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i'm playing online poker as we chat. doing pretty good this morning.
their web doesn't give much there that shows doing business.
i did read through kind of fast though.
looks like more online gaming than horse tracks.
say that cuba thing sounds good. one of my assistants dad was from there in the early 60's. he had a business there and was overtaken by the regime.
maybe we can set them free one day.
hi IM, you said what i thought was right. i met mr. hart in chgo with my broker. he was a very nice man with good intention and attitude.
any thoughts for the company now? do they have any cash, etc?
Hey there Mick,
sorry for the delay but i just got in the door from Cuba.
Yes Sungold had a proposed race track on Native land just outside Detroit. The project never went anywhere as there were multiple problems going into it which only became compounded. The detroit proposal was one of Sungold's most plausible confabulations and was responsible for drawing them quite a bit of attention.
Things there have changed quite a bit. Anne Kennedy who had been corporate secretary, left a few years ago which was the start of changes. Then when Kim Hart passed away, it basically left Don Harris holding the books and the future in his hands.
That was the time at which Sungold changed directions a bit more and has now basically become an advertising sale outlet.
I could provide a run down of the past projects and how they failed but I think most people are aware of the long list.
Robert May
i got this info at another jurnt.
http://www.sungoldintl.com
http://www.racingunifiednetwork.com/
click to? are these still good?
http://www.horsepower2.com [not going to horse stuff]
They are also working on a debit card project called
http://www.safespending.com
this will an update for chart2
hi IM, i think i used to own this company back a few. were they doing a deal near detroit, mi.?
do you know the O/S for the company?
funny enough, just yesterday i cleaned out one of my filing cabinets and uncovered a bunch of old correspondence and paperwork regarding my dealings with sungold. It was a great trip down memeory lane. I saved some of the good stuff as much of it bordered upon unbelievable at the time.
I wonder how many of the old shareholders are still following or holding this stock after all these years. I havent ventured over to ragingbull to see if anyone is left at all.
Robert
Sungold adds two publications to advertising division
2006-07-19 17:24 ET - News Release
Ms. Cynthia DeMonte reports
Sungold International Holdings Corp.'s wholly owned subsidiary, Racing Unified Network (RUN) Inc. has added two more publications to its print and Web-based media advertising division, and additionally signed an agreement with North American event management company Xentel DM Inc. to sell national advertising and sponsorships for its upcoming Legends of Hockey Tour across Canada.
The two magazines that have entered into an agreement with Racing Unified Network include Equestrian, the official publication of the United States Equestrian Federation (USEF), the national governing body for equestrian sport, and Icehockey World, a recent finalist for best newsstand issue, new magazine of 2005, at the Canadian Newsstand Awards. These agreements include the right for Racing Unified Network to sell printed ads and advertising space on its respective Internet properties.
Commenting on the most recent announcements, Larry Simpson, president and chief executive officer of Racing Unified Network, stated that the new properties added to the print and Web-based media advertising division elevates the company to a new standard of mainstream and lifestyle advertising. He says, "The Oldtimers' Hockey Challenge is the flagship production of Xentel DM Inc., and since its introduction in 1989, it has grown to be the most watched live charity hockey event in Canada, raising much-needed proceeds for charities. Racing Unified Network now has the potential to sell $300,000 sponsorship packages that include print, venue banners, point-of-sale opportunities and direct response mailings across Canada. In addition, our company can now arrange national advertising for the souvenir programs in 33 towns and cities coast to coast.
"Equestrian is a leader in its field with a readership of over 80,000 per issue. These readers own 300,000 horses and spend $1.4-billion annually on horse-related products. Their website has over 260,000 visits per month and additionally the association has two e-mail newsletters, one weekly, the other monthly, that are received by over 40,000 subscribers. Racing Unified Network now has the opportunity to sell space for all these mailings as well.
"By signing an agreement with Icehockey World, it allows our company to be associated with a high-quality sports magazine that will soon be one of the first publications of any field to launch an on-line version. Professional hockey has enjoyed a significantly larger following recently and our company is pleased to be part of this by representing Icehockey World at the national print advertising level and we also look forward to the new potential of international website advertising."
Additionally, Mr. Simpson pointed out that besides the obvious potential, the Sungold group has to generate a cash flow from the earned commissions, the agreements in place with all properties enable the company to establish strong advertising contacts for its Horsepower World Pool game, which will be needed when it launches. He says, "With the six publications that we have made agreements with, we can now offer national advertisers an affluent magazine readership of 300,000 bimonthly and monthly Web hits of over two million."
I know???!!?!?! I seen it move up the end of last year and could find no publicly disclosed reason why. Any ideas?
From what i was able to find nothing had changed at all. Safespending was still just a good idea that was 6 years too late, all the real estate deals and options have lapsed, HP2 is still just a concept with no installation anywhere in the world, not even a working prototype system anymore. The losses grow every year, as does the compensation to board members for consulting and other misc. excuses to sell stock. Makes no obvious sense to me.
All they actually have is a game that failed on the internet and is now on a CD which they have people interested in working with it was ever to meet regulatory approvals which are tougher than slot machine permits. Kim's abilities was the true value of this stock when he was still alive, but now I can't imagine how they plan on succeeding.
I'm sure i will follow this stock forever just given my history with the company and Kim, but I sure don't expect to understand it, lol.
Robert
Winner of the World First Virtual Online Parimutual Pick 6 Jackpot
The chart doesn't think so, too bad I hit the exit months ago.
I figured i was the only person left alive who followed this story and I can't imagine that there are even 100 shareholders remaining.
Hats off to those keeping the dream alive, but this one would best quietly disappear into Howe street history.
Robert
I sold mine end of July. A chart in the header would be nice.
I'm still waiting to hear if my local track will be approached regarding installation/partnership. So far, nothing.
Sungold to get five-year Virgin Island licence
2005-07-28 11:18 ET - News Release
Mr. Larry Simpson reports
SUNGOLD INTERNATIONAL HOLDINGS CORP.: TRAXCO INC AND HORSEPOWER'R' REACH AGREEMENT; COMPANY GAINS ENTRY INTO THE STRONG CARIBBEAN MARKET THROUGH TREASURE BAY SUBSIDIARY
Sungold International Holdings Corp.'s wholly owned subsidiary Horsepower Broadcasting Network (HBN) International Ltd. has signed a letter of intent with Traxco Inc., a subsidiary of the Treasure Bay V.I. Corp., in order to be considered as an authorized racetrack affiliate and for a five-year exclusive licence agreement for the pari-mutuel product Horsepower World Pool at the United States Virgin Island facilities on the island of St. Croix.
In January, 2005, Traxco completed an agreement with the St. Croix racing commission to open a simulcast facility at the Divi Carina Bay Casino, a resort operated by Treasure Bay V.I. Corp., and to operate the existing thoroughbred racetrack in St. Croix, the Randall "Doc" James Racetrack in Christiansted. Included in the agreement was the construction of a year-round simulcast centre at the track itself, which opened for business in May. Traxco has several other satellite off-track betting locations planned for launch on St. Croix in the near future.
Traxco general manager, Dennis Brow, stated that his company welcomes the Horsepower opportunity as the unique pari-mutuel wager is a further way to develop the racing industry on St. Croix. "The islanders are avid racing fans," he said, "and our company is very passionate about the racing industry in general and we are constantly looking for ways to enhance our facilities. Horsepower(R) is a perfect bridge product for our players, and the fact that it is available on a 24-hour-a-day, seven-day-a-week basis is very appealing. Traxco is set on taking a first-class approach to grow the racing industry on St. Croix!"
Speaking on behalf of the Horsepower product, Larry Simpson, president of HBN, said that his company is very excited to have the opportunity to work with Traxco and the island of St. Croix. "This is very exciting news for our company and is another step in making Horsepower World Pool a global presence on the racing scene. Additionally, with the company's new infrastructure in place, we expect to gain significant forward momentum on all fronts."
Treasure Bay Corp. manages two other Caribbean island casinos including locations on Aruba and Bonaire with St. Lucia scheduled to open in the fall of 2006.
Horsepower virtual races are designed to be shown in real time exclusively on the screens at approved and licensed racetrack affiliates and their off-track betting centres under licence with HBN. The proprietary "Quick 6 World Pool" and Horsepower Pick 1 bets give Traxco's facilities two exciting new wagering opportunities and the ability to sell ad space to sponsors on the screens between virtual races.
Sungold International Holdings Corp.: TRAXCO Inc and Horsepower'R' Reach Agreement
2005-07-28 09:00 ET - News Release
ST. CROIX, Virgin Islands -- (Business Wire) -- July 28, 2005
Company Gains Entry into the Strong Caribbean Market through
Treasure Bay Subsidiary
SUNGOLD INTERNATIONAL HOLDINGS CORP. ("Sungold")
(OTCBB:SGIHF)(Frankfurt:WKN 608164, Berlin)- Larry Simpson, President
and CEO of Sungold's wholly owned subsidiary Horsepower Broadcasting
Network (HBN) International Ltd., is pleased to announce that TRAXCO,
Inc. a subsidiary of the Treasure Bay V.I. Corp, has signed a Letter
of Intent in order to be considered as an Authorized Racetrack
Affiliate and for a five year exclusive license agreement for the
pari-mutuel product Horsepower(R) World Pool at their U.S. Virgin
Island facilities on the island of St. Croix.
In January 2005, TRAXCO completed an agreement with the St. Croix
Racing Commission to open a simulcast facility at the Divi Carina Bay
Casino, a resort operated by Treasure Bay V.I. Corp, and to operate
the existing Thoroughbred racetrack in St. Croix, the Randall "Doc"
James Racetrack in Christiansted. Included in the agreement was the
construction of a year-round simulcast center at the track itself,
which opened for business in May. TRAXCO has several other satellite
off-track betting locations planned for launch on St. Croix in the
near future.
TRAXCO General Manager Dennis Brow stated that his company
welcomes the Horsepower(R) opportunity as the unique pari-mutuel
wager is a further way to develop the racing industry on St. Croix.
"The islanders are avid racing fans," he said, "and our company is
very passionate about the racing industry in general and we are
constantly looking for ways to enhance our facilities. Horsepower(R)
is a perfect bridge product for our players, and the fact that it is
available on a 24-7 basis is very appealing. TRAXCO is set on taking
a first class approach to grow the racing industry on St. Croix!"
Speaking on behalf of the Horsepower(R) product, Larry Simpson
said that his company is very excited to have the opportunity to work
with TRAXCO and the island of St. Croix. "This is very exciting news
for our company and is another step in making Horsepower(R) World
Pool a global presence on the racing scene. Additionally, with the
Company's new infrastructure in place, we expect to gain significant
forward momentum on all fronts."
Treasure Bay Corp. manages two other Caribbean island casinos
including locations on Aruba and Bonaire with St. Lucia scheduled to
open in the fall of 2006.
Horsepower(R) virtual races are designed to be shown in real time
exclusively on the screens at approved and licensed racetrack
affiliates and their off-track betting centers under license with
HBN. The proprietary "Quick 6(R) World Pool" and Horsepower(R) Pick 1
bets give TRAXCO's facilities two exciting new wagering opportunities
and the ability to sell ad space to sponsors on the screens between
virtual races.
Horsepower(R) is a progressive, pari-mutuel racing system that
has been custom developed for racing and extensively tested to exceed
international standards. HBN is mandated to market pari-mutuel
wagering, on virtual racing of all breeds, to market the
Horsepower(R) corporate brand worldwide and to help increase
attendance, wagering and purses at all member tracks. The
Horsepower(R) Quick 6(R) World Pool and the Horsepower(R) Pick 1
random win bets are sold simultaneously at multiple racetracks in
strips of ten races to bettors using the tracks' existing tote
machines. The Horsepower(R) Quick 6(R) World Pool bet is a live,
progressive, pari-mutuel wager with random odds tested to be
approximately 2.2 million to one for the lucky fan picking the first
six of fourteen virtual horses in exact order of finish in any
Horsepower(R) virtual race. The Horsepower(R) system operates in real
time, 24 x 7, on a secure and fully scaleable Sun Microsystems and
Cisco environment. Sungold(R) is a fully reporting public corporation
trading as SGIHF-OTCBB. Horsepower(R) wagering at the TRAXCO
facilities on the U.S. Virgin Islands is subject to pari-mutuel
approval and a successful HBN technical racetrack evaluation that is
approved by both TRAXCO and HBN.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: The statements in this press release that relate
to the Company's expectations with regard to future impact on the
Company's results from new products in development are forward
looking statements, within the meaning of the Private Securities
Litigation Reform Act of 1995. Such information may contain
statements that involve risk and uncertainties and are subject to
change, at any time, the Company's results may differ materially from
expected results. Information on the factors which could affect the
Company's operations or financial results are included in the
Company's reports on file with Canadian securities regulatory
authorities and the United States Securities and Exchange Commission.
Sungold International Holdings Corp. (OTC Bulletin Board:SGIHF)
Contacts:
Cynthia DeMonte Associates Ltd.
Cynthia DeMonte, Investor Relations
(212) 605-0525
575 Madison Avenue - Suite 1006, New York, NY 10022
cdemonte@aol.com
BTV Sungold International
2005-05-12 13:06 ET - News Release
VANCOUVER, May 12, 2005 (PRIMEZONE) -- On May 15, 2005, on National TV, BTV-Business Television profiles: *View the features online through the video links below*:
Sungold International Holdings Corp. (OTCBB:SGIHF):
http://www.b-tv.com/i/videos/sungold.wmv - has a product to revive the struggling yet potentially very lucrative billion dollar land based racing industry, with their proprietary, innovative product - Horsepower(R) pari-mutuel virtual racing system.
BTV, a half-hour weekly business program, profiles innovative companies across North America. With Host Taylor Thoen, BTV features companies at their location, and interviews the company's key executives, features their products/services and unveils their plans for future growth.
Sungold names Blackwell CFO
2005-05-11 10:33 ET - News Release
Mr. Troy Griffin reports
SUNGOLD APPOINTS KEITH BLACKWELL CHIEF FINANCIAL OFFICER; SEASON FINANCIAL VETERAN TO SPEARHEAD COMPANY'S FORWARD MOMENTUM
Sungold International Holdings Corp. has appointed Toronto chartered accountant Keith Blackwell as chief financial officer.
Mr. Blackwell has practised public accounting through his own firm, T.K. Blackwell Chartered Accountants in Toronto, since 1977. He has represented a broad spectrum of private and public companies with extensive expertise in United States Securities and Exchange Commission-related issues. Additionally, Mr. Blackwell has participated in initial public offerings, mergers and acquisitions, forecasting, and structuring capital raised through both equity and debt. Mr. Blackwell holds a masters degree in business administration from York University in Toronto, and received his chartered accountants designation while working for prominent accounting firm Coopers & Lybrand.
"Sungold is very fortunate to have attracted the talent of such a respected and experienced financial professional. As the company moves ahead with the execution of its strategic initiatives, Keith's expertise will certainly be an invaluable asset," stated Don Harris, chairman of the board.
Horsepower Broadcasting Network (HBN) International Ltd., the company's subsidiary, reported that the Horsepower pari-mutuel virtual racing product was very well received by many of the racing commissioners and state legislators in attendance at the recent 2005 Racetrack Commissioners International Conference held in Lexington, Ky.
The integrity and security of Horsepower and the fact that it is pari-mutuel product that has the scalability potential to offer a chance at winning multimillion dollar payouts to millions of potential players in real-time, 24 hours a day, seven days a week, garnered significant attention.
Legislators attending the conference are clearly cognizant of the fact that several states are looking for other forms of alternative gaming to aid their financially strapped tracks, especially if slots are rendered illegal. Horsepower is the very logical and inevitable solution. Horsepower can fulfill the national demographic urgency of bringing a new generation of younger public back to racing, as tracks are becoming increasingly concerned on their aging demographics.
We seek Safe Harbor.
Sungold Appoints Keith Blackwell Chief Financial Officer; Season Financial Veteran to Spearhead Company's Forward Momentum
2005-05-11 09:00 ET - News Release
VANCOUVER, British Columbia -- (Business Wire) -- May 11, 2005
Sungold International Holdings Corp. (OTCBB:SGIHF) -
Horsepower(R) Pari-Mutuel Product Gains Significant Interest at
Kentucky's Racetrack Commissioner's International Convention
Sungold International Holdings Corp. today announced that the
Board of Directors appointed Toronto-Chartered Accountant Keith
Blackwell as Chief Financial Officer.
Keith Blackwell has practiced Public Accounting through his own
firm, T. K. Blackwell Chartered Accountants in Toronto, Ontario since 1977. He has represented a broad spectrum of private and public companies with extensive expertise in SEC related issues.
Additionally, Mr. Blackwell has participated in IPO's, mergers and acquisitions, forecasting, and structuring capital raised through both equity and debt. Mr. Blackwell holds a Masters degree in Business Administration (MBA) from York University in Toronto, and received his Chartered Accountants (CA) designation while working for the prominent accounting firm, Coopers & Lybrand.
"Sungold is very fortunate to have attracted the talent of such a respected and experienced financial professional. As the Company moves ahead with the execution of its strategic initiatives, Keith's expertise will certainly be an invaluable asset," stated Don Harris, Chairman of the Board.
Sungold(R) concurrently reports that Horsepower Broadcasting
Network (HBN) International Ltd, the Company's subsidiary, reported that the Horsepower(R) pari-mutuel virtual racing product was very well received by many of the Racing Commissioners and State Legislators in attendance at the recent 2005 RCI (Racetrack Commissioners International) Conference held in Lexington, Kentucky.
The integrity and security of Horsepower(R) and the fact that it is pari-mutuel product that has the scalability potential to offer a chance at winning multi-million dollar payouts to millions of potential players in real time 24 X 7 garnered significant attention.
Legislators attending the conference are clearly cognizant of the fact that several States are looking for other forms of alternative gaming to aid their financially strapped tracks, especially if slots are rendered illegal. Horsepower(R) is the very logical and inevitable solution. Horsepower(R) can fulfill the national demographic urgency of bringing a new generation of younger public back to racing, as tracks are becoming increasingly concerned on their aging demographics.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to future impact on the Company's results from new products in development are forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such information may contain statements that involve risk and uncertainties and are subject to change, at any time, the Company's results may differ materially from expected results. Information on the factors which could affect the Company's operations or financial results are included in the Company's reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.
Sungold International Holdings Corp. (OTC Bulletin Board:SGIHF)
Contacts:
Sungold International Holdings Corp.
Troy Griffin
Investor Relations
(613)-249-9092
Sungold International Holdings Corp. Featured in Comprehensive Interview with Eric, David & Sons Inc.
2005-03-22 09:01 ET - News Release
VANCOUVER, British Columbia -- (Business Wire) -- March 22, 2005
SUNGOLD INTERNATIONAL HOLDINGS CORP. ("Sungold")
(OTCBB:SGIHF)(FWB:WKN 608164) - Sungold International Holdings Corp.
has been featured in a comprehensive interview by Eric, David & Sons,
Inc., regarding the company, its subsidiaries and flagship product
Horsepower(R) World Pool. This interview is the beginning of a major
awareness campaign designed to generate growing interest among the
investment community. "It is with great enthusiasm that we begin to
present this undervalued entity with such significant potential to
investors and the media." The interview appears in on-line text
format and is located at:
http://www.ericdavid.com/newsletter/mailer/sgihf032105.htm
About Sungold International Holdings Corp.
Sungold(R) is in the business of developing entertainment and
e-commerce business in Canada, USA and internationally. Sungold(R)
has three 100% wholly owned subsidiaries: Horsepower Broadcasting
Network (HBN) International Ltd., Racing Unified Network, (R.U.N.)
Inc. and Safe Spending, Inc. Sungold(R) controls the technology,
source codes, trademarks, patents, copyrights and the worldwide
title, rights and interest to all of its subsidiary companies
products and services. For more information on the Company, please
visit www.sungoldintl.com.
About Horsepower Broadcasting Network (HBN) International Ltd.
Horsepower(R) is a real time, pari-mutuel wagering system that
has been custom developed for racing and extensively tested to exceed
international standards. Horsepower(R) Broadcasting Network (HBN)
International Ltd. is mandated to market and educate new and regular
fans of racing of all breeds on pari-mutuel wagering, and to
aggressively promote the Horsepower(R) brand to help increase
attendance, wagering and purses at all member tracks. The
Horsepower(R) Quick6(R) World Pool and the Horsepower(R) Pick1 random
win bets are sold simultaneously at multiple racetracks in strips of
ten races to bettors utilizing the tracks existing tote machines. The
Horsepower(R) virtual races and the Horsepower(R) $million+ Quick
6(R) rolling live payoffs are displayed on existing monitors between
live races. The Horsepower(R) Quick6(R) World Pool bet is a
pari-mutuel wager that boasts impressive random odds tested to be
approximately 2.1 million to one for the lucky fan picking the first
six of fourteen virtual horses in the exact order of finish in any
Horsepower(R) race. The Horsepower(R) system operates in real time,
24x7, on a secure and fully scaleable Sun Microsystems and Cisco
environment. To view a play for fantasy demo of our Horsepower(R)
World Pool game please visit us at www.horsepowerworldpool.com.
About Eric, David & Sons, Inc.
Eric, David & Sons, Inc. is a financial management, marketing and
consulting firm that seeks to better publicize companies with unique
product and service offerings whose stock is undervalued in relation
to their long-term earnings potential. EDS retains as clients only
those companies that are perceived to offer unusual products or
services with the potential to command a dominant position in their
respective industry and marketplace. For more information go to
http://www.ericdavid.com.
Certain statements in this news release may contain
"forward-looking" information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities Act of
1934, and are subject to the safe harbor created by those rules. All
statements other than statements of fact included in this release may
include forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will be
accurate and actual results and future events could differ materially
from those anticipated in such statements.
Sungold International Holdings Corp. (OTC Bulletin Board:SGIHF)
Contacts:
Sungold International Holdings Corp.
Troy T. Griffin
Investor Relations
(613) 249-9092
http://www.sungoldintl.com
SGIHF Sungold adds Horsepower to Buffalo Raceway
2004-12-07 09:29 ET - News Release
An anonymous director reports
SUNGOLD INTERNATIONAL HOLDINGS CORP.: BUFFALO RACEWAY AND HORSEPOWER AGREE TO FIVE YEAR HORSEPOWER LICENSE AGREEMENT
Sungold International Holdings Corp.'s wholly owned subsidiary, Horsepower Broadcasting Network (HBN) International Ltd. (HBN), and Buffalo Trotting Association, operating under Buffalo Raceway, have entered into a five-year Horsepower-authorized racetrack affiliate licence agreement.
Buffalo Raceway, located in the Buffalo suburb of Hamburg, N.Y., has conducted live harness racing in an uninterrupted fashion since 1942 and over the years has been the host to many of the sports top equine stars, including two of harness racing's greatest pacers of all time, Bret Hanover in 1966 and Albatross in 1972. Currently, the half-mile track is open year-round, offering a platform of both live and simulcast racing schedules and they contribute to a $2.7-billion horse race wagering industry in the state of New York as per fiscal 2003. Additionally, New York State had another $5.8-billion in total lottery revenue and $410-million in charitable gaming for the same fiscal year. Simon Crawford, general manager of Buffalo Raceway, is a strong proponent for the Horsepower virtual racing product, and believes that it will not only offer more continuous action for the Buffalo tracks' bettors, but Horsepower's attraction of providing a regular multimillion-dollar jackpot will help to attract new patrons to the facility as well.
Horsepower is a real-time, progressive, pari-mutuel racing system, that has been custom developed for racing and extensively tested to exceed international standards. Horsepower is available exclusively to approved licensed racetracks and their licensed off-track betting facilities. HBN is mandated to market pari-mutuel wagering, on racing of all breeds, and to aggressively market the Horsepower brand to increase attendance, wagering and purses at all member tracks. The Horsepower Quick6 World Pool and the Horsepower Pick1 random win bets are sold simultaneously at multiple racetracks in strips of 10 races to bettors using the tracks' existing tote machines. The Horsepower virtual races and the Horsepower million-dollar-plus Quick 6 rolling live jackpots are displayed on existing monitors between live races. The Horsepower Quick6 World Pool bet is a live, progressive, pari-mutuel wager with random odds tested to be approximately 2.1 million to one for the lucky fan picking the first six of 14 virtual horses in exact order of finish in any Horsepower virtual race. The Horsepower system operates in real time, 24 hours a day, seven days a week, on a secure and fully scaleable Sun Microsystems and Cisco environment.
Since the A.R.A. program was introduced in October of 2003 at Santa Anita Park, on the occasion of the Breeders' Cup, HBN has received extensive interest from potential A.R.A.'s both in North America and Internationally. In 2004 HBN is accepting A.R.A. applications from licensed racetracks in North America and the Caribbean. Horsepower wagering at Buffalo Raceway is subject to pari-mutuel approval and a successful HBN technical racetrack evaluation that is approved by both Buffalo Raceway and HBN.
SGIHF chart #msg-4203503
Mr. Hart apparantly does not file the appropriate registrations and does not consider himself an 'insider'. This is nothing new. You will find nothing from him on SEDAR.
Just had a look at SEDI http://www.sedi.ca and there are no transactions for a Mr.Hart in the last year.
Donald Harris continues to buy the stock, in fact over a million shares this month for over 10¢. Bullish.
it appears there is nothing really happening. Lots of contracts representing pipe dreams of track placements. Safe Spending soon to be launched in 2009!!! Mr. Hart continues to sell his shares and exercise his cheap options which he gave himself. I haven't talked to Anne since she left, maybe i will look her up one day.
Robert
The stock is rockin again...
Sungold and Int'l Holdings bet on five-year partnership
2004-09-22 12:45 ET - News Release
An anonymous director reports
SUNGOLD INTERNATIONAL HOLDINGS CORP.: INVERNESS RACEWAY AND HORSEPOWER FINALIZE FIVE YEAR HORSEPOWER LICENSE AGREEMENT
Sungold International Holdings Corp.'s wholly owned subsidiary Horsepower Broadcasting Network (HBN) International Ltd. and Inverness Raceway have entered into a five-year Horsepower-authorized racetrack affiliate licence agreement (ARA). Horsepower is an exciting progressive parimutuel wager that is designed to generate million-dollar-plus prizes daily for race fans buying Horsepower tickets at participating racetracks. The proprietary Quick 6 World Pool and Lucky Pick 1 bets give Inverness Raceway two exciting new wagering opportunities and the ability to sell ad space to sponsors on the screens between virtual races that are guaranteed to increase track revenues. The Horsepower virtual races are shown in real time exclusively on the screens at approved and licensed racetrack affiliates and at their off-track betting centres under licence with HBN.
Inverness Raceway is one of the province of Nova Scotia's three harness tracks and has conducted live, uninterrupted harness racing programs since 1926. Inverness Raceway is a one-half-mile track located in Inverness (Cape Breton) and is open year-round offering both live and simulcast racing schedules. The track helps to contribute to the province of Nova Scotia's total gaming revenues that were $494.9-million in fiscal 2002-2003.
As a non-profit organization where all revenues are returned to the track's horsemen in the form of purses, the management in charge of Inverness Raceway feels that Horsepower will dramatically increase the track's purses and will attract a new generation of race fans that are seeking regular jackpots and constant action on the Island of Cape Breton.
Horsepower is a real-time, progressive, pari-mutuel racing system that has been custom developed for racing and extensively tested to exceed international standards. Horsepower is available exclusively to licensed racetracks and their licensed off-track betting facilities. HBN is mandated to market pari-mutuel wagering, on racing of all breeds and to aggressively market the Horsepower brand to increase attendance, wagering and purses at all member tracks. The Horsepower Quick 6 World Pool and the Horsepower Pick 1 random-win bets are sold simultaneously at multiple racetracks in strips of 10 races to bettors using the tracks' existing tote machines. The Horsepower virtual races and the Horsepower million-plus-dollar Quick 6 rolling live jackpots are displayed on existing monitors between live races. The Horsepower Quick 6 World Pool bet is a live, progressive, pari-mutuel wager with random odds tested to be approximately 2.1 million to one for the lucky fan picking the first six of 14 virtual horses in exact order of finish in any Horsepower virtual race. The Horsepower system operates in real time, 24 hours a day, seven days a week, on a secure and fully scalable Sun Microsystems and Cisco environment. Horsepower may be viewed for fun at www.horsepowerworldpool.com.
looks like there are some contracts getting signed but nothing new of any true material nature. Anne is no longer with the company??? thats weird. I'll try to get a full update on things for this board.
Thanks ImM. Looks like the pot got churned up today.
Welcome to ihub tackler, this board is quiet as the stock is very thinly traded. Somewhere around 200 non-insider shareholders and most of the trading volume generated by insiders chruning the pot.
I've got a bit of a personal history with the company myself and am not currently a shareholder, however i have traded it on 2 occassions and done well both times.
From my recent communications with those involved and those who follow it it would seem that they are attempting to hide all their past failures through a change in cusip and direction. The only consistent thing appears to be Kim's desire to get a track of his own off the ground in Vancouver.
Best of luck to you and make sure you trade the trends.
Robert
Talked to some contacts out west this week. Rumor is that Kim Hart has started selling his shares of SGGNF and is moving on to another project. The share price should start to reflect this soon.
Robert
August 29, 2003 07:34 PM US Eastern Timezone
First Coastal Bancshares Reports Re-purchase of Stock
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Aug. 29, 2003--
First Coastal Bancshares (OTCBB:FCST), parent company of wholly owned First Coastal Bank, N.A., bought back four (4) shares of common stock from a shareholder today, at a price of $86.00 a share. While First Coastal currently does not have a re-purchase program in place, this transaction was done as an accommodation for the shareholder.
THE FUNNY THING IS, IT IS STILL 4 SHARES MORE THAN SUNGOLD BOUGHT BACK SINCE ANNOUNCING THEIR SHAR BUYBACK OVER 2 YEARS AGO.
dividend deadline due in a couple of days, stock price declining. Not a positive indicator for future share price.
Robert
I just heard that Sungold changed the authorized share cap to be UNLIMITED. If that isn't the scariest thing you've ever heard for a penny stock. At least it cancels all possibility of the stock ever doing a reverse split in the future.
I also heard that Kim Hart stepped out of the spotlight so he could start to liquidate his shares without having to file disclosure statements. Sounds like a repeat of past events to me. Too bad, the stock had potential at one time. Now it is just another pumped and dumped penny. I would expect that they will give a million or two shares to the newsletter spammers to pump the stock so that the insider selling doesn't collapse it completely.
If anyone new chances across this board, they best do a history check before making a donation to this charity.
Robert
Juice was right in predicting
:the increase in the authorized shares
:Kim Hart stepping aside as president
:lawsuits
:the shutting down of the horsepower game!!!!!!
He also predicted that Kim Hart was dumping his shares into the market and that the share price would reach sub-penny levels. I think he said sometime in September or October it would reach 2.3 cents. I tried to find the post but could not. I hate RB, what a cesspool.
Robert
I heard that thejuice/Bill Kehler passed away yesterday. For those who didn't know him, he was a good man. Unfortuanately, his lenghtly battle with MS eventually took its toll on him and he could no longer deal with it.
JR
http://www.courts.gov.bc.ca/Jdb-txt/SC/03/08/2003BCSC0826.htm
IN THE SUPREME COURT OF BRITISH COLUMBIA
Citation:
Reeves v. Hart et al,
2003 BCSC 826
Date: 20030527
Docket: L031073
Registry: Vancouver
Between:
Melvin R. Reeves
Petitioner
And
Kim Noble Hart, Sungold Entertainment Corp., Horsepower Broadcasting Network Inc., Her Majesty the Queen in Right of the Province of British Columbia and the Registrar of Companies of British Columbia
Respondents
Before: The Honourable Madam Justice Humphries
(In Chambers)
Reasons for Judgment
Counsel for the Petitioner
Robert A. Millar
K. Hendricksen
Counsel for the Respondent Kim Noble Hart
Rupert Shore
Counsel for the Respondents Sungold and Horsepower
Edward E. Bowes
Date and Place of Hearing:
April 28, 2003
Vancouver, B.C.
[1] The Petitioner, Melvin Reeves ("Reeves"), applies under s. 114 of the Company Act, R.S.B.C. 1996, c. 62, to have the Respondent Kim Noble Hart ("Hart") declared disqualified to act as a director and officer of the Respondent companies Sungold Entertainment Corp. ("Sungold") and Horsepower Broadcasting Network Inc. ("Horsepower"). Counsel for the companies made submissions in support of Hart.
[2] Section 114 of the Company Act reads:
(1) No person is qualified to become or to act as a director of a company who is
….
(e) unless the court orders otherwise, convicted in or out of British Columbia of an offence
….
(ii) involving fraud
unless 5 years have elapsed since the [imposition of sentence or the term of imprisonment is concluded, whichever is later].
[3] Both Sungold and Horsepower are incorporated pursuant to the laws of British Columbia and are regulated by the Company Act. Horsepower is a wholly owned subsidiary of Sungold, a public company which trades through an American entity called "Bulletin Board". The business of both companies is to sell software for virtual horseracing games.
[4] The Petitioner Reeves and the Respondent Hart are directors of Sungold. The bulk of the affidavit material before me describes Hart as the driving force in Sungold and, in fact, he was instrumental in hiring Reeves. Reeves is a consultant to a numbered company which provides management services to Sungold's wholly owned subsidiary in Quebec, "Horsepower Quebec". Reeves became a director of Sungold in February of 2003.
[5] Reeves says he became aware on March 25, 2003 that Hart had pleaded guilty to an offence under s. 239(1)(d) of the Income Tax Act, R.S.C. 1985, c.1 (5th Supp). After trying various non-litigious methods of removing Hart as director, Reeves brought this petition.
[6] Hart says the Board of Directors and Reeves knew about the conviction all along, and Reeves has been motivated to bring this petition because his lucrative consulting contract has been cancelled by a vote of the directors of the company, from which Hart abstained.
[7] In any event, there is no doubt that on 28 November 2002, Hart pleaded guilty to one count of tax evasion contrary to s. 239(1)(d) of the Income Tax Act. Section 239(1) reads:
Every person who has
….
(d) wilfully, in any manner, evaded or attempted to evade compliance with this Act or payment of taxes imposed by this Act...
is guilty of an offence.
[8] When the plea of guilty was entered, a joint statement of facts was filed for the purposes of sentencing. In 1996 and 1997, Hart's tax return was prepared by an accountant who relied on information provided by Hart and his bookkeeper. This information included share summaries of the purchase and sale of Hart's Sungold shares for those years. The adjusted cost base of the Sungold shares sold by Hart was overstated, correspondingly reducing the amount of profit indicated as having been earned. This meant that Hart understated his taxable income by $105,710 in 1996, and by $105,870 in 1997, resulting in the evasion of $28,528 and $29,761 in federal income taxes for those years respectively.
[9] Hart also claimed some business expenses for which he had already been reimbursed.
[10] The relevant paragraphs setting out the particulars of the offence to which Hart pleaded guilty are:
13. In November 1998, the Canada Customs and Revenue Agency audited Hart for 1996 and 1997. Hart provided the auditor with the same share summaries that had been provided to the accountant. The auditor then requested documentation from Hart to verify the figure shown as the adjusted cost base of the shares in the summaries. In response, Hart provided the auditor with copies of cancelled cheques and two receipts that had been falsified as follows:
a. Some of the cheques that Hart provided to the auditor purportedly in support of his purchase of the Sungold shares had been altered after they had cleared the bank, so that the amounts written on them were higher than what had actually been negotiated.
b. One of the cheques that had originally been made out to "CASH" was altered after it had been negotiated at the bank to be payable to "WALLY CASHMAN".
c. Another one of the cheques purportedly for the purchase of Sungold shares had never been negotiated.
d. The two receipts provided to the auditor were also fraudulent. The people who purportedly issued the receipts did not actually make them. A search warrant executed on Hart's residence uncovered a receipt book with practice signatures matching the signature on one of the fraudulent receipts.
[11] Hart, supported by the companies, says there is no indication in the facts to which he pleaded as to who actually did the fraudulent transactions, and indeed, without an examination into the mind of the person who did the transactions, fraud cannot be established. Hart used a personal friend as an accountant at the relevant time, and this friend has passed away since the returns were filed. If this friend, or some other person altered the cheques and wrote the receipts, Hart says we cannot know their purpose in doing so. This offence is therefore merely one of wilfully evading taxes and does not involve fraud.
[12] It is Reeves' position that this conviction clearly involves fraud. If the offence of "tax evasion" itself does not include fraud as an essential element, then the facts underlying this particular conviction clearly demonstrate fraudulent conduct. The fraudulent conduct for which Hart was convicted was in providing falsified documents and fraudulent receipts to Revenue Canada. That is clearly spelled out in the Statement of Facts to which Hart pleaded guilty.
[13] I agree with the Petitioner. The documents were agreed to be falsified and fraudulent. They were used by Hart to change the adjusted cost base of the shares and reduce the tax payable. An element of the offence of tax evasion is that it is done wilfully. Whether he actually prepared the documents himself is irrelevant. The offence to which he pleaded guilty involved fraud.
"UNLESS THE COURT ORDERS OTHERWISE"
[14] I must therefore decide whether it is open to me to consider the Respondents' alternate position that I exercise my discretion to allow Hart to continue as a director. Reeves says that such an application must be brought by separate petition.
[15] I conclude that it is open to me to consider the application. Section 114 contains the words "unless the court otherwise orders" within the relevant phrase. It would not make sense to disqualify Hart and disregard those words, thus requiring another petition to be brought.
[16] Reeves' general proposition is that the sanctity of the limited company, especially one trading publicly, must be preserved and that Hart is not to be entrusted with it. For the protection of the public and for the sake of the companies, he must be removed. The offence involved sale of shares in Sungold, the company of which he is a director; it was a serious offence and not merely a regulatory breach; and the gaming business in which Sungold and Horsepower are involved is highly regulated and requires a high degree of honesty and trustworthiness.
[17] Hart and the companies say Hart is the driving force behind the companies and their viability depends on his maintaining his position as director. They submit that the Petitioner has in fact taken advantage of Hart's innovative ideas in promoting the company by buying significant stock in Sungold. They contend that Reeves has ulterior motives for bringing this petition and has acted with inappropriate aggressiveness in bringing the matter before the court.
[18] Counsel for the company argues that since Sungold is a public company, no one director can sign cheques and the company must file reports to satisfy securities regulations in both Canada and the U.S.; therefore, there is adequate protection available for the public. Neither the Registrar of Companies nor the Securities Commission have taken any position on this conviction, which received publicity and was hidden from no one. Counsel submits that these bodies, not Mr. Reeves with his private agenda, are the watchdogs for the public, and if they have not indicated a concern, then my discretion should be exercised in favour of allowing Hart to continue as director.
[19] These are not sufficient reasons to exercise my discretion in Hart's favour. In view of the circumstances of the offence to which Mr. Hart pleaded guilty and his role as director in a publicly traded company, there should be a compelling reason to allow him to continue to act as a director of a company once he has been convicted of an offence involving fraud, particularly where the offence concerns shares in that very company. It is not sufficient simply to point to a present lack of action by the Securities Commission and the Registrar of Companies. What their respective functions would be in these circumstances is not clear, nor is whether they would use resources to investigate a director whose company is not listed on a Canadian exchange. As for the viability of the company being dependent on Mr. Hart, his involvement in the company need not end - only his tenure as director. It is apparent from the position of counsel for the companies that the rest of the Directors support Mr. Hart. I am not satisfied that the viability of Sungold would be diminished to a significant degree if Hart were removed as director.
[20] In the result, Mr. Hart is prohibited from acting as director of Sungold pursuant to s. 114 of the Company Act.
[21] Mr. Reeves seeks full indemnity for costs from the company pursuant to s. 128 of the Company Act and Part 20.1 of the Articles of Sungold.
[22] S. 128 reads:
(1) A company, with the approval of the court, may indemnify a person who is a director...of the company...against all costs...actually and reasonably incurred by the person...in a civil...proceeding to which the person is made a party because of being or having been a director, including an action brought by the company or corporation, if
(a) the person acted honestly and in good faith with a view to the best interests of the corporation of which the person is or was a director.
[23] Part 20.1 reads:
20.1. Subject to the provisions of the Company Act, the directors shall cause the company to indemnify a director...of the company...against all costs...actually and reasonably incurred by him...in a civil...action or proceeding to which he is...made a party by reason of his having been a director of the company, including any action brought by the company or any such corporation. Each director of the company on being elected or appointed shall be deemed to have contracted with the companion the terms of the foregoing indemnity.
[24] Reeves says an order indemnifying him for the costs of bringing this petition would serve to protect the public interest by encouraging other directors to come forward in similar situations.
[25] No authority was cited to me in respect of such an award of costs in a situation where one director has initiated a petition and sought an order against another director whom the rest of the directors support. Counsel for Reeves referred to Consolidated Enfield Corp. v Blair, (1995),128 D.L.R. (4th) 73 (S.C.C.), where an application was brought against a director. Although unsuccessful, the director obtained indemnity for his costs because he had been made a party to the litigation by reason of being a director, the costs were reasonably incurred, and he had acted honestly and in good faith with a view to promoting the best interests of the appellant.
[26] Reeves initiated this petition; he was not made a party to litigation by reason of his position as director. Although he has been successful, I am not prepared to require the company to fully indemnify him for his costs in the circumstances of this case.
[27] Reeves will have his costs at Scale 3.
"M.A. Humphries, J."
The Honourable Madam Justice M.A. Humphries
Psst - shoosh! A little bird told me that there was a termination letter sent to Sungold from the inventor of Horsepower after he heard about the CEO's tax evasion/ fraud checks affair.
Interesting that Sungold has not informed shareholders of this and my info comes from a reliable source. Maybe Sungold did not receive it or accept the grounds for termination - but if they did receive it - then I think that shareholders should be informed of material events that may end up in Sungold losing the rights to their "only product". Maybe someone could ask the CEO at the upcoming shareholders meeting.
yea, i read it; thats what made me thing of this pos...
KenRose check this out:
Sungold, "Wally Cashman" face dissident court challenge
2003-04-15 20:36 ET - Street Wire
by Brent Mudry
Sungold Entertainment and chief executive officer Kim Noble Hart, also known as "Wally Cashman," convicted of fraud-related income tax evasion, face a court fight from dissident director Melvin Reeves, who seeks to have Mr. Hart disqualified and removed as a director. In a petition filed Friday in the Supreme Court of British Columbia, Mr. Reeves claims he was terminated himself after complaining about Mr. Hart's continued management leadership.
Court documents show Mr. Reeves also seeks the disqualification of a second Sungold director, Louis Hop Lee, who openly revealed to the British Columbia Securities Commission that he was disbarred by the California State Bar Association for having misused client funds and had declared bankruptcy, both about a decade ago.
The respondents have not yet filed legal responses to the petition, filed by Vancouver lawyer Robert Millar of Fasken Martineau DuMoulin.
The Sungold brouhaha comes after Mr. Hart pled guilty on Nov. 28 to one count of tax evasion for filing false personal income tax returns for 1996 and 1997 with the Canada Customs and Revenue Agency, formerly known as Revenue Canada. Mr. Hart was fined $43,500 in British Columbia Provincial Court, representing a 75-per-cent penalty on the federal income taxes he evaded. He also must pay the $58,293 in taxes he evaded plus accumulated interest. Judge Kerry Smith imposed the fine after reviewing submissions from Department of Justice prosecutor Bruce Harper and defence lawyer Steven Cook of Thorsteinnsons.
Mr. Hart had faced four charges of evading taxes by understanding capital gains on his sale of Sungold stock by more than $880,000 between 1995 and 1997, but the case was settled with one count, based on an agreed statement of facts and joint submission on sentence signed by both Mr. Harper and Mr. Cook.
The criminal conviction marked an unfortunate setback to the career of Mr. Hart, Sungold's best-known booster, who has served as the company's CEO since 1998. Before heading the company, Mr. Hart served as a key consultant to the company dating back to at least 1995.
In the petition, Mr. Reeves seeks court orders that Mr. Hart be declared disqualified as a director and officer of Sungold and its co-respondent subsidiary Horsepower Broadcasting Inc., that the register of directors and officers of the companies be rectified to remove him, that he be disallowed from performing any function, directly or indirectly, as an officer or director, and that any corporate action involving Mr. Hart as either director or officer be declared null and void.
Mr. Reeves, a former chairman and CEO of Impark Services Ltd., Canada's top parking lot operator, is a fresh face on the Sungold scene, named Jan. 28 as a Sungold director and as a chief operating officer of subsidiary Horsepower Broadcasting Network International Ltd. The practising lawyer notes that Mr. Hart refused his request to resign, so he was forced to resort to the courts.
In a sworn affidavit, Mr. Reeves expresses concern that a Sungold executive committee meeting called for Wednesday may ratify the acts of Mr. Hart, mainly a planned ouster of Mr. Reeves and his associates. "This is a matter of considerable urgency because Sungold is a public company, its main business relates to gaming, and its shares (are) traded publicly. It is an important matter of public trust that the directors and officers of this kind of company are qualified to act," states Mr. Reeves in his affidavit.
In a second sworn affidavit, Mr. Reeves details the background to his dispute, dating back to his due diligence starting shortly before he joined Sungold in late January. "As part of that process I asked Kim Noble Hart on or about January 22, 2003, whether he had any matters outstanding that affected his reputation or character that would negatively affect the business operations of Sungold and Horsepower," states Mr. Reeves.
"Mr. Hart responded to my question by explaining to me he had an instance in relation to a fine that was imposed for a late filing of an income tax return which was caused by the fact that his accountant, due to his illness and subsequent death, had caused Mr. Hart's returns to be filed late. I thought nothing of such a circumstance and commenced the provision of consulting services as of January 24."
Mr. Reeves notes he found out the truth about Mr. Hart's conviction two months later. "On or about March 19, 2003, I met with Stephen O'Neill, counsel for Sungold, and stated that numerous people were referring to 'Wally Cashman' and I had believed the reference was to Mr. Walter Davidson, a former director of Sungold." Mr. Reeves also notes that during the week of March 24, he heard a rumour about Mr. Hart's tax evasion charge, which he soon verified.
The Wally Cashman and related references are detailed in Mr. Hart's agreed statement of facts, concurrent with his guilty plea. "Some of the cheques that Hart provided to the auditor purportedly in support of his purchase of the Sungold shares had been altered after they had cleared the bank, so that the amounts written on them were higher than what had actually been negotiated," states the document.
"One of the cheques that had originally been made out to 'CASH' was altered after it had been negotiated at the bank to be payable to 'WALLY CASHMAN,'" states the document. "The two receipts provided to the auditor were also fraudulent. The people who purportedly issued the receipts did not actually make them. A search warrant executed on Hart's residence uncovered a receipt book with practice signatures matching the signature on one of the fraudulent receipts."
At issue is whether Mr. Hart is disqualified under Sections 114 and 133 of the Company Act, as Mr. Reeves claims, based on his fraud-related conviction.
Lawyer Mr. Millar, representing dissident director Mr. Reeves, served a resignation demand on Mr. Hart on April 9, and a related letter the same day to Vancouver securities lawyer Stephen F.X. O'Neill of O'Neill & Co., Sungold's counsel.
"Based upon his guilty plea it is clear that Mr. Hart was convicted of an offence within British Columbia involving fraud. Mr. Reeves has sought the resignation of Mr. Hart by reason of this and we understand that he has refused and he has indicated that his offence did not involve fraud. We further understand that Mr. Hart said he was provided legal opinions from two lawyers, one of whom we understand was you, which stated that Mr. Hart was not precluded from acting as a director or officer," states Mr. Millar in his letter to Mr. O'Neill.
"While we believe that no such opinions exist, we have been instructed by Mr. Reeves to request that you deliver to him a copy of any opinion that you prepared for the company in relation to his status and ability to continue to act as an officer and director. In a brief response, Mr. O'Neill indicated it was inappropriate for him to reply until he received directions from Sungold's board.
Mr. Reeves is also upset about Mr. Lee continuing as a director, noting he voiced his concerns to company counsel Mr. O'Neill on March 20.
Hong Kong-based Mr. Lee, Sungold's vice-president of Asian operations, discloses his North American baggage in a Form 51-902F filing, formerly known as a Form 4B, with the BCSC. "I had one, maybe two, judgments taken against me in a civil court in San Francisco, California, approximately 1993 for spending funds from a trust account belonging to my clients," states Mr. Lee in his sworn statement.
"In 1995, to forestall an eviction, I filed a petition in bankruptcy in San Francisco. After filing, I did nothing further and the court dismissed my action for taking no further action," states Mr. Lee.
"I was disbarred by the California State Bar in 1995 for the offenses listed in #10a above (spending clients' trust funds), as well as for failing to discharge my other duties as an attorney."
Alas, Mr. Reeves, the blemish-free lawyer trying to clean Sungold's house, is now being swept out the door.
In a brief April 8 Sungold executive committee meeting, with only Mr. Hart, Anne Kennedy and Walter Wolff, the latter by telephone, present, the company passed a resolution to terminate the consulting services agreement of Mr. Reeves. Ms. Kennedy and Mr. Wolff passed the motion, with Mr. Hart abstaining. The single-item resolutions claim the termination was based on a recommendation by company counsel Mr. O'Neill, specifically stated as termination for cause.
Only one paragraph of several in the consulting agreement was quoted, devoid of any other background explanation or detail. "The contractor, the consultant or any of its or his employees committing an act of fraud or dishonest or serious misconduct, or any act detrimental to the reputation of the company in circumstances that would, in the reasonable opinion of the company's representative, make the contractor or consultant unsuitable to continue to act on behalf of the company;" states the cited paragraph in a list of paragraphs.
While no explanation is noted, it appears that Sungold's executive committee agrees that Mr. Reeves, an unblemished whistleblower trying to clean house, is unsuitable, while Mr. Hart, convicted of fraud-related tax evasion is indeed suitable.
Meanwhile, in a similar single-issue meeting on March 26, with just Mr. Hart, Mr. Wolff and Ms. Kennedy present, the executive committee unanimously approved a private placement of three million units at five U.S. cents to Mr. Hart. Each unit consists of one share and a warrant, exercisable for one share at five U.S. cents for three years.
The agenda for Wednesday's board meeting includes a motion to accept the resignation of Mr. Lee as a director and a new consulting proposal from subsidiary Horsepower Broadcasting for Mr. Lee. The new business includes considering a proposed agreement with the National Thoroughbred Racing Association, considering the allegations of Mr. Reeves regarding company management and procedures, and considering the appointment of a new director to replace Mr. Lee.
hey nightstocker,
I use to own sggnf back when it was SUM at $16 back in 95. In fact, I added 500 shares at $18 the day before the halt, after Kim Hart assured me that "good things were coming soon".
I hope nothing but the worst for him.
Sungod sitting at an all time low of 4.5 cents. No positive news to reports. Heck not even any negative news. Nothing at all seems to be happening or developing.
Sungold entertainment is not very entertaining for anyone who owns the stock. I believe it is at its 52 week low of 6 cents with another project or two set to join their list of failures. Not very good.
The sungold AGM was to take place today in vancouver. I don't have any info on it, but maybe I can find out something of what went on and post it here to keep this board updated. If anyone is lurking who has info on it, please post it.
I have never heard of him either. Perhaps he was involved in the Remax office in BC that the owners ran off with a million dollars of trust money and commission,LOL. That really did happen about a year ago or so, pretty scary stuff.
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