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I am sorry, iloinen, I have not been on this board for a while.
1. The latest filing -- I am not aware of any debts or other issues being hidden at this time, unless the $30,000 to Bland happens to be true. They don't need to list every single check they write, but as it was in exchange for stock and/or CEO salary, it would appear on a filing. Also, I have no knowledge of anything in the company after October 15.
2. The SEC investigation -- the conclusion was that BFLX is NOT a shell as of 07/2012. Whether it was a shell prior to that may or MAY NOT still be an issue. The Danes actually were able to provide numerous documents relating to business activities up to that point. The deal with Hartindo Saudi and with another Asian supplier are examples, and they were talking to European distributors as well. On this, I am on their side. While they did siphon a great deal of money to fund their car allowances and cognac binges, they also could provide documentation of work they did as a developmental company - developing both products and markets for the line of extinguishing items. On this, again, I continue to side with their assertion that they are not, and never have been, a shell.
3. TAM -- to start, the debt is a lease agreement, followed by a loan agreement, for TAM's building in Tulsa, Oklahoma. The "past due rent" to MDS comprised a major portion of the $126,000.
4. Clark -- W. Clark is the one demanding the merger be unwound; not the Danes. My view on him is that he is a shrewd businessperson in many ways, and people have complimented his ability to pull a deal together. However, his mind and time are taken up with another company. Not TAM, not MDS, but his actual job with a different cell phone related company. He had a lot of ideas and visions about bringing together people with a variety of skill sets, and using our collective networking capabilities to build smart communities, while providing emergency service networks with not only our best service, but also BFLX products. Why he got upset, took $25k and left all of a sudden baffles me. But our experience in finding investors from various sectors was that they wanted it to be a sure thing before they wrote a check. I believe there is higher reward with higher risk, and that a real investor would pay a bit to play. If they want a sure thing, invest in CDs or IRAs or something less exciting. Wade is young -- early '30s, and very energetic and seeks to prove himself. He is very gifted-- at something. I remain fairly disgusted with him and with his stunts, but it's somehow easier to let it go when it comes to him.
Iloinen: I notice your profile was created yesterday and this is our only Investorshub post, so I answer with some trepidation. On the other hand, I have no further connection with Bioflamex nor would I, and there is nothing they can do to me now, except perhaps pay me for my work, if they develop a streak of fiduciary responsibility, morality, or human decency.
Undisclosed debt: my information on this is from conversations; I have never seen a balance sheet relating to this debt. I am not sure when Ken Bland knew about this debt, only when I learned of it from him or Billy Ray. There could well be more debt, but as their 10Q filings are audited, there is not much more they could hide. This is my first experience with a public company, so I certainly don't know everything.
Asher: I assume it was the founder who demanded the shares. However, there were two other individuals from Asher serving as our account representatives, so it is possible the demand did not come directly from Mr. Kramer. Bland's removal came immediately after he said he would not go forward with that new deal with Asher. I do not know for sure if there were other issues between Ken and the other principals of Bioflamex, but as I was on nearly every conference call, and handled nearly every document other than balance sheets, etc., I would think I would have seen some evidence. Also, in the 8-K in October, the company states there was no disagreement with Bland, and seems mystified that he would resign after 3 months. TAM had nothing to do with Ken's ouster, except to the extent that Ken was technically still President of TAM as that unwind had not yet taken place.
The intent was for BFLX to be the public face of a family of tech companies to be acquired. There were other networking companies in the southwest in talks for acquisition by Bioflamex. The name would have been changed to reflect the various enterprises: networking, broadband, emergency services and fire extinguishing.
My understanding of the TAM debt: Let's say you have a company, and your company owes a law firm $40,000. I say, "Okay, ilionen, I will assume this debt for you. But I want 400,000 shares of your company (trading at $0.10, that gives me $40,000 face value)."
I go to Dewey Cheatum and Howe law firm and say, "I have assumed the debt from ilionen company. Now what can we work out?" If I'm any good, DC&H will see some cash as far better than no cash at all, and I will profit in the long term.
With the TAM debt, several people took on pieces of it -- it was like selling off a company for the parts, and I believe they would have owned more value in shares than the debt they took on. However, some of the principals of TAM are also principals of MDS, so I'm not sure what assets were swirling around over there.
The $25,000. Wade Clark did invest $20,000 of his own money at the beginning -- and it may have been more than exactly $20,000. I do not know what agreements were in place for Clark to receive his money back, or why he felt he needed it in the moment, but I believe he chose that time to receive his payment from his "investment" in the company.
I do not know what funds will travel during the unwind of the TAM merger. I have no idea what is in Clark's mind about the merger, then the almost immediate unwinding. I have no proof that Bland ever received $30,000. I think that was an attempt to deflect liability for my bill from Bioflamex. I have told BFLX that as soon as they provide a canceled check, or report in a public filing, this $30,000 to Bland, I will go to him for payment. They have not responded to that request.
The information post was taken from an email I sent to a stockholder who had tried several times, unsuccessfully, to get return emails from anyone after Morningstar was dropped as IR representative. Apparently no one else answered them. Before I left, I had kept attempting to gain permission to send the person an answer with no success. After I left, I felt the person deserved to know what was really happening at the company. Now I tell all of you. My tenure at BFLX was not one I was particularly committed to. I worked with Ken Bland and he is a genius of technology. I saw BFLX as a rather annoying sidetrack to what we were truly supposed to be doing.
I'm not scamming anyone. I was scammed and now I'm out $7,000. I would have stayed quiet were it not for that, and even then if they were to have made an agreement to pay me, I'd have stayed quiet. As they blamed everyone else for problems they have been creating due to their poor decisions for years, and they throw anyone out who tries to get their finances on track and their product marketable, I simply don't think they have any future. Again, if I thought they could do right by their creditors and investors, I would watch it play out.
I have no vested interest in any of it, because I never received any stock in the company though I was promised a million shares.
That is, all of my earlier posts in favor of the company. I genuinely believed in the company's potential, based on the information I had prior to October 15.
Every single thing I posted is now changed by the fact that:
1. They drove out Wade Clark of TAM, and are now unwinding that merger, thus leaving themselves unable to complete any networking contract at all.
2. They drove out Ken Bland, who was CEO only from 7/16 to 10/15, thus severing all of their contacts with Rural Utilities Service for broadband initiatives and Smart Communities.
3. They failed to disclose their ponderous debt to Asher Enterprises, Hanover Holdings, Magellan, a huge legal bill to Cane Clark, and many others, even to us, which they were required to do before the merger, and which we did not discover until early September due to their concealment.
4. When Wade Clark left, I can only venture that he contacted the SEC to have BFLX investigated as a shell corporation and we had to fight that front.
5. I believe in Billy V. Ray Jr. as a person with the ability to raise capital as CFO, though he has been unable to do so thus far, probably due to the antics of the Danish guys.
6. I used to believe in Phil Sands, but his actions of the past month leave me unable to determine if he actually has any skills in raising capital or not.
7. Because of the shell company issue, while we had investors at the ready about to deposit their shares, to the tune of about $150,000.00 (not great but a start) all the way from July 16 to September 10, but none of them has done so.
We had no way to know the Europeans had amassed so much debt -- how could we when they chose to conceal it in order to make the merger happen?
We had no way to know, in spite of our due diligence, that the fire extinguishers are not ready for marketing in the U.S., except as "test products." How many fire departments will take an extinguisher as a "test product" to a real fire?
The Europeans have probably sunk the company permanently due to their greed.
Here's what I know:
I was brought in as Director of Communications for Bioflamex around the time of the merger as Ken Bland and I had been working with Wade Clark of TAM. Yes, Phil Sands is a real person, and he still has Cold River Capital out of the Boston area. He's been working with Kristian Schiorring and Henrik Dahlerup for a few years, and I'm very surprised he's still loyal to them. He's pissed off at them half or more of the time and I think just has a need to see this train wreck through.
When Bioflamex appointed Ken Bland to its board, it was a solid choice. Ken has experience in the network and telecom industries, including as President and CEO, and he has a clear mind. I had actually been working with him through Worldwide Internet, Inc. (WNTR) for well over a year with his patent pending cell broadcast technology.
We weren't sure ourselves what exactly the Danish guys were doing with the BFLX products, but if their test videos were even close to accurate, we felt we could market their products AND bring in network companies to expand the offerings of emergency services technology: fire extinguishers, Smart Community broadband technology to make communications among departments and jurisdictions more seamless in a large emergency or disaster, etc.
The Danish guys did NOT disclose all of their debt to us when we took over. Surprise surprise, I guess. They owed a very large sum to Asher http://asherenterprises.org/. Hmmm...helps sick children. That's nice. Talks a lot about what a pillar he is in the community. Sweet. Will help small businesses achieve their goals. Noble. Lends at 100-150% interest? Priceless. Then he wanted to meet Ken Bland at a hotel in Manhattan at high noon. Because when he called the Danish guys about the money, they said, "Oh, Ken is now CEO." Really? I told Ken I did not really want him to go alone.
We structured a deal to pay back Asher and Hanover Holdings, and a whole lot of other people the Danish guys owed money to.
Then Asher went to the Danish guys and changed the deal. They wanted 360,000,000 of the 400,000,000 outstanding shares of the corporation.
Obviously, this would have sunk the company. Ken refused to do it and insisted they either stay with the first deal or renegotiate clean.
By the end of the day on October 15th, Ken was forced to resign. I then also told them to ^*#$ off. Right after negotiating a deal to pay my bill, an event of which I am not really optimistic.
The fun before that? We brought in TAM, and as part of that acquisition, we sold their debt of $126,000 to various investors. When the first bit came in, $25,000, Wade Clark, the guy from TAM, took it and then hid like a little girl, insisting that we unwind the transaction. Yes, he had originally put in about $20,000, but that didn't mean he could use the company as his personal ATM. That money was supposed to, among others, pay me approximately $7,000 for my work.
What's happening now? The Danish guys are also hiding like little girls, and leaving CFO Billy Ray holding the bag and saying "I'm sorry I don't have a better answer for you."
I'd rather wait until I receive either cash or shares before advising this, but I would advise everyone everywhere to dump fast. It would be nice if everyone were to do so simultaneously.
Obviously they have structured some repayments to creditors as of their latest 10Q. They're telling me I should go to Ken Bland for my payment as they gave him $30k. Yet they did not report this $30k as owed, contracted or paid on the 10Q so I assume they are lying.
Get out now. It will not -- probably cannot -- get better.
If you would read their information, there has been a change in focus and management, but the Danish guys are now able to devote all their time to selling the fire extinguishing products while the company is funded with the networking operations. They do have some experienced management coming in now, who may not run the thing into the ground. Why not wait and see?
I'm holding until the end of the year. If they can get it back to their $0.59 by then, that alone would be quite an accomplishment and would make me believe they could, depending upon other factors, at least get it to half that forecast by Feb/March of 13. I know penny traders like to move faster than that, but does it not seem that the acquisition, the contract for microwave radio award, and the change to network inside of a few weeks means they're on the move?
It was a year-out forecast. Do consider it hearsay as I heard it from someone who says they saw such a thing. Why not dream big, given they're having a new start?
Not sure about one month. I heard an insider talk about $3-4 by first quarter end 2013.
I have read information that there are some aggressive shorters out right now -- for BFLX and some precipitous decliners like OTC: COIL (Citadel Exp.) and Radview Software (RDVWF).
Volume is improving for this one. I'm holding for $20 - do you think we'll make it?
Good to know the effect is not permanent. That was quite a skid!
It seems like a slow but steady upturn this week. What do you think?
What do you think is next for Intel, financially?
I think it's more that the Danish guys will be in the background, still selling the flame retardant supplies, but the management and focus of the company at its front will be on broadband. That's just how I'm seeing it. The Danish guys won't be able to party all the profits away any longer, and the new direction will bring in more profits.
The Danes are out. The Americans are in. Look for press this week about the new leadership and new direction for BFLX. We already know the telecom guys have stepped in. What if they can raise the value putting broadband in underserved areas. 700 MHz broadband. Please stay tuned and see if you're not just over $0.01 but over $1.00 by early 2013.
I would point out that new management issued the new 10Q and 10K and got the company back on the bulletin board within 5-7 business days of taking over. My take on it is that they are on the move, and are serious about rebuilding the finances of the company. Perhaps they actually will manufacture the products so we can "shoot back at the fire."
I might suggest holding steady for a couple of months. New management just took over this past week, and they do have a different direction from the Danes. What if the Bioflamex flame fighting stuff could be marketed along with emergency cell broadcast technology that the new CEO owns a pending patent for -- to municipalities, agencies, and the like? It would be a vehicle for getting the larger scale Bioflamex products out there, and then the consumer market would open up. In a couple of months, the new team could get a lot farther than the old in actually selling the stuff and making some profit for everyone. These guys actually know how to run a business.
Do you think they will make a rebound? I was shocked at how they tanked so fast. I really had hopes for them. I'm holding for now. I hope there's another announcement soon. Loveday
That just doesn't seem all that significant in the big picture, but thanks for the info. It's certainly something I'm interested in keeping in perspective.
The new management is here to tame the Eurotrash. According to an insider I know, these telecom guys WILL set a production timeline for the "shoot back at the fire" gun that everyone's excited to see. I guess there's some kind of grant or low-interest loan they can get to lay broadband in rural areas (thus the networking connection) and they will add emergency services communications on top of that. Then they have an automatic "in" to market Bioflamex stuff to municipalities and agencies. I'm not sure how feasible it all is, but at least they have an actual plan.
That Ken Bland guy is an inventor. As far as innovation, he's the real deal. I think this is the communications thing they are already selling to emergency services under another company, and like I said, wouldn't that open interested markets for Bioflamex stuff?
http://www.freshpatents.com/-dt20110224ptan20110045802.php
Just a thought. I'm keeping my shares.