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Jarvis is pure slime. This is a quote from a 10QSB of a Jarvis company USEH (Pitboss Entertainment). Of course Jarvis was President, Secretary, Director and the company had $0 revenue from Oct 2005-March 2006 yet he compensated himself over $120,000 in March 2006. Notice the last paragaraph.
NOTE 7- RELATED PARTY TRANSACTIONS
During the three months ended March 31, 2006 and 2005, the Company paid the president of the Company $0 and $6,500, respectively for his services.
During the three months ended March 31, 2006 and 2005, the Company paid the secretary of the Company $0 and $12,900, respectively for her services.
During the three months ended March 31, 2006, the Company issued 500,000 shares of its $0.001 par value common stock to an officer of the Company as compensation valued at $100,000.
Office space and services were provided without charge by an officer, director and shareholder through November 2004. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001171326-06-000018&Type=HTML
Andy, if you seek professional advice of any broker, financial adviser, accountant etc. they will tell you to stay away from the pinks. As in the previous post SEC warns the public about pinksheets.
Only reason why I suppose many investors buy pinksheet and pennystock because it is cheap. Yes you can own 600,000 shares of Grfico for the price of 1 share of Berkshire Hathaway but what's important is the quality not the quantity.
It's funny to see people bring up Enron and Worldcom as examples of how large-cap stocks can collapse but that's 2 out of several thousand. On the other hand according to BBB only 5 out of 2,000 pinksheet stocks ever make it out into the higher exchanges (and he believes GFCI and CTBG are the 2 of the 5 that will). The failure rate of pinksheets are substantially more than any higher exchange stocks.
If you're still wanting to take the risk in invest in the pinks that is your decsion but you can't expect the government to come to the rescue when things don't work out.
SEC's advice about Pinksheets! "Buyer beware" is what they're saying in a nutshell.
Pink Sheets
The "Pink Sheets" is an electronic quotation system that displays quotes from broker dealers for many over-the-counter (OTC) securities. "Market makers" and other brokers who buy and sell OTC securities, can use the Pink Sheets to publish their bid and ask quotation prices. The name "Pink Sheets" comes from the color of paper they were historically printed on. They are published today by Pink Sheets LLC, a privately owned company. Pink Sheets LLC is not registered with the SEC in any way and it is not an NASD Broker-Dealer.
The Pink Sheets does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the Nasdaq Stock Market. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in the Pink Sheets can be among the most risky investments. That's why you should take extra care to thoroughly research any company quoted exclusively in the Pink Sheets. Be aware that some broker-dealers are required by Rule 15c2-11 under the 1934 Act to have some information about the issuer. Ask your broker-dealer whether it has any Rule 15c2-11 information before you invest.
For information on the risks of investing in small companies, be sure to read our brochure, Microcap Stock: A Guide for Investors.
http://www.sec.gov/answers/pink.htm
mypoints, here's a VLO Corporate By-law specifying how shares of stocks are issued. Article IV states;
"...Shares of any class of stock of the corporation may be issued for such consideration and for such corporate purposes as the Board of Directors of the corporation may from time to time determine".
http://www.valero.com/NR/rdonlyres/1D59D0D6-CE17-44BB-A575-5A791B1DF823/0/01CertificateofIncorporati....
You look at any other Corporate by-laws and it would read about the same. I doubt if Grifco, particularly based on the nature of the insiders, would be so generous as to leave this decision up to the shareholders. Even so, Dial and the insiders make up the majority (as implied in the last PR) so it's a moot point.
10 bagger I agree,
What's suspicious is that when people asked about CTBG dividend the answer by Dial and Ryan Kirch was All shareholders of GFCI as of 5/1 will get 1.89 CTBG dividend'. Play on words? This implies there were approximately 39 million shares on 5/1. A lot of of longs, blinded by irrational optimism, still belive to this day there are 39 million shares. Yet only thing we can "LEGALLY" hold Dial and Co. to is that there were 39 million shares of Grifco outstanding on 5/1.
If Grifco issued additonal 40 million shares on 5/2 or after 4 investors recieved their "tesimony", Dial did not do anythig illegal nor did he lie.
Also Dial made some qualifying statements as to the CTBG dividend. One of the qualification was that 10SB for CTT was to be filed first. If Grifco never files the CTT 10-SB, they wouldn't be lying if they never issue the CTBG dividend. It's quite possible that majority shareholder or the Board of Directors decide to change the Strategic Direction of the company and keep CTBG the way it is. Remember director = Jim Dial; majority shareholder = Grifco insiders as implied by the last PR.
Not being negative or bashing. Just trying to be realistic and keep a healthy balance instead of believing every unconfirmed and uncorroborated positives posted on these boards. At best it's just a bunch of speculative optimism.
Grifco is a real company may be fact but so is Nicks hot dog stand in the K-mart parking lot in Roswell, GA. Just because Nick's is real I won't believe he's bringing in $130 million/yr revenue because someone on the message board said so without certified financials confirmation by a certified CPA firm. Although I suppose you can estimate Nick's valuation by using a 15 year industry average price/sales multiple.
mrmd Just because say it's a lie doesn't make it a lie. Just because you hire an attorney doesn't make you prove a lie. The other side also has an attoreny and I would think the statements are carefully measured. The court system is full of lawsuits with in principle similar claims such as yours. Did you know over half of civil suits are dismissed before it ever goes to court.
Did Dial lie based on our ethcial standards, probably did. Did he lie legally? Probably not.
If you want the last word make a strong enough case. This is a discussion board. I would hat to close a discussion on an inaccurate statement.
Maybe you should read the 1933 and 1934 act to see what it allows and what it exempts.
If you want the SEC to do something you should also find specific reulgations Grifco is in violation of. Then you may get SEC to srart investegating. If you just tell them Dial is LYING, SEC would just blow it off because every Investor losing money says the same thing.
Not true mypoints, it takes board approval not shareholders. If they had to rely on shareholders it would never get approved. Who wants more dilution?
BBB it could have been 39 million when he told you but who's to say what it is now? We know with certainty that was the share count as of 5/1 because it is implied by the CTBG PR. The people holding those 39 million shares would get 1.89 shares of CTBG (if it ever happens). What would stop Dial from going out selling additional shares after 5/2?
Andy, I took a Graduate class in Business Reporting Theory taught by a CPA/Attorney. He said in "General" all U.S. companies are held to the same SEC rules and regulatio but, there are certain exemptions in Security Act of 1933, and the Exchange Act of 1934 for companies whose market cap falls below a certain threshold ( I believe it's $75 million).
The link below is one of the best places on the net to find your answers.
http://www.law.uc.edu/CCL/xyz/sldtoc.html
There is 200,000,000 authorized shares of Grifco. This is the maximum amount of shares Grifco can issue without having to re-file any documentation. All it would take is the approbal of the Board. Guess what, Dial is the Board. So basically, Dial can issue up to 200,000,000 shares of Grifco whenever he decides to.
PR will come out tommorrow (Thurs).
This information is from a reliable source who called Grifco and spoke with Dial yestereday. Dial told her all her questions will be answered in the PR coming out this Thursday.
Funny but true - "PQL Research begins coverage of Grifco".
http://www.stockhouse.com/news/news.asp?newsid=3808302&tick=GFCI
This was the most recent PR on Ameritrade under Grifco. The newsrelease said PQL Research begins coverage of Grifco. It also stated they are not being compensated by the company and will disclose any position in the securities if any.
To make a long story short the link to PQL Research turned out to be a Yahoo Group under the Finance Category. I joined the group to see what they had to say about Grifco. It turned out to be a cut and paste of Grifco's last PR. At the very bottom of there was a disclosure "I own 1,200 shares of Grfico purchased at $0.185/share and had not been compensated by Grifco... ", wow, a whole $222 worth of Grifco!
Just another tidbit that adds to the Grifco mystique.
That's been the story every since they announced the dividend.
Grifco's alleged FAQ
that they hope to put up on their website. It shouldn't be called FAQ unless they intend to truthfully answer the real frequently asked questions.
Legitimate public companies are required to file an 8K to announce any material changes in their buisness. Failure to do so can get them in trouble with the SEC as in the case of Enron, Worldcom etc. FYI, Enron really didn't do anything illegal (although it was highly unethical). What the SEC got them on is their failure to make public disclosures about certain practices (material information) which later resulted in a surprise $1 billion write-off.
8K serves the same purpose as a PR but it is done in accordance with very strict and specific guidelines set by SEC regulations. When these legit companies file this form news and wire services such as Reuters will pick it up which will further be picked up by other media.
Grifco's PR doesn't have to follow any specific mandates nor any obligatory SEC guidelines because it is not an 8K. So there is a lot of leeway in what they say in those PR as oppose to filing a 8K. There is also very little recourse as far as Investors taking action against one of their msyterious PRs. Furthermore Grifco use send2press which is an online writing service comprise of a bunch of 2nd rate ghost writers.
Had they been filing an 8K to make their announcement, just the category code of the filing itself would have told you what the communication is about.
They could hide money in Grand Cayman, St. Kitts etc. without recourse. If things get too hot the principals of Grifco can move down to Florida and file B.K. like many executives of troubled companies. The state of Florida allows BK filers to keep their homes and cars instead of liquidating these assets to satisfy a judgement.
The fact that this company is hiding behind a NV corporation is a red flag. It is very difficult to pierce the corporate viel of the NV corporation.
BBB let's see the official "sales", income, and cash flow figures first. Although I never agree with your valuation analysis, putting any number on Grifco at this point is moot (Although, I commend you for backing off the $2.30 valuation you gave it using the avg industry P/E multiple a few months ago).
You know what the market is saying based on your assumption? Grifco is nowhere near the industry average when it comes to valuation because it falls well short of where an average company should fall.
The market says it's worth $0.15 and in reality that's about what it's worth.
Until Grifco proves otherwise, that is the reality.
BBB, 15yr median price/sales valuation - you're joking right?
Pink sheets
Pink Sheets
The "Pink Sheets" is an electronic quotation system that displays quotes from broker dealers for many over-the-counter (OTC) securities. "Market makers" and other brokers who buy and sell OTC securities, can use the Pink Sheets to publish their bid and ask quotation prices. The name "Pink Sheets" comes from the color of paper they were historically printed on. They are published today by Pink Sheets LLC, a privately owned company. Pink Sheets LLC is not registered with the SEC in any way and it is not an NASD Broker-Dealer.
The Pink Sheets does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the Nasdaq Stock Market. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in the Pink Sheets can be among the most risky investments. That's why you should take extra care to thoroughly research any company quoted exclusively in the Pink Sheets. Be aware that some broker-dealers are required by Rule 15c2-11 under the 1934 Act to have some information about the issuer. Ask your broker-dealer whether it has any Rule 15c2-11 information before you invest.
For information on the risks of investing in small companies, be sure to read our brochure, Microcap Stock: A Guide for Investors.
http://www.sec.gov/answers/pink.htm
Pinksheet stocks are any stock with the extension .pk such as GFCI.pk and CTBG.pk.
With Grifco and CTT being pinksheet companies, they are not obligated to make any filings. SEC warns investors to be wary of companies listed on this exchange (Pinksheet). Most serious investors stay away from pinksheets.
For all other legit companies, they are required to file the following on a regular basis -
10K = Annual Report
10Q = quarterly report
8K = Notice of Material Information
Form 8-K
In addition to filing annual reports on Form 10-K and quarterly reports on Form 10-Q, public companies must report material corporate events on a more current basis. Form 8-K is the “current report” companies must file with the SEC to announce major events that shareholders should know about.
The instructions for Form 8-K describe the types of events that trigger a public company's obligation to file a current report, including any of the following:
Section 1 -- Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
Item 1.03 Bankruptcy or Receivership
Section 2 -- Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets
Item 2.02 Results of Operations and Financial Condition
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.05 Costs Associated with Exit or Disposal Activities
Item 2.06 Material Impairments
Section 3 -- Securities and Trading Markets
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.02 Unregistered Sales of Equity Securities
Item 3.03 Material Modification to Rights of Security Holders
Section 4 -- Matters Related to Accountants and Financial Statements
Item 4.01 Changes in Registrant's Certifying Accountant
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Section 5 -- Corporate Governance and Management
Item 5.01 Changes in Control of Registrant
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans
Item 5.05 Amendment to Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
Section 6 -- Reserved (for future use)
Section 7 -- Regulation FD Disclosure
Section 8 -- Other Events
Item 8.01 Other Events (The registrant can use this Item to report events that are not specifically called for by Form 8-K, that the registrant considers to be of importance to security holders.)
Section 9 -- Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
Companies have four days to file a Form 8-K for the events specified in the items in Sections 1-5 and 9 above. However, if the issuer is furnishing a Form 8-K solely to satisfy its obligations under Regulation FD, then the due date might be earlier. (Issuers with questions concerning compliance with Regulation FD should consult with counsel or the SEC’s Division of Corporation Finance.)
You can find a company’s Form 8-K filings on the SEC’s EDGAR database. We have posted information on our website on how to use the EDGAR database. For more information, you may wish to read answers to Frequently Asked Questions about the implementation and interpretation of the Form 8-K items, produced by the staff of the Division of Corporation Finance.
http://www.sec.gov/answers/form8k.htm
Wayne R, the prupose of PRs (8K, 10K, 10Q etc.) is to notify the public of certain material facts. When a company makes a earnings forecast it is a forward statement, and is protected by the Safe Harbor rule.
More often than not companies "manage" to hit these target forecasts. You see forecasting isn't just picking your favorite number out of the air, it's based on through business analysis. In the interm if there is unforseen "events" or material information that arise that can influence the company not hitting the number they are "required" to release an 8K to notify the investing public.
Grifco does not state any facts. They have not followed through on anything they said. CTBG dividend - where is it? Financials - where is it? Pro-forma estimates - not backed by fact but did they come close? There is no follow up, just a series of dis-jointed PRs.
So Wayne R you say you can't believe a company's PR 100% of the time, you must only have experience investing in Pinks. You don't seem to understand the purpose and the format of PRs. So in your estimation what % of Grifco's PR can you believe? I'll help you out, pick a number between 0% - 5%.
As of May 1, 2006 there was 39 million share outstanding according to CTT spinoff PR. There is no gurantee of same number of shares as of May 2.
All I know is in the past couple of month's Grifco (or the unrelated 3rd party) has been trying real hard to pump up the price. Why is that? Why would someone give up 400K shares to pump up the company on a semi-legitimate website.
Hey Dial..just cut and paste! I wrote it in English for you.
Grifco International agreed to sell their operations to Lyamec Corporation for $87.75 million dollars. "(insert cliche' here)", says Jim Dial, President of Grifco International. Each shareholder will receive $2.25 U.S.D. in exchange for each share of of GFCI stock. The transaction is tenatively set to close by (insert date).
There is a simple set of facts that Jim Dial and the boys are withholding that will explain all the discrepncies we keep talking about each day.
What's suspect -
Shares of Grifco dropped last week closing at $0.18/share on the news of a buyout offer from one of their significant shareholders for $2.25/share cash.
Last quote of Grifco's float was 39 million shares, with 10 million shares outstanding. During this period Lyamec prchased 11 million shares on the open market, and a group of investors from IHUB and RB purchased the remaining 30 million shares bringing the total float purchased between these groups to 41 million shares. At lest 22 million of the remaining shares are held by indsiders.
41+22 = 39?
2.25 cash = 0.18 value?
If there are at leat 80% more share floating around because of shorting will it ever be covered?
This is mighty screwed up IMO.
BBB, none of the numbers make sense anymore.
Bloomberg screen print appears in DOS (or Unix). Who DOS and Unix now days? That seems a little suspect.
I called my broker at Merrill Lynch (he's a CFA). They also use feeds from Bloomberg and he said it returned nothing.
Thanks PrftTkr. All we know is there is a lot of confusing information out there about Grifco. All it would take is one PR by the company to clear everything up - their intentions, official share count, CTBG dividend issue.
Do you believe the float count? Bloomberg must be wrong on the share count and float. They should call BBB.
PrftTkr, numbers don't work for a 100% purchase.
According to your screen print the offer is $2.25/sh, and the total value of the offer is $50.625 Milllion. That trnslate into 22.5 million shares. The total float is supposedly about 39 million shares.
22.5 million shares is equivalent to what all the insiders hold less Lyamec's original 6 million shares (22.5 + 6 = 29.5). The remaining 10 million shares is according to BBB the latest Grifco float (which the RB and IHUB owners hold 29.5 million of it LOL).
Could this mean the insiders get rich off this offer while the the shareholders get stuck with their $0.10 shares...maybe even getting driven down to $0. I don't see how this is even possible.
Jim Dial's post Grifco job search a-la Bob Newhart style
(After being ousted from Grifco, Jim Dial decides to parlay his brief but storied CEO experience to find a job with a legitimate Oil and Energy company. He reads in the local paper that a CEO of a Houston based oil company 'World Petroleum' has resigned. Seizing the opportunity he calls up the head of the HR department inquiring about the vacancy)
"Hello, this is Ed, the HR Manager - World Petroleum Incorporated"
Yes Mr Dial...how can I help you....Uh you heard our CEO resigned and you're interested in applying for his job...well Mr. Dial what are your qualificaitons.?...
Uh-huh, you were a CEO, President and PR person of LitFiber a telecommunications company....how big was this company Mr. Dial?
Uh-huh, just you and some hunting buddies....well Mr. Dial, how much revenue did it generate?
Uh-huh, nothing! Well....was the product priced too high Mr Dial?...., you don't think so because it was free. No wonder you didn't make any money Mr. Dial, how many units (chuckling) did you give away?....
Uh-huh, none....because they couldn't download it from the website homepage.aol.com/jdial/download/freestuff
IT department messed you over...did they Mr Dial, hahaha...Mr Dial...did you take any disciplinary actions agianst them?.....
Uh-huh, you told your children they're grounded for 3 years until Jimmy Jr. starts highschool. Mr. Dial, didn't you have a professional IT staff working for you?
It didn't fit the budget because you we're giving stuff away for free? Uh-huh, uh-huh, uh-huh.....yes Mr Dial I do see the connection....yes, it all flows together
Mr. Dial how were you going to make any money even if it could have been downloaded?.....uh, right I understand you can't think of every contingency....yes, I guess Devil is in the details.....well Mr. Dial I'm glad you saw the error of your ways and took your children off punishment.....that's great, I'm sure you won their love back...wish my dad took me to Golden Corral everytime he was wrong.
Well Mr. Dial that's all dandy but we're an oil and energy conglomerate and we're looking for someone with cross-indsutry exeprience and I don't think running a phone company with couple of your drinking buddies....excuse me, hunting buddies qualifies you to...
Oh? You do have industry experience.
You were a Director, CEO, and President of an Oil Business? Well who hired you Mr. Dial?...nobody?... you just turned the phony..errrr...telephony company into a oil company....Just like that Mr. Dial? How did you do that Mr Dial, if I may ask?
You merged with Trim-a-lawn? They were a bankrupt lawn care concern....
and how long did you run this company Mr. Dial...wow 3 years...you were able to sustain the business because someone from Libya was writing all the PR for you....hahaha
Mr. Dial did Bubba in the mail room put you up to this....You're serious as a heart attack? Can you provide us with references...
OHHHH, Lois Neuman....she works at the bar in that bowling alley called.....Oh? she's a CEO of a 3 publicly trading corporations....oh, ok, I was thinking about Lois uh....Jim Jarvis's mother in-law who works at the bowling alley...huh? One and the same.....
Well Mr. Dial I appreciate your call but I'm extremely busy, just fax us you're resume and we'll....what's our fax number?...let me give you a few numbers Mr. Dial because I want some other guys to see this one......
Naked Short is a hot button issue with Seneate Banking Commnitte and SEC. There were several articles in Wall Street Journal regarding this matter and a class action suit filed against several Brokerage houses including some major comapnies.
Don't assume the government isn't trying do something. This battle can drag on for years. I think they're trying to keep this battle under the radar because if it ever becomes mainstream news, it would collapse the equity market. We would see the worst collapse of the stock market in U.S. History.
Another fake article for crying out loud....geez, so gulliable. Only shocking part is people thinking this unimaginative mess is real.
Pictures of $130 MM Company Grifco, CTT HQ, Swinford (CTT CEO).
Courtesy of Cleverrox
http://s35.photobucket.com/albums/d160/cyofish2/Grifco/
PTSC - Keep it real!
Why keep bringing up PTSC? The fundamentals are totally different from GFCI. For one they are a fully reporting company. More importantly this is why their stock went up.
Income Statement
Nov. 2005 Revenue - $10,000
Cost of Sales - $0
Gross Profit -$10,000
Net Profit -($1,275,000) loss
Feb 2006 Reveue $60,277,000
Cost of Sales $ 103,000
Gross Profit $60,173,000
Net Profit $24,886,000 gain
601,000% increase in Gross Sales in 90 days. A 5 second look at the financials tell the whole story (where is GFCI's financials) Just keeping it real.
http://finance.yahoo.com/q/is?s=PTSC.OB
10 bagger you missded the Trim-a-lawn merger, following the Lifibre merger. Whoa..Grifco is a congolomerate in 3 industries Oil Services - Telephone - Lawncare.
This PR can be read as a public offering of securities for $2.25? That's what I get based on the verbage.
Seperate out certain assets (Global Oil Tools?) that will operate as an independent entity. File audited consolidated Statements as part of the offering (hmmm).
There was a PR back in May stating Global Oil tools getting listed on Libyan Stock Exchange (not exactly sure what the PR was trying to say. It didn't come out and say it but it mentioned both Libyan Stock Exchange and Global).
Press Release Source: The Lyamec Group
Global Oil Tools Libya to Launch on The Libyan Stock Exchange
Tuesday May 9, 5:11 pm ET
http://biz.yahoo.com/prnews/060509/latu127.html?.v=37
This could be a PR about the IPO of the new entity.
I wouldn't pawn the playstation2 to "load the boat" just yet until further clarification.
JMHO
LOL, When all else fails "ignore".
Keep posting old PRs that everyone;s read. Have fun!
Going - typical answer when you can't respond to a question "sell if you don't like it"...trnaslation = "I know you are but what am I".