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Tampa, show the PRs to any auditor, business attorney, or a financial professional and they will come to the same conclusion.
Since your one of the people that refuse to believe any of it maybe you shuold seek the opninion of a professional.
I don't think they naysayers own anybody anything. The certainly don't need to spend the time laying out the evidence and the reasoning only to get a reply which equates to nothing more than a personal attack.
JMHO.
Dr Bill, it was tinytex that made that comment not dialer.
TTII.ob problems? This stock hasn't traded since the symbol change.
I agree there are some here and on RB that has a hard time countering the statements made by the naysayers. The fact is, there isn't much they can say to dispute what's said. That's why they resort to personal attack IMO.
If you consolidate the share value of GFCI, CTBG, and TTII together 1:1:1 you still wouldn't make $0.20.
$0.11+0.049+.03 = .189.
This is pretty pathetic. Enough to make an onion cry IMO.
Dr Bill, I don't need for it to go up that far to breakeven but I agree there are some people hanging around to dump the shares at breakeven.
B2L I agree. The bottom line is JD is working too hard to hide nformation for this to be legitimate. He was sure open about the potential Revenue 1 1/2 years ago when he thought all these acquisition and the Jet Motor was going to add tens of million to the business. More than a year passed, numbers were audited and suddenly he's dead silent about it. About the only financial information we got is CTBG's pro-forma which after 4 months JS quickly withdrew blaming the inability to spin-off from Grifco as the reason why the company won't hit the targets. Not only did he say they won't hit the FY2006 target but FY2007 target as well.
I also think if there were massive shorting they would have covered by now while the prices had been this low. If you short a stock you have to cover before you get your profits right?
Experience is a bad teacher short term but School of Hardnocks is a very repectable institution if you can survive the curriculum.
oracle, I agree. Most investor would want to see the financials and the SEC filings, which is fundamental, prior to buying into a stock. Without it your just gambling.
I only invest up to 5% of my portfolio in a high risk stock such as GFCI. I have to admit I bought into the PR B.S. which people were pumping on various message boards. Specifically GFCI was being "heavily promoted" on the Yahoo O & G boards. Someone very familiar to this board (aside from BBB, loved by the longs) was one of the big promoters. I followed up and read the PRs, read the report by people who claimed to have visited Grifco etc. and decided to invest.
Unlike some here I don't think Grifco is a total loss. There is that small percentage of chance it will at least pop higher than my average cost. However, since my inital investment back in January this stock has been a joke. One positive thing I can say though is that experience is a great teacher.
Tampa, if you think the current share count is confirmed, you need to re-read the PR. The 39 million only applies to CTBG dividend AS OF the record date which is 5/1. There is no confirmation of the current o/s. Very clever IMO because obvioulsy it's got you and some others believing that's the current share count.
If it's clearly state in GOMD 7/25 proxy statement that Jim Dial is pledging 56.5 million Grifco shares to the merger, How can it only be 39 million shares now. JD is still refusing to confirm the current share count.
If there isn't anything to hide why is it so difficult to say as of 9/20 there are only XXX number of shares.
For a company that keeps uttering the word "transparency" they sure work hard to keep everything a secret. They don't even want to disclose the share count of all things.
Strongus did you miss the "This is still speculation but .... We still need to see the deal in its entierity to see what kind of agreement is in place.
Since JD lied about the Q & A, sending out the proxy, filing of Grifco's 14A and more "DIRT" comes out about grifco on GOMD's 14A...so yes everytime there is a little glimmer of hope JD and his bafoonary puts it out with his barrell full of B.S.
Actions speak louder than words. You don't have to prove everything when actions and circumstances lead you to a reasonable conclusion.
If it looks like a duck, walks like a duck and quacks like a duck, chnaces are it probably is a duck.
If Grifco acts like it has nothing of value, talks like it has nothing of value, and sounds like it has nothing of value, chances are it prboably doesn't have nothing of value.
yeah screw the shorts, the whole 0.02% of them.
Dr. Bill it's not next week yet is it? (eom)
I suppose Jet Motor is one of dozens of solution to that particular aspect of Oilfield business. All companies building equipment/rechnology for this solution has a patent and I am 99.99% certain Jet Motor isn't the revolutionary solution of choice based on its market share. If the technology is promising one of the big boys such as BJS, Haliburton, OIS would make a substantial offer to buy the technology.
The public filing was just all cut and paste. The transfer agent he had listed on the July filing has been out of business for at least 2 years. Reichman gave me the same attitude and told me to talk to my broker. So I just took another route.
10 bag, from what I got out of BBBs post regarding his visit with Dial the only thing of substance he saw was the merger agreement with GOMD. BBB stated JD could not show him the financials because the books were up in New York with the CPA. He also didn't disclose the share count only stating that JD agreed that there is a discrepency in the share count.
I agree BBB means well and he's not a part of any scam. He's a real smart guy. He may just be staying away for personal reasons or maybe there just isn't much to say.
10 bagger, this is just on GFCI and CTBG. This guy lost quite a bit more on other pinkies (about 4-5). If what he posted on the other boards is true he lost over $1MM in pinkies.
Also BBB's got quite a bit invested in GFCI. He was very enthusiastic about BRVO.OB before latching on to GFCI. He went thorugh the same pattern of exhuberance, optimisim..."the stock would be worth $3-$4 by next year etc. The stock actually dipped a little and remained flat below $0.50. He disappeared from the BRVO board and latched onto GFCI with the same pattern...DD, exhuberance, optimism...stock fails to fulfill expectation, dissaperance.
`
B2L, so true. (eom)
Since the CEO of GOMD didn't want to discuss the matter I had a conversation with PCAOB regarding GOMD's R/S discrepency. Jim Dial had nothing to do with it.
Tue, 5 Sep 2006 07:09:00 -0700 (PDT)
If you have any documents or other information that pertains to this matter, you may forward that information to the PCAOB by mail or facsimile. Our mailing address is: PCAOB Complaint Center , 1666 K Street, N.W. , Washington , D.C. 20006 and our facsimile number is (202) 862-0757. You also may communicate with the PCAOB via e-mail at tips@pcaobus.org or by calling (800) 741-3158. For more information you may visit our PCAOB Center for Enforcement Tips, Complaints and Other Information website at http://www.pcaobus.org/Enforcement/Tips.
We appreciate your interest in the work of the PCAOB.
Very truly yours,
Claudius B. Modesti
Director, Division of Enforcement and Investigations
Public Company Accounting Oversight Board
Interesting post below from 2005 on the Yahoo VPHM board. Notice who the author at the bottom of the message (a very familiar ID). It almost reads like an informercial doesn't it? After reading something like this, do you really thinkg Dr. Bill was out of line with his accusations?
Re: who wrote GFCI.pk report? (Not rated) 1-Jul-05 01:50 am
I do apologize for using this VPHM forum as a means to answer a non-VPHM question, but I just couldn't resist being compelled to do so at this time. (BTW, I'm long on VPHM, IAC.)
Anyhow, ever since I first heard about GFCI (I forget who it was that mentioned it here), I've been reading every bit of related news I could find, all while taking time to talk to a close relative in the industry. I happen to have a cousin who works at Cudd Pressure Controls, a Grifco-listed client - he is an optimization engineer in their Coiled Tubing unit (that is, he works very diligently, trying to maximize the life span of the steel tubes used in the coiled tubing industry).
At any rate, my cousin has been doing some in-depth legwork for both of us, trying to feel out some of his industry contacts about the company. However, not many industry people in South Texas know all that much about it, except for this one bit of interesting information: Rumor has it that this company will soon open a field yard in the Corpus Christi area that will competitively serve the South Texas region. But however below the radar this company may be, for the moment, there are good reasons for its seemingly low profile.
First, it's rather new to the coiled tubing industry (having only just emerged on the scene this past April at the Woodlands trade show north of Houston with what the industry expects is the one thing that will shoot this company's value to the moon (the Jet Motor), once everyone hears about them). Second, things at this company are only just getting started, having just acquired the Global Oil Tools and Coiled Tubing Technology companies, combining best-in-class industrial tools and equipment, and taking full advantage of the emerging synergies between the two companies.
My cousin and I are fully convinced that we have discovered a jewel of a company that has been through some pretty rough times in the very recent past (having gone through a 1:20 reverse split only 7 months ago, in Nov'04), but times for this little jewel are about to change for the better.
Now, why is that? First, the muscle behind this "new" company physique has only just now come on board. Second, the entire industry is only beginning to discover the April debut of the one-of-a-kind "Jet Motor" (the golden egg, similar to VPHM's Vancocin). And having already manufactured 50 of these profitable little babies for shipment, which will rent for a whopping $2 million per month at 75% utilization (that's $2.7 million per month at 100% utilization!), the money bags will start to roll in by the droves.
And as if all of this positive news was not enough, Grifco is entering into new ventures in Coiled Tubing with Canada and the Northern U.S. regions, which is the indisputed hotbed of the Coiled Tubing industry (if there were ever any part of this market that views tools and equipment with a critical eye, it is this one). And to top that off even more, Grifco has also entered into recent talks with China and Venezuela (and next, the world). I will not be surprised when this stock shoots on up to the stratospheric heights.
BTW, this was my first post ever to any board.
aka Been_Burned_Before
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Sectors/Healthcare/Biotechnology_....
Yes I have. I posted some information including the one listing Lois Newman as the owner, number of employees, and revenue. It coincides with what others said here on the board. As for their credit information and background information - step up and spend your own money to find out. As I said in the last post the information is mark confidential and is also copyrighted. I don't want to jeporadize myself by posting this information for your benefit just to save you $40 - $100.
You should be able to tell by my sentiment towards the whole oeration that it wasn't that stellar to say the least.
Link to get D & B information if any longs have the guts. I pulled a D & B report and can't share the contents since it's copyrighted material. Would any other longs have the guts to stomach the truth?
http://smallbusiness.dnb.com/company-information.asp?prodid=&catalog=&GUID=74E7F297-637D-4E1...
GRIFCO INTERNATIONAL
Single location
19511 Wied Rd
Spring, TX
Back to search results | Conduct new search Monitor this company
Comprehensive Insight Plus Report Learn more List Price: $139.99 *
D&B's new & improved Comprehensive Report; our most insightful and in-depth credit report.
Contains all the key information in a company's D&B file along with detailed analysis.
Ideal for making decisions about medium- to high-risk transactions, long-term business relationships or researching a company's background.
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Provides detailed business information about your customers, prospects and suppliers.
Ideal for planning sales calls, conducting company research, or making medium-to-high risk credit decisions.
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Provides an at-a-glance summary of a company's creditworthiness and payment history.
Ideal for making smaller, lower-risk credit decisions.
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Provides summary information on the operations, history and background of a company and its senior management.
Ideal for "getting smart" for sales calls.
I also want to mention that Grifco and CTT pay a fee to get listed with D & B. They provide the information to D & B and update the information every year. Being listed in this database is important to Grifco to obtain vendor credit among other things.
When I bought the file inforamtion on RB I got the usual excuse such as "D & B is not accurate" or "that information is from 5 years ago" etc.
I would think this information is fairly accurate since this is what Grifco's creditors access to extend credit to them. If the company has gronw to $130 million revenue, they would definately want to let that fact be known because they will want a larger line of credit extended by suppliers and venodrs.
Filing a false financial information to obtain credit is a crime. If anything I think D & B would be the most accurate source of business information you can get on Grifco at this time. If anyone is willing to step up and pay $75 they can get an extensive information on Grifco and its operaton including their credit worthiness, lawusits & judgement and background info. on the company and Jim Dial.
Only breakout associated with Jim Dial may be a newstory of JD and Jarvis escaping from the Federal Pen when it's all said and done. JMHO
I do have an account at Ameritrade. ML provides a lot of other financial/professional services and I benefited greatly from it. I wouldn't be where I am today without them.
tampa, I had substantially more than $25K in that particular account. I'm just stating what my broker and a rep. from the trading office told me.
Just talking from experience.
I don't think that's right. Wasn't the restriction from E-Trade? How many people on the GGGS trade through E-trade?
B2L I got restricted by ML for 2 months for the very reason I stated - trying to flip an AMEX stock 3x in one day before the settlement of the first trade. This is the EXACT reason they gave me, "You do not have sufficent cash in the account to complete to make the purchase as your sale of the security has not been settled....your account is flagged for restrictions on any trades next 2 months....".
You may have your opinions but I'm talking form experience.
Dr. Bill, JimmyD said there is going to be a meeting. When was the last time he said something and it didn't happen?.....NEVER MIND! LOL
Volume is always valid comparison becuase if there was interest it would still exceed the so called "pre-restricted" volume. BTW, it isn't much of a restriction per se when you can still trade the shares by calling in the order. Also, as far as I know E-trade is the only brokerage that changed the way you can trade GFCI. Point is you can still trade it! There maybe a couple of others but in the scheme of trading, I don't think it's a significant restriction, do you?
Ameratrade still allows GFCI to be traded online, and Merill Lynch never let me trade a pinky online. So the use of the word "restriction" is a little overblown. Also GFCI traded below yesterdays volume 10x in August so pre & post restriction argument doesn't hold water.
TA 101:
Point is it closed up a penny which means nothing. It could have just as easily closed a penny lower. It certanly doesn't show strength. Secondary indicator of "no strength" is volume, which it traded at nearly 1/3 of normal volume. It's not like it went up on 13 million shares traded in one day like it did on July 10th. Even at that point I wouldn't crown it a breakout because it's ONLY one day. A higher highs on higher volme 3-4 consecutive days would constitute a breakout IMO (I woud look at other indicators to confirm the breakout as well). 1-2 days is a pump and dump, particularly witn $0 smartmoney participation...which is the case with Grifco.
Promises, Promises - 30 days later broken promises.
Remember these statements made on 8/11 PR?
"HOUSTON, TX--(MARKET WIRE)--Aug 11, 2006 -- Grifco International, Inc. ("Grifco" or the "Company") (Other OTC:GFCI.PK - News) announced today that the merger documents with a fully reporting company will be completed next week. The FAQ or frequently asked questions section on our website will provide full details next week about the merger."
FAQ was also promised on a prior PR in July. WHERE IS IT JD?
"The Company has been advised by securities counsel that the details of the merger must be announced by us at the same time as the information is announced to the public company's shareholders."
Why didn't you follow the advice of the securities counsel and provide the details wihen the public company made the announcement JD?
http://biz.yahoo.com/iw/060811/0153308.html
I don't get your point. The fact is the stock settled $0.01 higher than on the prior day and restriction or not if GFCI had any "strength" an upward momentum will be supported by higher volume. You need to understand the basic of TA to know what I'm saying.
Bottom line is it only closed a penny higher and that's nothing to get exhuberant about.
Trading restriction or not the number of shares traded is what it is. E-trade didn't halt trading, they just won't allow you to trade GFCI online. You have to call in and place your order. BTW Merril Lynch never allowed me to trade ANY Pinksheet or OTCBB stock without calling it in. They won't allow an online trade for pennystocks for the reason below.
Trade restrictions are most likely caused by daytraders flipping the trade several times within a 24 hour period, which cumulatively creates a huge settlement problem. You see it takes 3 days to settle a trade (for the broker to get funded for a sale) and if you buy the shares in the morning, sell them in the afternoon, and buy it back in the evening you're creating 3 transations before the first transaction is even settled (funded).
SEC regulations and Auditing standards = bashing? Wow!
I just don't see how closing $0.01 today on 1/2 average volume can make anyone so excited as to label it "strength". Geez, on any given day Grifco could close up or down. What one should notice is that we're only talking a penny or two up or down. Not a significant number to assert oneself as a winner or loser.
In the scheme of things Grico's down 80% in 1 year and that's the bigger picture, not the day to day fluctuations by a penny or two.
Where is the "strength" in this picture? http://finance.yahoo.com/q/ta?s=GFCI.PK&t=2y&l=on&z=l&q=b&p=&a=&c=
Brazil doesn't have exradition treatires. (eom)
Grifco Audit will result in a poor assessment. Read the abbreviated COSO report(cornerstone of Sarb-ox)and you'll understand why. Grifco fails on all counts IMO.
What is COSO Treadway Commission
objective is to identify the factors that cause fraudulent financial reporting and to make recommendations to reduce its incidence. COSO has established a common definition of internal controls, standards, and criteria against which companies and organizations can assess their control systems.
COSO is sponsored and funded by 5 main professional accounting associations and institutes; American Institute of Certified Public Accountants (AICPA), American Accounting Association (AAA), Financial Executives Institute (FEI), The Institute of Internal Auditors (IIA) and The Institute of Management Accountants (IMA).
COSO Framework:
Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Effectiveness and efficiency of operations.
Reliability of financial reporting.
Compliance with applicable laws and regulations.
The first category addresses an entity's basic business objectives, including performance and profitability goals and safeguarding of resources. The second relates to the preparation of reliable published financial statements, including interim and condensed financial statements and selected financial data derived from such statements, such as earnings releases, reported publicly. The third deals with complying with those laws and regulations to which the entity is subject. These distinct but overlapping categories address different needs and allow a directed focus to meet the separate needs.
Internal control systems operate at different levels of effectiveness. Internal control can be judged effective in each of the three categories, respectively, if the board of directors and management have reasonable assurance that:
They understand the extent to which the entity's operations objectives are being achieved.
Published financial statements are being prepared reliably.
Applicable laws and regulations are being complied with.
While internal control is a process, its effectiveness is a state or condition of the process at one or more points in time.
Internal control consists of five interrelated components. These are derived from the way management runs a business, and are integrated with the management process. Although the components apply to all entities, small and mid-size companies may implement them differently than large ones. Its controls may be less formal and less structured, yet a small company can still have effective internal control. The components are:
Control Environment
--The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Control environment factors include the integrity, ethical values and competence of the entity's people; management's philosophy and operating style; the way management assigns authority and responsibility, and organizes and develops its people; and the attention and direction provided by the board of directors.
Risk Assessment
--Every entity faces a variety of risks from external and internal sources that must be assessed. A precondition to risk assessment is establishment of objectives, linked at different levels and internally consistent. Risk assessment is the identification and analysis of relevant risks to achievement of the objectives, forming a basis for determining how the risks should be managed. Because economic, industry, regulatory and operating conditions will continue to change, mechanisms are needed to identify and deal with the special risks associated with change.
Control Activities
--Control activities are the policies and procedures that help ensure management directives are carried out. They help ensure that necessary actions are taken to address risks to achievement of the entity's objectives. Control activities occur throughout the organization, at all levels and in all functions. They include a range of activities as diverse as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets and segregation of duties.
Information and Communication
--Pertinent information must be identified, captured and communicated in a form and timeframe that enable people to carry out their responsibilities. Information systems produce reports, containing operational, financial and compliance-related information, that make it possible to run and control the business. They deal not only with internally generated data, but also information about external events, activities and conditions necessary to informed business decision-making and external reporting. Effective communication also must occur in a broader sense, flowing down, across and up the organization. All personnel must receive a clear message from top management that control responsibilities must be taken seriously. They must understand their own role in the internal control system, as well as how individual activities relate to the work of others. They must have a means of communicating significant information upstream. There also needs to be effective communication with external parties, such as customers, suppliers, regulators and shareholders.
Monitoring
--Internal control systems need to be monitored--a process that assesses the quality of the system's performance over time. This is accomplished through ongoing monitoring activities, separate evaluations or a combination of the two. Ongoing monitoring occurs in the course of operations. It includes regular management and supervisory activities, and other actions personnel take in performing their duties. The scope and frequency of separate evaluations will depend primarily on an assessment of risks and the effectiveness of ongoing monitoring procedures. Internal control deficiencies should be reported upstream, with serious matters reported to top management and the board.
There is synergy and linkage among these components, forming an integrated system that reacts dynamically to changing conditions. The internal control system is intertwined with the entity's operating activities and exists for fundamental business reasons. Internal control is most effective when controls are built into the entity's infrastructure and are a part of the essence of the enterprise. "Built in" controls support quality and empowerment initiatives, avoid unnecessary costs and enable quick response to changing conditions.
There is a direct relationship between the three categories of objectives, which are what an entity strives to achieve, and components, which represent what is needed to achieve the objectives. All components are relevant to each objectives category. When looking at any one category--the effectiveness and efficiency of operations, for instance--all five components must be present and functioning effectively to conclude that internal control over operations is effective.
The internal control definition--with its underlying fundamental concepts of a process, effected by people, providing reasonable assurance--together with the categorization of objectives and the components and criteria for effectiveness, and the associated discussions, constitute this internal control framework.
What Internal Control Can Do
Internal control can help an entity achieve its performance and profitability targets, and prevent loss of resources. It can help ensure reliable financial reporting. And it can help ensure that the enterprise complies with laws and regulations, avoiding damage to its reputation and other consequences. In sum, it can help an entity get to where it wants to go, and avoid pitfalls and surprises along the way.
I think the Share count is over 100,000,000. JD admitted to having 56 million shares (from his pledge for UEI shares). There were 30+ million shares held by RB/IHUB insiders according to BBB on his last count. So we know there is at least 86 million shares accounted for.
Jim Dial has made his own noose to hang himself through his silence and series of unsubstantive PRs. He had failed time after time to make material disclosure as required in Securities Act of 1933 12b-5, 10b-20. Mateirality in a nutshell is important information if known by the user (i.e. investors) would alter their decisions (to invest in the company). Just because Grifco is a non-filing company doesn't excuse him from making disclosures as long as he is selling securities to the public. The SEC designed the filing forms such as 8K, 10Q etc. so that companies can systematically make these disclosures in accordance with the regulations.
Simply stated, JD is withholding too many important information such as the share count, financials (to corraborate the per-forma projections). Even the explaination of regarding the dealy in CTBG dividend doesn't go far enough in satisfying the materiality standards IMO.
I can gurantee that if Grifco becomes worthless JD is not going away with just a slap on the wrist. There is enough evidence on JD to put him away for a long time.