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several 10k blocks going through on the ask!
-faz
Did we actually have some volume today or is that just my imagination?
-faz
DPDW looking like a good entry today.
News is out on the Mako acquisition:
HOUSTON, Dec. 18 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced that it has signed a definitive purchase agreement to purchase Mako Technologies, Inc. ("Mako"). Headquartered in Morgan City, Louisiana, Mako serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
"The total cost of acquiring Mako is a maximum of $5.0 million in cash and 11,269,841 shares of common stock of Deep Down based on Mako management's expectation of $2,400,000 in earnings before depreciation, interest, amortization, taxes and other non-cash charges ("EBITDA"), after also adjusting for certain non-recurring expenses, for the fiscal year ending December 31, 2007. As part of this acquisition, Deep Down will also pay off approximately $800,000 in Mako bank debt. The first installment of $2,916,667 in cash and 6,574,074 shares of common stock of Deep Down is expected to be paid at closing within the next few days, and the balance of up to $2,083,333 in cash and 4,695,767 shares of common stock of Deep Down will be paid upon completion of an audit to verify adjusted EBITDA expectations for the fiscal year ending December 31, 2007," commented Robert E. Chamberlain, Jr., Deep Down's Chairman.
"We are very pleased to have signed the acquisition agreement with Mako, and believe this non-dilutive transaction is extremely beneficial for Deep Down and our shareholders as we continue to add products and services to our portfolio of capabilities," commented Ron E. Smith, Deep Down's President and CEO. "We believe we can significantly enhance Mako's current annual revenue base of approximately $6.8 million by expanding the equipment rental pool and ROV fleet."
"An expansion of the ROV fleet can yield benefits beyond increased rental income, including increased service revenue from two and three man ROV operating crews and the opportunity to sell additional launch and retrieval systems ("LARS"). Prospect Capital Corporation is providing $6,000,000 in debt to fund the cash requirements and expenses associated with this transaction. Terms are substantially the same as those in the initial borrowing that was concluded in August 2007," said Eugene L. Butler, Deep Down's CFO.
"With Deep Down's relationships and access to capital, we foresee the ability to expand our ROV fleet and take advantage of our customers' growing need for both planned and "emergency" offshore rental equipment in support of their growing level of oil and gas exploration occurring in the Gulf of Mexico. We also plan to expand our operations internationally," commented Jacob Marcell, Mako Technologies' chief executive officer.
There is a lot of good DD in the iBox on the board.
http://investorshub.advfn.com/boards/board.asp?board_id=7181
-faz
-faz
pretty crazy if you ask me!
-faz
Yep...
Deep Down, Inc. (OTCBB: DPDW - http://finance.yahoo.com/q?s=DPDW.OB ) (Thu, September 27, 2007, 11:42am EDT) Deep Down, Inc. announced it has delivered and installed the first of two active heave compensated in-line winch systems to Schlumberger, Inc.
Deep Down believes there is sufficient demand in the offshore market to support the development of a new line (Proteus(TM of custom-engineered active-heave compensated in-line winch systems to complement the Company's existing product and service capabilities. This equipment can be installed in-line on existing winch systems to add active heave compensation capabilities. Depending on the custom-engineered requirements of its customers, the Company expects to deliver these in-line systems at prices ranging from approximately $500,000 to $1,000,000 each. Due to proprietary and confidentiality considerations, the Company cannot disclose the price of these systems delivered to Schlumberger, Inc., nor the area of deployment.
Deep Down recently completed a project for Schlumberger, Inc. requiring the engineering and design of an intelligent control system to manage the recovery and deployment of equipment, machinery, and other payloads in subsea environments. Active heave compensation systems are installed on seagoing vessels and drilling rigs to reduce the heave, or vertical movement, that subsea payloads experience due to wave activity. They are typically used when precision well logging or drill hole monitoring operations are being performed, or for specific ROV operations. In many cases, it is critical to keep these payloads stable while the surface deployment vessel is moving vertically from large oceanic swells.
The system was designed to maintain vertical displacement of a subsea payload to within six-tenths of an inch even if the surface deployment vessel, or ship, is experiencing a heave of up to 30 feet. The control system monitors these vertical motions and compensates by releasing and retrieving the main winch to keep the payload essentially still.
"The development of our Proteus(TM) line of active heave compensated winch systems is a prime example of the opportunities that are available to us through the collaborative efforts of Deep Down and ElectroWave. We expect this collaboration to continue as we seek to meet the growing demands of our customers for solutions to challenges in ultra deepwater environments," commented Ron Smith, president of Deep Down.
-faz
Wow, a whole hour of buying at the ask and the bid takes it's first hit! Unreal.
-faz
dak,
I too have loaded up between .90 and .925. I think that this company has an excellent chance of hitting $2.00+.
I like it a lot.
-faz
Yeah, I figured it would take a few months, but they may have already begun the audit. Looking forward to see it when it is done.
-faz
"The first installment of $2,916,667 in cash and 6,574,074 shares of common stock of Deep Down is expected to be paid at closing within the next few days, and the balance of up to $2,083,333 in cash and 4,695,767 shares of common stock of Deep Down will be paid upon completion of an audit to verify adjusted EBITDA expectations for the fiscal year ending December 31, 2007"
I would think that we should see a PR with the results of this audit. Not sire if that will be before the end of the year, but you never know.
-faz
Adding a boat load here. Great news and at this price, this is a steal.
-faz
Another great line in the PR:
"With Deep Down's relationships and access to capital, we foresee the ability to expand our ROV fleet and take advantage of our customers' growing need for both planned and "emergency" offshore rental equipment in support of their growing level of oil and gas exploration occurring in the Gulf of Mexico. We also plan to expand our operations internationally," commented Jacob Marcell, Mako Technologies' chief executive officer.
The international markets is where the money is at and will be the greatest source of growth in the oil field services industry in next decade.
-faz
Nice!
"We are very pleased to have signed the acquisition agreement with Mako, and believe this non-dilutive transaction is extremely beneficial for Deep Down and our shareholders as we continue to add products and services to our portfolio of capabilities," commented Ron E. Smith, Deep Down's President and CEO. "We believe we can significantly enhance Mako's current annual revenue base of approximately $6.8 million by expanding the equipment rental pool and ROV fleet."
Love it!
Crazy volume going through on the ask....730k traded so far!!
-faz
A whole lot of volume in the last half hour and not a lot of movement. I am looking forward to the next PR. GLTA!!
-faz
PENNYLAND!!!!
and the 9's are getting hit...super thin on the ask today!!!
-faz
85's on deck. Someone must know something. I am scouring the web for any news at all.
-faz
75's getting hit. Very thin here this morning.
Congratz to those who bought in cheap. This has some potential now.
-faz
Bet it is Berman trying to stir up some interest.
-faz
Unreal. I bought another 10,000 today between 1.24 and 1.28. Loving the action right now!
Any chance there is a PR on the way?!?!
-faz
Where did all that come from? Crushed the 1.30's and now looking at 1.35's!!!
-faz
john,
at this point, I would just settle on seeing a bid so I would have the opportunity to unload my shares and walk away with at least something. Oh well, should have a bid in early 2008 when we get slapped with an R/S.
-faz
wittke,
I am a bit troubled by this PR. This looks to me to be a nearly identical strategic plan with the CEO's other company...RSDS. I still fail to see how it is legal to have to own and function as the CEO of two separate companies, in the same region, in the same business in the same industry. There has got to be some sort of conflict of interest here. If there is not, anyone thinking about investing in this stock needs to take a cold hard look at RSDS.
I for one am actually a little surprised to see Berman actually come out and report a 504 is in effect. Normally, he does this under the radar. I wonder how easy it is going to be to actually operate two separate 504's at the same time. Guess he is going to have a great Christmas!
I also like this statement:
"The Company will also search for a suitable senior mining joint venture partner to form a strategic alliance for continued growth."
I am not sure this company has had any growth, so I fail to see how there can be continued growth. The only growth I can see is negative growth and that is from a PPS of 1.10 to .02.
Now, I will give this stock a chance and see what happens before I get too negative on it, however, I have little faith in this CEO.
-faz
Not a whole lot of sales today! Charts are looking good here!
-faz
Bri,
Your statement:
'All I have tried to do is balance the board. Too, the CEO told me he is holding off any possible reverse split in order to give this stock a chance to recover, and an opportunity to clean up this board. I have failed miserably.
Does this mean that Berman directed you to bring balance and try to "clean" up this board? Is that why you requested an assistant mod role? Why did you not just tell us that? Why do you need to bring balance?
I am not down on you at all, but rather just confused as to why you continue to give this man the benefit of the doubt when he continues to use you and rape you over a barrel. Why not tell Berman to F*** Off and if he wants to repair any wounds and right this ship, to simply be honest and address the concerns of shareholders on this board. However, instead of being constructive, all Berman seems to have time for is to draft cease and desist letters and send them to shareholders who do not aide him in fleecing shareholders.
How many more times are you going to be taken by this clown? I understand that you have money in this pig just as I do, but unless Berman decides to come clean and become transparent, the share price will never increase.
If you want to get some of your money back, ask berman when he is planning on putting out positive PR's that indicate RSDS is on the right track to revenues? So far we have no indication of when that might be. No NI 43-101 reports, no new drilling, and no idea when the tailings pile will be sold. Instead, what we do have is continued selling by the CEO, 7 billion more shares to go through, R/S on th horizon and confirmed for 2008 by the CEO, owning AUMN but not really, no drilling until spring time, and lastly, efforts by the CEO to silence shareholders.
It is tough to be positive when you get a picture painted like that. We do not need balance to this board Bri, we need facts. I got suckered in once by Berman and that will not happen again. Everything I post is just the facts. If that puts our CEO in a bad light, then so be it. I have no inclination at all to try to balance my posts we happy, feel good fluff and will rather let the facts speak for themselves and as it happens, the facts don't paint a rosie picture at all.
-faz
Bri,
Thanks for that. I am not sure I buy that answer and I do believe there is issues with his explanation. My thoughts below.
From Sept. 25th, 2007 PR:
Russell Industries has elected to not acquire American Uranium Mining, Inc. as was reported on June 19, 2007. "RSDS does not have the necessary financing in house and has decided not to pursue the debt financing necessary to acquire AUMN. Alternatively, RSDS has decided to use its available funds and any additional equity funds raised to continue its strategic business plan," said Rick Berman, President and CEO.
Don't you find it a little dubious that RSDS did not have the necessary financing the acquire AUMN yet Berman did?
Let's look at the PR from June 19th:
HOUSTON, TX, Jun 18, 2007 (M2 PRESSWIRE via COMTEX) --
Russell Industries, Inc. (RSDS.PK) announces that it has acquired American Uranium Mining Company ("AUMC").
AUMC owns 68 Uranium Mining Claims located in the Brigerjack section, San Juan County, Utah.
"This acquisition is synergistic with Russell Industries focus on the Uranium market and will increase our holding company's assets to 322 Uranium mining claims which will now encompass 6,440 acres in San Juan County," said Rick Berman, President and CEO. AUMC, a publicly traded company, will also have its stock traded on the pink sheet market. Russell Industries will announce the new symbol and date trading will begin in a future press release.
About Russell Industries, Inc.
Russell Industries, a Nevada Corporation, was incorporated in 1997. Russell Industries is a holding company that will acquire assets in the energy, mining, healthcare and financial industries. The Company owns a majority ownership interest in 322 Uranium Mining Claims as of June 18, 2007.
All the statements above are in the past tense, not statements of what the company is working toward and trying to do in the future. For every PR up until the Spet. 25th indicates that RSDS has a majority ownership interest in 322 mining claims. Then all of a sudden, he up and tells us oh...wait a second...RSDS didn't actually buy AUMN yet it is still owned by Berman. That is what I want to know! That is what Berman needs to explain.
From an email from Berman a while back:
"Regarding AUMN, the company is entirely separate. Therefore, unless you are a AUMN shareholder, you will receive no benefit from AUMN."
Does this not make you a little bit upset? Does this not demonstrate that Berman has not been working for the shareholders? Doesn't this just make you ask who is Berman really working for?
Simple answer...HIMSELF. This is futher evidenced by the latest PR from AUMN:
American Uranium Mining Announces 2008 Strategic Plan
Thursday December 6, 4:00 pm ET
HOUSTON--(BUSINESS WIRE)--American Uranium Mining, Inc. (Pink Sheets:AUMN - News), is pleased to announce its 2008 strategic plan. AUMN owns a one hundred percent operating interest in 68 unpatented uranium mining claims in the Bridger Jack area of San Juan County, Utah. The plan calls for the Company to selectively and on a limited basis; permit, drill, log, reclaim and sell any U308 it finds in an effort to generate revenue by the end of the fourth quarter of 2008. The Company will also search for a suitable senior mining joint venture partner to form a strategic alliance for continued growth. The Company plans to finance its plan by raising equity capital pursuant to and in compliance with SEC Rule 504 Regulation D. The Company has chosen to sell these shares to accredited investors only. The Company will also explore other potential sources of equity capital during 2008. The equity capital is being raised for repayment of organizational costs, operational expenses and working capital.
Funny how there are no previous PR's listed for AUMN on pinksheets or Yahoo! This way, once the new 504 on AUMN gets underway, Berman will be able to fool a whole new set of investors.
Last, how come Berman is now paying attention to AUMN and not RSDS? Simple, with a bid of 0 and and ask of .0001 on RSDS, it is pretty difficult to pocket any money. So, his attention is now turned toward AUMN which will be in the same state as RSDS in no time.
So to answer your question, YES, I do have a problem with your statement:
"when he stated he did not have the proper funds available at the time in RSDS to acquire AUMN, so the acquisition was scuttled for the time being, or put on hold if you will,"
-faz
Bri,
Fair enough. Just a quick one for ya though. If you have the ear of the CEO on an almost daily basis, then have you bothered to ask him what his reasoning was behind acquiring AUMN for himself and then PR'ing that RSDS had acquired it?
I mean, if he is as noble of a guy as you make out, then he should have no problem giving you a reasonable answer.
That should be a fair question don't you think? It is not derogatory or attacking in any way.
-faz
Ummm...how would you know that he has his ducks in order? Give me something tangible so I CAN trust you.
In my opinion, he may be in a little over his head. Time will tell.
As for this company, I am going to kick back and relax and wait for the R/S in 2008.
-faz
Nice PR! Addition of Cam Cheriton to the board. 50 years of mining industry experience with a focus on discovering new deposits!
-faz
You think I would get my own correction right. Man, it has been a rough weekend!
-faz
Correction to my fact list:
A/S: 10,000,000,000 shares and the A/S: 3,089,450,237 shares.
-faz
Bri,
Nice post. While I agree there are positives about RSDS, I can't help but to think, in my opinion, that this is a list of talking points handed down from the CEO to you.
Sure RSDS has 254 claims and we have an idea of potential valuation of one of them. However, we still lack any concrete plan to explore, evaluate and then produce, not to mention that the exploration to date has produced exactly nil. WHY did we not start on the PAYDAY claims? There is loads of data on them.
I like that RSDS has contract to sell the tailings pile, however, this represents a one time source of revenue rather than a revenue "stream".
As for the REVENUE, yes I did say REVENUE, why does Berman feel he needs to continue to generate cash by selling shares? Oh I know, the company line...something like...What us iHubbers think is dilution is actually an opportunity to buy assets without having debt; what we call dilution is in all reality liquidity.
hmmmm....oh wait, I think that actually takes care of your last talking point.
Bri, I like that you have a positive outlook on things, so here is a positive thing that you can do. Why don't you try to derive a valuation of the company based on these positive details and come up with an estimated PPS using 3,089,450,237 shares outstanding.
The problem here Bri is that many have seen emails from our CEO with the same set of talking points listed. In my opinion, it is a joke that Berman thinks that he wields any influence on this board at all after his consistent display of complete incompetence regarding the drill program that he has engaged in.
While the positives are great, it is incredibly naive to overlook the rest of the facts. I have listed some of them below.
1. A/S of 3,089,450,237 shares.
2. O/S of 10,000,000,000 shares.
3. PR indicating R/S in 2008.
4. Drilling activities halted.
5. AUMN was not acquired, but bought by Berman instead.
6. Zero results to date of the drilling campain.
7. Zero communication from the CEO to shareholders.
8. Consistent errors and half truths in the PRs
9. Multiple 504's
10. PPS DILUTION (that is right BERMAN, I said dilution!!!)
11. NI 43-101 reports promised, but no where in sight.
12. Minimal financial accountability.
13. Ignorance of uranium exploration.
14. 1 whole employee...Berman himself.
15. Resignation from TRSI.
That is just a start...but seems my list of negatives is already longer than your list of positives, 3X longer.
Trust me, I want my money back and as soon as I get to break even, I am going to unload every share I have. However, I am not going to do that on the backs of potential shareholders who are not privy to all the facts because they have been overlooked, or worst case, deleted by mods. AND...I will certainly not allow this board or any of my statements to be influenced by the CEO of RSDS. This is a forum for expression of ideas regarding RSDS and if Berman does not like it, then he can take iHUB off his bookmarks, shut down the computer and maybe get back to work and actually try to produce something!
Hope you have a great day!
-faz
Makes,
This PR does not talk about AUMN as being a future transaction, therefore, the forward looking statements clause at the bottom should not cover it. In the end, this PR is written in the past tense and therfore indicates that the transaction has been compete and that RSDS had acquired AUMN. In my opinion, this is the PR that is the most damaging to Berman. He knows it too. I wonder if anyone has though about doing a correlation between this PR and selling by Berman(not 504 shares, but just his shares). Would be interesting.
-faz
did it and done. added a little bit more there at .008. I like going into the weekend green.
Have a great weekend!
-faz
Are the bid and ask both at .007? That is what Ameritrade is saying.
-faz
Makes,
I will answer you via email.
-faz
any chance this is the same Scott Keevil:
link: http://infoventure.tsx.com/TSXVenture/TSXVentureHttpController?GetPage=CompanySummary&PO_ID=14196&HC_FLAG1=on&HC_FLAG2=on
Seems the listing is historical data (indicated by the "*"). I couldn't find any reference to when Scott Keevil was employed, but I have just started to dive in.
This is the website of the company: http://www.spireventures.com/pmt.php/index
Did some digging through some the PR's that have been released from them since 2001 and no mention of Scott Keevil.
Consolidated Spire Ventures Ltd. seems to be the same profile as Sarissa in that they have performed quite a few acquisitions.
Apologies if this is a repeat post.
-faz
Interesting. This would mean that a COC form would have had to be submitted because I assume that the samples were shipped rather than hand carried.
My guess would be that there was no COC form completed at all and simple communication was done via email or the phone.
-faz
wittke,
Did you speak with her? Did she give any insight? I have been trying to find the time to speak with them for about a week now, but my travel and work schedule is not permitting any free time until the evening. I have given them an email, but no response yet.
-faz