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Clearly, the faithful need to hear some reassuring words from their 15 million dollar man lococrab soon. The weather looks iffy on Lake Winnipesaukee today, so perhaps he's hunkered down in the yacht writing up a calming treatise for you all now. Stay patient my friends. LOL!
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Yes, I believe Mr. Olson worked himself to death attemping to 'uplist':
NASDAQ dreams defunct? LOL! No disrespect meant for the passing of Mr. Olson, but get a load of this ridiculous PR circa 2008:
Providential Holdings, Inc. (OTCBB: PRVH), a company providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, has named Lawrence Olson as non-executive independent member of the Board, in order to expand the Board of Directors in preparation for an eventual Nasdaq listing.
...
CEO of Providential Holdings Henry Fahman said, “Larry’s experience with managing public companies will be invaluable as we move forward with our Asian and Vietnamese opportunities. This appointment is also a move to add independent board members to form audit, compensation and nominating committees in preparation for a Nasdaq listing in the future.”
Source: redOrbit (http://s.tt/16hV5)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74863950
Some info on the mysterious wrap-around debt agreements. This courtesy of scion who posted it on the DD board
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75059445
Read the complaint link for the Ingen info
EC CHARGES ATTORNEY AND CLIENTS IN SCHEME TO UNLAWFULLY SELL BILLIONS OF PENNY-STOCK SHARES
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22352 / May 1, 2012
SEC v. Christel S. Scucci, et al., Case No. 6:12-646-ORL-37-KRS (M.D. Fla.)
SEC CHARGES ATTORNEY AND CLIENTS IN SCHEME TO UNLAWFULLY SELL BILLIONS OF PENNY-STOCK SHARES
On April 30, 2012, the Securities and Exchange Commission charged a mother-and-daughter pair and their attorney with a scheme to unlawfully acquire and sell billions of shares of penny stock that were never registered for sale to the public.
The SEC charged Florida attorney Cameron H. Linton, Esq., his clients, Christel S. Scucci and her mother Karen S. Beach, and their companies, Protégé Enterprises, LLC, and Capital Edge Enterprises, LLC with a scheme to unlawfully sell large quantities of stock in violation of Section 5 of the Securities Act of 1933, which generally requires that securities transactions be registered with the SEC, unless exempt. According to the SEC, over an approximately 20-month period ending in October 2011, Scucci and her mother sold about 3.3 billion shares of purportedly unrestricted stock that they acquired through so-called debt conversion “wrap around” transactions, reaping proceeds of more than $1.5 million from the sales. The SEC alleges that Scucci and Beach were able to sell most of this stock only because Linton issued baseless legal opinions for them stating that the stock could be issued without a warning on the stock certificate limiting the transfer or sale of the security, which is commonly referred to as a “restrictive legend.” The opinion concluded that their resale was exempt from the federal registration requirements.
According to the SEC’s complaint filed in federal court in Orlando, FL, the transactions involved notes issued by microcap companies representing debts supposedly owed to affiliates or others often closely associated with the companies. Under the wrap around agreements, the affiliates assigned the right to collect the debts from the issuers to Protégé or Capital Edge. The wrap around agreements also purported to amend the initial debt agreements thereby allowing Protégé and Capital Edge to convert the money owed to them into shares of the issuers’ common stock at a deep discount to the prevailing market price. Protégé and Capital Edge almost always elected to receive stock from the issuers shortly after execution of the wrap around agreements, and regularly sold the stock into the public market, often for large profits, within days or weeks of acquiring it. None of the sales were registered with the SEC.
The complaint alleges that Protégé and Capital Edge paid Linton to write attorney opinion letters for them stating that the stock acquired under these wrap around agreements lawfully could be issued to them by the transfer agent without a restrictive legend and immediately sold to the public. According to the SEC, Linton lacked any basis for the opinions he issued, which were premised on the notion that through the wrap around agreements and debt conversion, Protégé and Capital Edge could rely on a safe harbor for resale of securities held for at least one year by “tacking” the 12-month period that the affiliates claimed to have held the original debt before transferring it to Protégé and Capital Edge. However, the complaint alleges that when Linton wrote the opinion letters, he lacked an understanding of the applicable legal principles and failed to substantiate the factual predicate for his opinions. Furthermore, the complaint alleges that in mid-2010, Linton became aware of an injunction issued in SEC v. K&L Enterprises, Inc., involving a similar scheme in which his letters were used to effectuate unregistered sales. But for Linton’s opinion letters, transfer agents would not have issued the stock to Protégé and Capital Edge so that they could quickly turn around and sell it into the public market.
The SEC’s complaint alleges that Protégé, Capital Edge, Scucci and Beach violated Section 5 of the Securities Act. The complaint further alleges that Linton violated, or aided and abetted the violation of, Section 5 of the Securities Act. The SEC is seeking to have the defendants return their ill-gotten gains, pay penalties, be subject to injunctions, and be barred from participating in future penny-stock offerings.
SEC Complaint
http://www.sec.gov/litigation/complaints/2012/comp-pr2012-80.pdf
http://www.sec.gov/litigation/litreleases/2012/lr22352.htm
Dude, exactly what kind of 'financing' are you expecting? A bank loan? An angel investor? LOL! If any financing is obtained, it seems likely to me to be of the, shall we way, toxic variety? Ouch. Be careful what you wish for. No good there for the hapless common shareholder, eh?
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NASDAQ dreams defunct? LOL! No disrespect meant for the passing of Mr. Olson, but get a load of this ridiculous PR circa 2008:
Providential Holdings, Inc. (OTCBB: PRVH), a company providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, has named Lawrence Olson as non-executive independent member of the Board, in order to expand the Board of Directors in preparation for an eventual Nasdaq listing.
...
CEO of Providential Holdings Henry Fahman said, “Larry’s experience with managing public companies will be invaluable as we move forward with our Asian and Vietnamese opportunities. This appointment is also a move to add independent board members to form audit, compensation and nominating committees in preparation for a Nasdaq listing in the future.”
Source: redOrbit (http://s.tt/16hV5)
Soon. Possible. Intend. Potential. Them are CATA words. LOL!
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I love CATA! Here's a suggesting for you weenies to ask in the 'conference call': Ask the chief to identify a single thing he has ever done in any of his ventures that ever added any value whatsoever for the hapless common shareholder. Just one example would be sufficient I think. LOL!
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Which company, exactly, are you referring to?
...a company that can produce 10,000% more gold then another refining company stands a good chance of making every gold mining company on the planet a customer..
Maybe they can snag one of the tree units. LOL!
Scheduled plans include first tree units will start being installed as early as next week.
I just love the gridgrabber. Check out the image on the website of the Varta battery. 40V Lithium-ion. Here's a better picture: http://electricvehiclesnews.com/Technology/imagestech/Lithium-Ionen-Accumulator.jpg
I'm sure that baby can help when 'hydro is cheap'!
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Net Profits? LOL! Is this post for real? They had no revenues reported in the last 10Q, exactly how do you supposed they'd generate some 'net profit'? In fact, I don't believe they've ever reported any revenues. I love CATA, can't wait to see what happens next.
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The Grid Grabber descriptions are funny enough, but
visa vie
It seems they had at least $75, because they are now current on the Florida SoS filings. Neavitt and Tilden listed as officers. Revoked in Nevada.
Cata status. Just trying to keep track of the score here. We have:
1. A company (Catalyst Resource Group, Inc) whose last quarter 10-Q showed $14 in cash and no revenues.
2. This company is controlled by a Nevada operation (again from the last 10-Q) called Rerun Recovery which, according to the Nevada SoS website appears to be classified as a home-based business whose net earnings are not more than 2/3 of the average annual wage (from the 003 exempt code).
3. The company recently upped its authorized common share count to 1 Billion (from ~299M?) and reclassified 100 Million shares of preferred stock to common.
4. It has some kind of toxic convertible financing agreement with an operation called Asher Enterprises, but it is difficult for me to tell what is currently outstanding on this.
5. The company is buying a gold mining interest from another Nevada company called Laos Minerals Mining (whose status is default) for $500K in cash and another $2Million within in the next two years (from a recent press release).
Do I have this right? Did I miss any material info?
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Dude, go to the head of the class! This is worthy of 'post of the week' honors. LOL!
--Shareholder serve as both Catalysts and the Resource of the Group of thieves getting rich. Remember this.
I believe this is a gross mischaracterization...
Henry's incompetence
An office drive-by would certainly be entertaining but according to the still functioning website, they have moved:
Ingen Technologies, Inc
3410 La Sierra Avenue.
Suite F507
Riverside, CA 92503
Mailbox Etc?
I have a feeling he wouldn't need to go to Laos to meet with Laos Minerals..
Then maybe he could stop by Laos for finalizing the agreement with Laos Minerals for CATA...
Haig plugged Ingen once too. What a dufus. LOL!
Ingen Technologies, Inc. National & International Televised Interview With Alexander Haig
CALIMESA, California, March 23 /PRNewswire/ --
- Former Secretary of State for President Ronald Reagan
- Product Line Heightened by Increased Market Awareness
Ingen Technologies, Inc. (OTC: IGTG), a medical device manufacturer of OxyAlert(TM), OxyView, and Secure Balance(TM), announced today that Alexander Haig, former Secretary of State for President Ronald Reagan, will interview and feature Ingen Technologies through the television production "Health Journal Television" to be released in May 2006. ...
Perhaps Sao Nam Group is this, since it matches the link found on http://phigroupinc.com/phi/viewcontent.php?menuCha=17&menuCon=25
Hand Made basket
[Hand Made basket]
Detailed Description
Product Name:Hand Made basket
Quick Details:
Material
Wood
Place of Origin
Vietnam
Frame Type
Wood
It is hand made furnitures used materials is rattan, and bamboo.
It is hand made furnitures used materials is rattan, and bamboo.It has many kinds, for other type of furniture, please contacts to us following:Ta Tuan AnhSao Nam International JscTel:84437263709Fax:84437263710
We promise to supply you with high quality Garden Tools & Equipment!All items we are selling are best quality among the similar products.All items will be strict tested before shipping!Welcome your negotiated prices,we promise your good price will be our consideration.We are sincerely looking for your cooperation.
Company information:
Sao Nam International Jsc was found in 2005 . We is an exporter of Vietnam Pots & Kettles products. We consider quality as the most important and our clients as our god. If you are interested in our products ,for more details, please feel free to contact us.Finally ,we want to establish the business relations with you ! Are you interested in our company ? Please feel free to contact me and visit our website(www.saonamgroup.com.vn) .TKS !!
Send Inquiry to this Supplier
Sao Nam International Jsc
Mr. Ta Tuan Anh
14B3 Lane 6 Van Phuc-Kim Ma-Ba Dinh
84-4-37263709
84936779993
I spent a total of 30 seconds with this. I googled
"Sao Nam Group" -"Phi Group"
"Hoang Ngoc Co" -"Phi Group"
"An Giang" "power plant" -"Phi Group"
That is just too funny! What the ticker change primarly does is obfuscate the past history of the stock, making it more difficult for one to determine the 'turditity' of the symbol. Not that this would affect anyone reading this board, of course...
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LOL! Coal? Limestone? Those are heavy "things" that have mass and occupy space. All I've seen from this operation is words and paper. Well, I guess paper has mass and occupies space as well. Hmmmm... That must be why pulp is part of the plan too.
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How about: Hapless investors reading ridiculous PRs and buying millions of shares of stock unloaded by insiders, but just not quite keeping up.
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I fired up the HP. It's been a while since I've done that, but it still going strong. From the last 10Q there are some 247 Million shares outstanding. At a 1:1500 reverse, that will leave some 165K outstanding. There are currently (again from the last 10Q) some $2.4 million in short term notes payable. There is also $1.4 Million due to officers, but let us ignore that for a moment. The 'restructuring' has a clause which allows debt to be converted at a 25% discount to the ten-day average prior to the conversion. If we look at recent activity, let us assume a value of 75% of .0028 as such a conversion factor. If all the $2.4 Million in short-term notes payable was converted, that would be some 1.15 Billion shares, or after the reverse, 766K shares, far exceeding the currently issued amount of 165K. Ouch to the hapless common shareholder if that happened.
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Must be important to keep the hapless common shareholders in the dark, eh? Not only were they not consulted on the 33% increase in authorized common, they weren't even informed of it after the fact. You would think that something of that magnitude would have warranted at least an 8-K filing. Ouch. LOL!
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Check the stock facts for yourself. LOL!
From the latest amended 10-Q:
At September 30, 2011, the Company’s authorized capital is 299,990,000 shares of Common Stock with a par value of $0.001. Common Stock issued and outstanding of 103,669,948 shares is fully paid and non-assessable.
On October 17, 2011, Asher Enterprises, Inc. converted $6,000 principal amount of the Convertible Promissory Note dated January 11, 2011, together with $1,600 accrued and unpaid interest thereto, totaling $7,600 into 400,000 shares of common stock of the Company.
On October 24, 2011, the Company issued 150,000,000 shares of restricted common stock to Rerun Recovery, Inc., a Nevada corporation, and its designees pursuant to the Business Cooperation Agreement dated May 05, 2011 between Rerun Recovery, Inc. and the Company. Consequentially, Rerun Recovery, Inc. and its designee(s) have become controlling shareholders of the Company.
As of November 08, 2011, there were 254,069,948 shares of the issuer's Common Stock, $.001 par value per share, Class A Common Stock, (including 20,867,000 shares to be cancelled) and 9,958 shares of the issuer's Class B Common Stock, $.001 par value, issued and outstanding.
On February 10, 2012 the following was filed with the Florida Secretary of State:
Article V. The following clause is added to existing Article V: "The 100,000,000 shares previously designated as Preferred Stock, par value $0.001 per share, are now reclassified as shres of Common Stock, par value $0.001 per share, effective February 10, 2012".
The amendment(s) was/were adopted by the board of directors without shareholder action and sharehold action was not required.
Curious thing about the promoters and their third party 'contributors'. Usually the third party's are difficult to track down. But here we have an 'Odd Marketing LLC' that seems to be quite active with CATA. I found an Odd Marketing LLC that appears to be involved in the stock touting business in Florida. I wonder if it is the same one. It seems that the principal of this Odd Marketing LLC filed for bankruptcy a couple of years ago. Ooops. From the public record of that, it appears that at the time of the filing his primary employment was 'valet parker'. Prior to that? Professional surfer. Can't make this stuff up. Curious how a guy with credentials and experience like that has tens of thousands of dollars to throw at penny stock promotions.
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That fits the pattern quite well, for anyone who has followed this, or any of the fahman stocks, for any length of time: Label_A: issue a PR with grandiose plans and a promise of a followup, then forget about it, wait a bit, then goto Label_A.
However, your post got me googling a bit again and I found an item of interest. I had forgotten this company is a Florida corporation where the corporate docs are readily available. There was a filing just a couple of weeks ago. Could this have anything to do with the explosion of volume the past few days? Should an action of this magnitude have warranted an 8-K filing? Inquiring minds want to know...
From the Florida archives ( http://www.sunbiz.org/corinam.html )
Article V.
The following clause is added to existing Article V: "The 100,000,000 shares previously designated as Preferred Stock, par value $0.001 per share, are now reclassified as shares of Common Stock, par value $0.001 per share, effective February 10, 2012."
Why don't you do some research by reading any one of the entire history of PRs from PHIE, or PHIG (good luck), or CATA or any of the litany of symbols that preceeded these. Then, compare those statements (and their results) to the ones in the most recent PR. LOL!
You'll have to rephrase that into something more coherent...
CATA has leapfrogged a number of worthy candidates to take top spot in my favorite stocks list. The CATA story is just incredible, and its market performance today exceeded even my low expectations.
From the last 10Q, we have a company with $14 in the bank, no revenues, $18 million in accumulated deficit, a bunch of toxic convertibles with Asher Enterprises, and a deal to give a controlling interest in the company to an operation called Rerun Recovery, controlled by a long-time cohort of the acting CEO and for this CATA is to provide $3.9 Million and 150 Million restricted shares. Wow. Fast forward to today. Without any definitive news of real financing, CATA is willing to plunk down $500K for a joint venture with Laos Minerals Mining and committing another $2Million over the next two years. That's just unbelievable. Literally. LOL!
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'Some time'. LOL! It sure must take 'some time', King's been workin' at it since 2010:
Henderson, NV, December 21, 2010 – ...KING management is also hard at work to bring the company back to public eye and raise the
shareholder value. To succeed in this endeavor, the management announces that the company will
subscribe with OTCMarkets and start to file relevant information about the company and its
subsidiaries, in order to raise the company OTCMarkets tier rating with OTCMarket from “Stop” to
“Yield”. ...
Dang, I almost forgot about CATA. It's been so quiet...
Here's a stock with $14 in the bank, $18 million in accumulated deficit, $0 in revenues, has managed to double the outstanding shares in a matter of 2 months, is actually controlled at this point by an outfit called Rerun Recovery, and has a number of toxic financing deals with Asher Enterprises. I'm surprised it's taken this long for it to go 'to da moon'!
KING rambles... I've had this turd on my watch list for years. I think they're gearing up for another go. First thing they need to do is hire a new press release writer. LOL!
HENDERSON, NEVADA--(Marketwire -02/24/12)- King Resources, Inc. (Pinksheets: KING.PK - News) (www.king-resources.com) Interim management of King is advising its followers that the company intends to redomicile currently in Delaware to Nevada, or Wyoming.
Interim King management is of the opinion that this corporate action warrants a news release as it is a material event. In King management opinion Nevada and or Wyoming are better suited and better received for the company's incoming off shore long term primary exploration and mining company merger targeted venture.
King Management is of the opinion that, a company, during the course of the life and affairs of the company circumstances may change. Directors are sometimes faced with a situation where the rules and regulations then prevailing in the "home" of the company no longer fit the company's purpose, or the prevailing rules. The transfer process should be as seamless as moving from one house to another. The company name and symbol will stay the same.
In other company news, King has aspirations of becoming a fully transparent company with OTC Markets. As previously announced new Adequate Disclosure and legal opinion is currently being drafted by the company agents and its barristers. Until OTC processes KING application and fee to commence filings on OTC Markets; King intends to post its financials on its own website and or its IR firms "Filings, OTC Weekly Reports" Tab section of their web site www.min#amargroup.net including a certain research report on the Grid Grabber (Secondary Merger Candidate).
More details and updates will follow shortly and frequently on a timely basis...
And now really gone. Finally.
09:24 PHIG PHI Gold Corporation Common Stock 2/22/2012 100 12(j) Registration Revoked by SEC **
LOL! But what about Bolt!? What is he up to now?!?!
Itro looks like the winner in this list, but that doesn't account for the 1:1000 split in 2010:
38. The following is a summary of the Auditor's calculations for the number of years
it would take NIR to liquidate the AJW Funds' Top 25 PIPE investment under NIR's stated
investment and trading strategy:
AJW Funds
Top 25
12/3112007
Company Total Shares Price Per Share Est. Years to
(Convertible) Fully
Convert/Sell
MHGI 188,133,397,544 $0.00019 95
TXTG 4,716,667 $0.75 20
DLAV 12,206,262,745 $0.00388 4
EPCG 133,626,458,246 $0.00019 137
CCNG 233,423,636,923 $0.00013 711
MODC 27,165,483,400 $0.001 751
CYBL 853,979,379 $0.0255 0
ACTK Not Traded Not Traded Not Traded
CYDF 3,419,062,087 $0.00631 8
WTVN 25,886,054,761 $0.00113 27
GLBT 194,157,196,923 $0.00013 43
GRWW 3,060,022,063 $0.007 32
PFEH 50,004,640,632 $0.00038 96
CYSG 133,357,891,154 $0.00013 140
MGWL Not Traded Not Traded Not Traded
DIBZ Not Traded Not Traded Not Traded
ASVN 57,297,025,161 $0.00031 12
AVTI 4,175,406,116 $0.00419 8
SSHS 24,153,329 $0.30 99
BNYN 10,424,152,107 $0.00138 10
ABPH 3,354,056,010 $0.004 20
INSN 103,916,252,747 $0.00013 41
IGAI 24,337,922,632 $0.00038 31
ITRO 4,741,356,611 $0.00263 1
ADMH 4,108,354,114 $0.003 814
Can't get blood from a stone. You all are going on as if there is some value that can be salvaged from the notes. LOL! The SEC put it best:
"Many of the distressed companies to which the AJW Funds had made loans were by then essentially defunct or on the verge of filing for bankruptcy"
Curiously enough, there are 'institutional holders' of this stock, at least according to various websites. Maybe I'm all wrong about IMGG. I'd a thunk the only 'institutional holders' of this stock would be from those 'institutions' where you can check in, but you can never check out. If you get my drift... LOL!
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