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Am i correct that the repairshop is still in business? If so can you ask that personel for info?
And never one press release to the share holders about what is going on in the business especially when it's so severe and grimm.
Do you honestly give 2 cents for this crook ceo? I strongly feel that it most likely was nothing more than a smoke and mirrors company. When he needs money from share holders he comes with spectacular press releases. In 2015 the company had a revenue of $ 27M yet not even a notice of a bankrupcty only an imaginative company in the first hour can do that IMO.
I can remember in the grey past in one of the SEC filings that the accountant disagreed by the way the cfo Zaric wrote/ published the annual. Wasn't that the first red flag? I can't even bother to look it up.
So there is no business activity what so ever all for the purpose of buying our worthless stocks back? Which is at the most good for 15% of the O/S.
Let's face it we have invested in a smoke and mirrors company.
If Zaric was a real entrepreneur he would create shareholders value by means of building a healthy company. he would make so much more money this way that the idea of letting this company die out for the sake of repurchasing the shares is absurd.
Some investors get frustrated and dump their shares and other retail investors buy these shares at the bare minimum of $ 0.0001 for a flip. there is no deeper story behind it than that i am afraid.
So the senior unsecured convertible note matured at November 23, 2016.
This means the note was paid otherwise the note holder could easily bankrupt HPTG which comes down to the end of Pro Star Freight Systems inc.
A bankruptcy filing should be traced down although personaly I don't know where. In addition, the SEC had published a filing of this, which I do not know. This I asume isnt the case because someone on IHub would have discovered this by now.
But if the company is operational what is claimed here on IHub why does the ceo put all the information channels on black and the website psfsi.com is no longer updated?
https://www.investopedia.com/terms/s/senior-convertible-note.asp
https://www.investopedia.com/terms/u/unsecured-note.asp
Maybe a detective as well to figure out what the hell is going on.
Thanks for the explanation especially the juridical part.
Does your broker have information of why the O/S has been decreased?
They have in many cases more hidden information than we can see on the broker account online. Can you call your broker and ask if they know?
I don't have that sort of information on my brokerage account, unfortunately.
1) Investment associations that help with legal advice.
2) Access to the accounting.
3) In which state according to HPTG law is spoken. Is that the headquarters in Illinois or legal counsel in New York http://psfsi.com/#investors.
4) What costs are involved and is it wise to take such enormous financial risks when it is not even known whether and, if so, which fraudulent matters were carried out by the CEO. How many hours does an attorney in average require for such cases and what is the hourly wage.
5) Is there proof that the company is healthy and even grows and, if so, what is it? Or is the company booming and dying after death.
6) You told us that in the past you had spoken with various employees, among others drivers of PSFSI, you recently spoke to them and they were positive, for example a lot of work.
7) What is the actual value of the company we hold shares from and how many outstanding shares are currently there. Is there still the risk of further dilution of the number of outstanding shares.
And the 19 longhaul trucks?
The company has a majority stake in the company shares so it does not need to bring changes of the company into vote however this doesn't restrain him from his duty to inform us shareholders.
Does a private company have any obligations to its shareholders to inform them, to issue annual reports, etc.? And if so how?
Thanks for the reply, I agree.
What you tell me sounds very good and has logic in itself. What bothers me is that HPTG was a public traded company before the merger R. Slotkin was the CEO of the old and the newly merged compagny wasn't he obligated to have the books checked by an independant accountant and before the merger took place?
If the company was worth $27M the O/S 367M = 27/367= $0.074 pps fair value jet the stockprice has never even come near that level so perhaps Slotkin knows something just as well or would have been completely incompetent of which I don't believe to be the case.
Doesn't the government of the USA offer the shareholders of publicly traded companies any protection by means of legislation?
I think there is a difference beween the estimated revenue ~27M in a press release or SEC filing can't remember which of the merger deal. But it was the revenue which was ~27M of Pro Star in 2014. At the end of 2015 Hydrophi Technologies Group and Pro Star had combined a heavy debt and probably a negative cash flow and a bare minimum of assets. So the fact that the shareprice value was so low had everything to do with the company value.
Because there is no objective information source informing us shareholders about the stuff we should be able to read in the annual financials I don't know the slightest bit about whether the company is trifing or broke. I anyone has hard proof please do share this with us.
I.M.O this ceo is a very dishonest person who doesn't care for his employees nor his shareholders.
If in the future he wants to go public again with for instance a different entity he would have a very hard time doing so. He was a negative past now with the SEC.
I tried to get an answer from the ceo asked a number of questions on the psfsi.com site and of course no response. I don't believe he cares for his shareholders or even his employees. If you look at the endless list of traffic violations and that there is no progress year on year that says everything about the type of person that is Nikola Zaric and that is not much.
We have got to face the fact that we are the fictims of a scam. His actions: the systematic breakdown of every source of information about the company speaks for itself.
If the big money was in this ticker and a number of them were institutional investors it would have resulted in a group lawsuit a long time ago. These slimy villains know their victims well to choose in a market where there is virtually no control.
IMO this turd is death R.I.P. HPTG
So who is bringing the price down on low volume? Not the MM's because they have left.
On December 8th the ticker ends? The ticker is already revoked and yet it still trades how is this possible?
The ticker HPTG is revoked at October 27, 2017 so why is it still tradable? When does the unavoidable happen the ending of the trading in HPTG?
https://www.sec.gov/alj/aljdec/2017/id1210cff.pdf
So are we all just waiting for the official pronouncement of death or...?
1) In the recent past on ihub i read posts from several boardmembers that there is transportation spotted on the highways by Pro Star Freight Systems trucks.
2) post#20257 tells inspection data out.
On the first glance this company doesn't look like a death shell company. Although in many, many cases a revoked ticker is just that.
The company will for ~100% sure be revoked but we will than be shareholders in a private company. In this situation it's impossible to trade any shares and we really don't know what we are up to. It all depends on the intentions of the ceo/cfo. There isn't any reason to believe in any improvement of communication or attitude from this person.
I think we have to wait for a judgement of the sec judge in order to be able to take further measures. This measure is a lawsuit and will take a group effort.
You can in the meanwhile consult a lawyer who is specializes in securities law based in the state of New York.
Imo by means of a group class action lawsuit:
Have you tried to contact edgar maybe they can tell us more about how it works (the trading for instance) after a delisting. Just a thought.
Here in the Netherlands the first half hour consult with a lawyer is for free. Explain the situation and ask what we can do about it. At least they can tell you which lawfirm is best suited.
Has the O/S changed?
There was a hearing by the SEC judge coming up at October 26th and posponed at December 8th. Even if he wanted to say something about the situation of the company he is not allowed to do so by law. After the hearing maybe. But I strongly doubt he will given the experience we all have with him.
He answered a few of my questions in the summer of 2016 new headquarters and a new business email adress for the ceo but never mentioned the new one and an ever lasting radio silence followed.
Also used the contact textfield on the company site psfsi.com did mention some typos they altered it that was also in 2016 later i have tried to ask some questions via the site but no response. I believe the site hasn't been updated for more then a year.
At the end of 2016 the facebook page of Florida affiliate was no longer accessible to shareholders.
IMO we have been victimised by people with bad intentions they don't care otherwise they had all the opportunity to inform us properly.
After the delisting the ticker hptg will be lost? So how can a buyer know what to look for? How does that new market work?
So how will anybody know what to buy then exept for the shareholders themselfes then? Seems to me like a telephonebook but without the numbers how can you lookup the number you want to call? Very confusing. Probably very little trading volume as well.
My bet it's 6 hours time difference between new york time and Amsterdam time. I was calculating with 6 and a half hour time diffenerence for some reason.
I don't know either after the summer months the facebookpage of Florida went black for us investors everything went black and then the sec filing in january this year.
I will hold on to my shares I have a boat load. It all looks very bad. Maybe Zaric wants to run down the pps and buy the shares back cheap. Only he knows what's going on and build a strategy on it.
A lot of shareholders are frustrated and dump their shares day traders pick them up for a death cat bounce. Once misery is an others treasure. But the after market trades, who is autorised? No retailers I am sure of.
I hate to say it but this company is a scam. The ceo could have filed a sec filing for a late notification as he did last year why not now? Honest people want to be transparent they don't mind to communicate and answer some questions they have nothing to hide. Dishonest people want to confuse, hold back information they only care for themselves.
Nor Roger Slotkin neither Nikola Zaric give two cents for the shareholders of HPTG unfortunately. As well as a number of shareholders acting as wulfs tricking others to buy their crap only for the flip knowing that the next person will bleed over this and not giving a crap.
This weekend I bought myself my first convertible note of start up company VanMoof this company (a bicycle manufacturor) has talented designers, boardmembers with years of experience in known multinationals the last 2 years doubled the revenues, a simple and solid business strategy. I can buy later on my shares for a discount. I bought it via crowd funding it's a start up and yes it is high risk, high profit. The first 5 years I get 6 % divident minus 0.8% fees for management. A good start up with a good business model doesn't need otc markets. In just one week time the company gathered 1,5 billion euro with cn. They handpicked the noteholders because they already own products of the company now that's good marketing.
Trade on Friday was after market? If so what does this mean?
After the revocation will the hptg board on Ihub ceased to exist?
You only read half of what I wrote. That's in the hands of lawfirms and I was simply running a possible scenario were it's not a fact at all yet.
On the day of the halt I contacted lawfirm: http://pomerantzlawfirm.com and asked them in the name of the retail investors to freeze the company assets till they clarify to us what's going on and what we are up to. Of course no response. A group lawsuit would make the most sense but american law is different from European law. An american lawfirm estimates whether they can win the case or not and if they can make enough profit. IMO the company is simply too small for a lawfirm to be of any interest to them. In Europe you can always sue if you loose all the costs are for you but at least you have the chance to start a case.
The ticker will most likely become caveat emptor the reason why at the moment is unknown but I wouldn't be surprised if it has to do with fraud. If it is fraud I asume a lawsuit will follow your broker has then to give the proper info of your portfolio (HPTG) to the lawfirm.
If there are enough shares subscribed, you can file a lawsuit. The date when the fraud took place is key so shareholders who owned the shares after this timeframe are excluded from the group lawsuit.
You don't have to hold on to your shares you can always sell them (when the lock up period has ended of course) but depending on the policy of the company followed by the halt the pps can make a bounce and then probably dive deeper.
Caveat emptor isn't a death sentence though ticker PHOT went that road and is now OCT Pink again although the pps is dwindling down.
I am not gonna lie it looks really bad.
In case of bankruptcy the tax authorities and creditors always have priority, the shareholders are always last in line. This means a lot of dilution of shares or a bankruptcy ruling and all your money is lost.
Is HPTG a zombie company? Bigger interest cost on debt than net profit.
https://www.bloomberg.com/news/articles/2017-07-24/zombie-companies-littering-europe-may-tie-ecb-s-hands-for-years
So these shitty companies are growing in number thanks to the central banks.
So what's in your opinion the ultimate consequence? What scenarios can we expect?
Did Pro Star in Orlando get hit by Irma or not? Lots of rainfall? Power Supply?
The 10-K for 2016 will tell us the amount of shares the company owns.
These so called undilutable golden shares which gives the company the right to own 84.9% of total amount of shares works by means of a Green shoe Warrant provision.
http://www.investopedia.com/terms/g/greenshoe.asp
benefit 1) to make more money
Green shoe Warrant provision what is it's purpose:
I will quote three answers that I found on a forum:
404.78M O/S shares * 85% = 344.1M shares company owned
404.78M O/S shares - 344.1M shares co = 60.7M
I alone own 11M you most likely have at least twice that amount so common sense tells me the company didn't buy the shares back.
They already own a 85% stake.
I also don't believe that 31 Group still owns these 44,802,000 shares.
They have a financial construction that they get a financial discount no matter what the market does. They probably want to cash as fast as they can to make more toxic loans to new victim companies. It's the retail investors that constantly pay the bill by constant dillution.
Also think timing wise it's quite preculiar that press releases followed from januari till april 2016 in order to give the pss momentum at the same time the expiry date of the convertible notes were due. Followed up by a radio silence up till now.
OK the ceo answered a few of our questions in the summer of 2016.
It seems to me that any form of contact a retail investor can make to the company is systematically disconnected:
1) no new investor relations, the old one was unreliable according a number of iHub users.
2) the Investor FAQs at http://psfsi.com is out of date for how long?
3) we used to have an email address and telephone number of the ceo now we haven't?
4) i have repeatedly used contact on the http://psfsi.com. In the beginning there was some response by means of altering the wrong info on the website of which i requested to alter but never any proper reply. today zero response.
5) no longer have access to the Facebook page of the affiliate company in Florida.
6) a year ago i asked the ceo to update the company profile on the OCT site they never did a proper job on that one.
Does anyone have information about data from change of O/S?
O/S ~404M of which ~85% owned by the company (see merger info) which leaves ~60M of which I am guessing half of it is owned by retail investors so free float <30M?
105 Drivers on the payrole by Pro Star Freight Systems inc.. A number of these trucks are leased by self-employed drivers I asume and probably a few in the repair or not in use for a different reason.
It's going well with the economy, so few trucks will not be active for that reason.
Can't seem to find the facebook page of the Florida office. Clicked on the weblink on the intro on Ihub and got an error message. Strange!