certain problem here unless i missed that shareholder meeeting that was held in Windsor in mid-January!
15) Who is the new CFO? His name is Siddiq (not sure if first or last). A PR with his profile will be communicated. His job will be to drive the completion of the AFs, ensure all of the books are in order, etc. Typical CFO work. He is very experienced.
Again, where is this "knight in shining armor". A CFO for a company is "MATERIAL INFORMATION" and is required to be published
16) If Petar leaves, who is in a position to broker the deals in the M.E.? Sam Sulja has been quite involved. Steve is also building relationships in the M.E.
OK, maybe I guess. I have not been tracking it so I guess. Must be difficult with no announced deals yet confirmed though
17) Does Sulja have any debt? No, everything is paid free and clear, other than our leased trucks. We used part of the 12M that we capitalized to pay for everything. The rest will be used to continue to grow the business locally and in the M.E.
Well I certainly hope so, since you got $12 million by his admission I hope it paid off debts to the company. But without true A/F's that is still not able to be confirmed yet is it??
18) Where do we have offices in the M.E.? Cairo, Lebanon, and the Dubai office should be opened by early this coming week.
No offices have been opened yet to our knowledge. Again, material information that should be published. If memory serves me, we have been told that they are underway which is a far cry from saying they existed back in December dont you think?
19) Why did Wessal sell their shares? They wanted to control the company and we didn't want to give them the control they wanted. They were not happy with this fact. They were the one's who requested the 50M certs. What about the $25M loan they provided? The loan never went through.
If Wessal sold shares then under what terms were they granted to them??? They would surely have had some obligation to provide something substantive to SULJA in order for them to grant them shares right?? YOu would not just give shares to someone that is worth money for nothing. So what did SULJA get, or is that meerly a ruse too??
20) Will the deals in the M.E. hit the Sulja books/bottom line? Yes.
If they get any... I hope so... No comment
21) Do the shares we own have all of the Sulja assets, etc in them? Yes, that is correct. You do not own an empty shell.
Could this be the "master" of semantics at it again?? I dont know, but the question is is "does SLJB NV corp own all of hte assets of Sulja the Ontario Corp??"
22) What's the latest with the Windsor Star? They wouldn't be surprised to see more articles. Do you plan to sue them? It's not worth spending the money. They do have deep pockets and we could spend our money more wisely. Why did you not give Gary R the documents he requested? We don't owe him anything and we're not wasting our time gathering all of our documents for him. When Sulja's bought SAMs, it was the talk of the town. Gary knows this is all true. He's looking to sell papers and he's doing it.
Hmmm, did not owe it to him (how bout the shareholders). Oh, you just dont want to "waste time" gathering documents for him (how bout the shareholders). Seems to be a recurring problem with SLJB of "gathering documents" to speak. Takes time to gather documents for A/F's too. Nice move trying to play with him when in REALITY you were playing with the shareholders!!
23) What are the approximate revs of Sulja and SAMs per month? About 1M to 1.2M/month this year. It was probably about 2M/month the prior year. What your profit margin? About 15%.
This is an interesting part to me personally. So, revenues are about 1Mill-1.2 mill/monthly. Ok, so with a 15% profit margin that equates to profit annualized to be around $1.8 million-2.16 million.
But here is the interesting portion of this, as a business owner I am keenly aware of. Profit margins are based on prior revenue totals versus the profit and are NOT fixed you see.
Simple terms for you would be that "there are certain fixed costs such as employee wages, rent liabilities, expenses that do NOT change monthly significantly. Basically, if your profit margin on 24 million annually of revenues was 15%, I guarantee you that your profit margin is considerably diminished when your overall revenues decline by 40-50%!!! Your fixed costs are still there, which means the net takehome is less. So, let's just leave that at that shall we??
24) What's the deal with the website? We stopped all work on this for now, since it got so bad. HOG said you need to finish it and put all of the company items on there. There should be no Q&A or blog, unless the blog is only for Steve Sulja. They agree and Steve was going to call them to finish the site.
Of course a blog should only be for Steve Sulja (since he is now the CEO) and hopefully is much more cultured to not throw around "GFYM's" to the other posters. Also, that site is still not complete to my standards..
25) Is the lumber mill deal off? Yes, they wanted too much money after they determined they would quickly get the tariff money.
Of course it is off, we all know that now. No comment
26) Do you still believe we can get to the NASDAQ? Yes, we do believe we can get to the NASDAQ over time.
What do we expect them to say, NO? Over time sounds strangely like "slight delay" in my book, you decide for yourself
27) So what's your plan for the shareholder meeting? We will rent an auditorium and have it in mid-January. We may even rent buses to take shareholders to the locations and meet the people. Only shareholders on record will be admitted. We will be opened to questions and suggestions to make the company better.
Again, unless I missed the secret memo this is just another example of over promising and under delivering.. There was NO shareholder meeting in mid-January, so he could have just as easily said that he was going to rent HELICOPTERS to fly us all there becaue it never happened..
28) Again, was SAMs and all-cash deal? Yes. Cash for the business plus the inventory.
I hope it was a cash deal, and furthermore came from the money through those "pesky trustee" accounts. $500K, must have been a good will gesture of sorts considering it MUST have lots of profit at that price and was an extreme discount??
29) What's happening with plans for IR? We have been talking to 3 firms and all of them say they want shares as part of payment. We do not want to give shares out, have them pump the stock, then unload them. We will continue to work on this.
Whatever, no comment.. Guess it is a hard task since it is still not done
30) What's in it for the Sulja's to keep running the company? The will continue to run and grow the company. There are about 40 people there who depend on the company for employment. This will not change. We hope to see the company around 100 years from now.
I am positive that this is their number 1 priority currently because without it the golden goose is gone. Then again, maybe that Sulja Ontario Corp can just keep chuggin' along if it is not 100% owned by SLJB NV corp since we still have no real verification of that piece of the puzzle yet.
31) Does Steve Sulja have a clear understanding of the public trading portion of Sulja's? Steve is learning about this on a daily basis. He has managed all of the operations for years and is now expanding his role.
I hope so, he is in the top spot over there so... No comment
32) How are Kore and Sulja and Consultech related? They are related in that Sulja will be the materials supplier for all of the Kore/Consultech projects around the world.
Ok, whatever.. Guess we shall see... No comment
33) Did it take a long time to build relationships in the M.E.? Yes, it took a lot of time, travelling, and money to start building the relationships we have today.
To my knowledge, no serious deal has come to fruition from these "relationships" and again, if they did that would be "MATERIAL INFORMATION" and would require publishing of them.
34) Who's supplying the cement to you in the form of an allocation? There are two big suppliers. Is one of them Lefarge? Yes, they are one of them. 100M tonnes of allocation seems to be a lot, correct? Yes, we could never sell that much. Sulja's are also working to get their own allocations, which usually come in blocks of 10M tonnes. Do you need an export/import license in the various countries in the M.E.? Yes, we work through the suppliers and utilize their licenses.
Again, whatever... Nothing finalized yet announced so that is just window dressing to me.
35) Is there still going to be a Design Depot in Dubai? Yes, this is still on our plate and we plan to move forward with this.
Ok, no comment I suppose
36) Why is the CCM merger off? I would like to keep my company private. Running a public company can be very challenging, as we have seen with Sulja's.
You bet you want to keep your company private because you are incapable of running a public company by way of your performance with this one. Guess it is a challenge you are not up to task for
37) Can you give us an update on the building of the tire recycling plant(s)? Sulja will be supplying materials only. They have nothing to do with actually building the plant.
Ok... No comment... Have not see anything saying it is supplying yet, but time will tell i suppose
38) So we can expect PRs in the very near future on the share structure, ungagging of the TA, information on the shareholder meeting, and details on the recent cement deal that can be verified? Yes, you will begin to see them this week.
Well, slight delay I suppose because they definately did NOT come within a that week!!! But they did issue 2 PR's after this interview.
First one stated that they are HALTED in Ontario and have a hearing with the OSC.
Second one stated that the OSC had EXTENDED the halt pending another hearing with the OSC on March 23, 2007. It also stated that an "inquiry" was being done by the SEC.
The most telling part of that last PR was the statement and I quote: "cautions investors not to rely upon the press releases and other public statements previously issued by or on behalf of the Company."
And the other telling part is and I quote: "Investors should not rely on any statements purporting to be by or on behalf of the Company other than those contained in this release or any future press releases issued by the Company."
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