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Datawind PocketSurfer 2 is now on sale in the UK through Amazon. This is the new model that doesn't need a separate cell phone to work - it has it's own mobile connection and SIM card. So far, the UK is the only market it is being sold into. This seems a bit strange since Datawind is a Canadian company. Perhaps they are waiting to sever themselves from EGIL as a distributor before they try North America.
http://www.amazon.co.uk/Datawind-PocketSurfer2-Portable-Internet-Device/dp/B000UGXWZE/ref=pd_bbs_sr_...
Full article link below - including details of how the airline that EGIL hyped in-flight tests of the Pocket Surfer on - didn't really exist...
http://www.vanityfair.com/fame/features/2007/11/pearlman200711
That's just a another blatant lie, and a very outlandish one at that. You can't do that with GPS inside a building. Absolutely no way. And Costco wouldn't want to anyway (it's just not how they operate). Keeping track of things inside buildings is why RFID exists, and it's not for consumers (it's so shippers and merchants can remotely ID and track palettes of goods). Is there anything these people won't try to claim?
The GPS claim has to be another outright lie. Not even Datawind themselves are offering that in the PocketSurfer 2, which has been coming in "3-5 days" for the last several months in the UK (its launch market).
http://widget.com/products/ProductDetail.asp?productCode=PS04UK&topGroupCode=DW&subGroupCode....
As a side note, Sprint will be the first to roll out a version of Microsoft's Live Search that uses cell phone tower triangulation to work out roughly where the user is. It's an interesting approach because it doesn't require GPS at all. It remains to be seen how well this will work for turn-by-turn directions, but it's a great solution to questions like "where are the nearest Sushi restaurants?".
http://www.engadget.com/2007/09/18/sprint-microsoft-roll-out-location-based-live-search/
Brace yourselves... edgetechpc.com has been allowed to expire.
http://edgetechpc.com
Not shocked? Damn you are so undisapointing
PocketSurfer 2 (from DataWind) is still missing in action in the UK. The press release below - dated August 21 - contains a forward-looking statement claiming widespread availability (including high street stores) on August 16. Yup, you read it correctly, that would be "looking forward" to five days earlier. Distribution is by Widget, whose former board member is now COO of DataWind in Europe. There's a neat little relationship.
http://biz.yahoo.com/bw/070821/20070821005506.html?.v=1
I would tend to agree with you - especially looking back on those press releases that gave the distinct impression that the PocketSurfer was about to become standard equipment on Pearlman's Trans Continental Airlines despite the fact that - at the time - they had only one operational aircraft (a small business jet) that was within days of being seized by creditors. At the very least, there had to be some sort of stock deal going on, if not an outright kickback.
That said, the Pearlman prosecution is focused on the ponzi scheme to the relative exclusion of other cases that could be made. The only way I can see EGIL being dragged in is if they find a link to offshore money transfers (specifically - if they can show that Pernas helped Pearlman hide money, presumably in Russia where they allegedly travelled together). It will take a long time for the Pearlman case to play out, but if the EGIL link is a simple case of Pearlman being instrumental in a pump-and-dump, I doubt that will ever be presented to a jury. Too bad, really, because there is definitely a case to be made there.
In other news... Datawind are supposed to be releasing the PocketSurfer 2 in the UK in early September and are taking orders now. They also have a site for Germany. Both can be accessed through http://www.datawind.com/
This model has wireless built-in (so it doesn't need your cell phone to get connected) and the price of £179.99 includes 20 hours a month of access for the first year. That's a pretty good deal compared to devices like the iPhone which - in addition to a high initial cost - incur roughly $80 a month in total charges from AT&T on the lowest plan. Functionality is good - for example, they support IM clients like Yahoo!, which the iPhone currently does not (iPhone doesn't support Flash), but there is no option to use Wi-Fi which is how I use my iPhone most of the time (office and home). There are still things I'd bitch about with it, but overall it looks pretty good on paper and they seem to be serious about launching it.
Not sure I understand why the rest of the world (including Datawind's home country of Canada) still get the old model. Perhaps something to do with their contract with EGIL?
I don't know whether that makes anyone feel better or worse about EGIL. Investors certainly weren't idiots because this shows there was a viable product that EGIL could have built a business on had they been more interested in doing that than operating a pump-and-dump scheme. Parnas and his buddies short-changed themselves with their dishonesty. They could have made a lot more money by doing it the right way and investors would have benefited accordingly.
I apologize for that last post. Someone who genuinely can be called an idiot was using my computer. They like to think they're funny, but there's nothing funny about people being ripped off. Sorry about that.
Have you considered that you might all be idiots. Just a thought.
If anyone is interested in Pearlman, the following site has a lot of coverage.
http://blogs.tampabay.com/money/trans_continental_news/index.html
Someone on that site commented that they knew he had planned a trip to Russia with Parnas (they did not know whether or not it actually occurred). What is known is that they generated several PRs together at the end of last year. For example:
http://www.tmcnet.com/usubmit/2006/12/13/2167740.htm
Transcontinental was in no way an airline. At the time of this PR It had only 1 aircraft that was verifiably operating - a small private jet.
Pearlman had to be getting something out of his dealings with Parnas, so it's possible that Parnas could get dragged into this, but it's more likely that the Feds will focus on the "big crimes" and let the others slide unless Parnas is tied in to the hiding of assets.
CAPTION COMPETITION
Just to liven things up, how about some captions to this photo:
http://thepcedge.com/html/pop19.htm
My entry: "Lev Parnas is so hot. I'd like to knock-boots with this hottie".
Here's a review of the Pocketsurfer 2, which Datawind is launching in the UK. This version has built-in internet connectivity.
http://www.reghardware.co.uk/2007/07/13/preview_datawind_pocketsurfer_2/
Of course, just because there are signs of life at Datawind doesn't mean anything for EGIL. It's just sad that had they not been a bunch of scammers they might have gotten somewhere. Added to that, Datawind "launched" earlier versions in multiple countries multiple times in the past and nothing ever happened.
In other news... I notice any mention of Amcap Ventures is gone from EGIL's IR page. So much for that
http://thepcedge.com/html/investor%20relations.htm
Hope everyone is doing well.
You are right to be suspicious, especially around here . For the record, I have no position in EGIL, never have, and certainly wouldn't advocate anyone taking one now. The first time I heard of EGIL was a couple of weeks ago in connection with the Pearlman scheme. This board makes for some interesting reading and so I am happy to comment where I think I can contribute something useful.
My earlier post on how Amcap could spin EGIL was intended as a preemptive caution on the business Amcap is in and what could flow from that (i.e. more deception). Someone posted positively about Amcap, so I thought it would be helpful to draw attention to their disclaimer because if a new wave of PR starts you know there will be at least a couple of people on here saying "see, it wasn't a con, everything is OK, the future is bright" when nothing could be further from the truth.
My opinion on EGIL is that it has been a deliberate fraud and is an ongoing criminal conspiracy.
The fact remains, though, that if someone is holding what are, essentially, worthless shares, a new wave of hype might enable them to recover a little of their money as long as they're smart enough to see it for what it is and get out quickly. You can absolutely disagree with that and there are plenty of reasons for doing so, not the least of which is that Amcap are not visibly doing anything right now other than being the e-mail for EGIL's IR.
Best wishes.
There is reason to believe that the actual manufacturer, Datawind - http://datawind.com - has product (they call it the PocketSurfer). EGIL is just a distributor. There are all kinds of shenanigans going on, but that doesn't mean the product doesn't exist.
Amcap mentions nothing about EGIL at all right now. If they do anything, they'd want to get their ducks in a row before beginning a pump-and-dump cycle, so no reason to have any content on their web site right now. The delisting question is interesting. I'm sure they'd like to relist with EDGAR because it would look better, but being delisted doesn't prevent the stock from trading. They could spin their way around even the delisting - e.g. "It's been a rough ride for EdgeTech who had been poised to launch their revolutionary internet device before crashing into supply-chain problems, falling victim to Lou Pearlman, and running into financial issues. But, now, with new management on-board, the company is to finally begin shipping...". You get the idea. And if there's one thing EGIL has been good at, it's spinning a story.
Murray could just have been brought in on spin. "Hey, we're about to launch this revolutionary new device and we need to beef-up our management team to increase investor confidence. Just lend your name to it and we'll give you a bunch of shares". It would have been a bit more subtle than that, but you get the idea.
I've seen companies that were either scams or had consumed way too much of their own Kool-Aid be able to staff their boards and other positions with very respectable people at the end of their careers. Sadly enough, many of them were also investors.
Amcap's web site features a telling disclosure: "ACV intends to sell its shares. ACV receives shares from companies and in certain cases non affiliate shareholders" (see http://www.amcapventures.com/legal.html for more). What this means is that they are a typical pump-and-dump operation - they get shares, use spam e-mail and other techniques to pump up the price, then they'll sell and take profits before the stock plunges or the company goes under.
So, there are 2 scenarios here. The first is that they've done a deal with EGIL to handle their "IR enquiries" so they can gather more e-mail addresses to spam. The second is that Amcap are going to take EGIL through one more wave of pump-and-dump hype.
For the second scenario, they'll want to line up some carefully engineered "news" from EGIL before starting. One possibility would be the release of actual product. Datawind apparently have it, and EGIL never seemed to have taken delivery of units that they purportedly paid for. Either that deal was a complete sham, or there are products owed to EGIL that could be used to back up an announcement that the product is now shipping.
EGIL could claim to have suffered supply-chain issues and launch problems ("we were a victim of Pearlman") and then decided it was better to hold-off launch since a "second-generation" version was close.
EGIL could spin the product as an alternative to the iPhone (mentioning iPhone and Pearlman in press releases would get them some attention). If the price was slashed and they reposition it as an accessory / companion to existing cell phones they could make a compelling-sounding argument that would confuse enough people before the bottom dropped out. Remember the price doesn't have to do more than cover costs if the primary goal is to pump-and-dump the stock.
Some examples of what they could claim are:
"Faster than iPhone" - A PcEdge connected to a cell phone on a 3G network like Verizon's should be much faster than an iPhone connected to AT&T's EDGE network.
"Real keyboard" - There is a perception that real keys are better than a touch screen.
"More of the internet" - Potential claim if PcEdge supports Flash (iPhone doesn't which means, for example, you can't use things like Yahoo's web-based Instant Messaging).
"Specialized device" - "None of the compromises or complexities of an all-in-one device".
"Convenient" - "Just popping into a store? No need to carry a bulky all-in-one device, simply leave your PcEdge in the car and pop your tiny little cell phone in your pocket".
"Protects your investment in your existing phone - you don't have to buy a whole new device to get 'the real internet'"
"Gives you your choice of carrier - not forced onto AT&T or to terminate your existing contract"
"Better value than iPhone" - This one is mostly dependent on dropping the price, but they could also claim that you can "take advantage of lower cost data plans from your existing carrier", "don't need to buy a new device to use the 'real internet'", "don't need to enter into a new long-term cell phone contract", and "don't need to pay for features you won't use".
You get the idea. It would all be spin and hype, of course. EGIL is going nowhere but under. But the potential for one last run is there. Worth watching. If you have EGIL stock, at this point you might as well wait and see, and for everyone else it could be a quick in-and-out. Whatever you do, don't hold it. And remember, it could simply be e-mail harvesting (scenario 1) and / or Amcap may decide not to hype it.
Best wishes to all.
OK, so while it was fine to report the historical numbers a while back it suddenly isn't now. And it makes perfect sense to delist, vs. changing the designation of the stock and switching from on venue to another overnight like a normal company . I'm completely following on your logic (sarcasm intended).Enjoy your jail time. No matter how clever you think you are, justice is coming. It'll take a few years, but you'll be got.
One of the more interesting things about a de-registration from EDGAR is that a company no longer has to report sell-offs by their officers.
Unfortunately, folks, this has all the hallmarks of a pump-and-dump scheme; first, you find something you can hype, then engage in a flurry of press releases, then you sell your stock at a high, wait for the stock to drop again when you don’t deliver anything, and repeat the exercise as many times as you can, then get out leaving your investors holding the bag. Sound familiar?
While not even being owned by the company, the product itself has some serious limitations. For example, it has no in-built internet connectivity. To use it, you need to connect it to a cell phone with a data plan (this is covered in the user manual), plus pay an additional monthly fee. Compare the costs of doing that to the costs of simply upgrading to a smart-phone and the economics don’t work.
Best advice: if you believe you have been defrauded, you should contact both the SEC (http://www.sec.gov/investor/pubs/aboutoiea.htm) and your State Securities Regulator.
All the best.