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The Street Sweeper Takes a Critical Look at Imaging3
PR Newswire
NEW YORK, Nov. 23
NEW YORK, Nov. 23 /PRNewswire/ -- TheStreetSweeper.org has just published a
detailed investigative news report on Imaging3 (IMGG), a heavily traded penny
stock that recently boasted a market value of more than $700 million.
In its new story, authored by a former senior writer for TheStreet.com, The
Street Sweeper takes a critical look at the media hype that has helped fuel
the stock's eyebrow-raising jump from mere pennies to levels hovering between
$1 and $2 a share. It scrutinizes the company's ongoing pursuit of regulatory
clearance for its new medical device in particular, focusing on bullish
discussions featured on television shows that receive payment for their
favorable publicity. It ultimately raises questions about whether those
promotions - rather than IMGG's actual business prospects - have been driving
the company's share price.
The new story is the latest in a string of investigative reports published by
The Street Sweeper, a financial news site focused on exposing possible stock
manipulation and corporate misconduct. It has identified potential "red flags"
in business contracts announced by Atlantic Wind & Solar (AWSL), for example,
and spotlighted the generous compensation policies at much-larger Force
Protection (FRPT). It has quickly attracted a growing audience of loyal
readers, who are hungry for news about financial crimes, in the process.
In fact, The Street Sweeper has also caught the attention of media
professionals who hope to use it as a springboard for a possible reality
television series focused on white-collar crime sometime next year.
"We feel so strongly about your intent and about people's desires to see this
that we would love to document your efforts in a first-class television
series," stated Andy Weiss, a writer/producer whose screen credits include the
popular MTV series Punk'd and the upcoming Paramount feature film Middle Men.
"It is our desire to complement your site with a docu-reality show focused on
you and your team and those you build cases against and take down.
"We believe that this is a TV show that everyone who has ever been
shortchanged would watch and love."
The Street Sweeper regularly solicits tips from the public about possible
cases of white-collar crime. Those interested in reporting corporate abuses
and/or securities-related fraud should call the company's toll-free hotline at
1-877-4232 or send an email to editor@thestreetsweeper.org.
http://www.TheStreetSweeper.org
SOURCE The Street Sweeper
Website: http://www.thestreetsweeper.org
Contact: Melissa Davis, +1-405-227-0070
-0- Nov/23/2009 12:38 GMT
The previous BUY-IF signal is now null and void. The bullish alert is rejected by today’s long black candlestick. It is now time to wait for the next signal. Meanwhile, either stay at cash or check the other stocks. Do not bother with buying or short selling this stock as long as the WAIT tag stays
http://www.americanbulls.com/StockPage.asp?CompanyTicker=IMGG&MarketTicker=OTC&TYP=S
DJN: =DJ IN THE MONEY: Imaging3 Waits For FDA Clearance
(Dow Jones 11/23 15:12:59)
By Carol S. Remond
A DOW JONES NEWSWIRES COLUMN
It's been about 880 days since Imaging3 Inc. (IMGG) first asked the U.S.
Food and Drug Administration to clear its Dominion medical scanner for
commercialization.
The FDA aims at clearing most so-called 510(k) applications, in which
companies only have to prove that their device is as safe or as effective as
other comparable devices already on the market, within 150 days.
But while it's been a while, Imaging3 Chief Executive Dean Janes is
predicting there is light at the end of the tunnel. Janes first told
investors on Oct. 29 his company might be cleared to market its mobile
scanner by the end of November.
Janes' optimism led to huge spikes in Imaging3 stock price and trading
volume. The stock, which topped at $1.95 a share on Nov. 13, was recently
trading 8.3% lower at $1.27 a share. Imaging3 shares had been trading at
around 5 cents until early September before online promotions started
inviting investors to take a close look at the company.
There are about 375.7 million shares of Imaging3 outstanding, which gives
this company a handsome $473 million market capitalization.
CEO Janes told Dow Jones Newswires his company has nothing to do with online
promotions and a Twitter campaign that have been touting Imaging3's
potential. The CEO, who admits providing general information to shareholders
on the Investorshub.com board for IMGG, said he believes his company is
"very close to an FDA approval." He predicted that once Imaging3 gets
clearance, it could manufacture and sell as many "as 10 systems a month."
Janes again told investors during a recent Money TV spot, a service for
which the company pays between $7,500 and $11,000 per quarter, that he
expects the FDA to shortly clear Imaging3 to market its Dominion device and
that 2010 "looks to be our breakthrough year."
According to a quarterly report filed with the Securities and Exchange
Commission on Nov. 13, Imaging3 had $154.412 in cash at the end of
September. The company had $1.7 million in total assets, including almost
$1.1 million listed as "Other receivables-related party" that appear to have
been paid to Janes in excess of money owed to him by the company. A note to
Imaging3 financial statements explains that Janes, subsequent to Sept. 30,
transferred back the $1.1 million to the company. It's unclear whether the
refund was part of the almost $1.8 million owed to Janes and paid to him by
Imaging3 in the first nine months of 2009. Janes told Dow Jones he owns
about 60 million shares of Imaging3.
(Carol S. Remond, a special writer on the In The Money team, is an
award-winning columnist who won a Gerald Loeb Award in 2005 for best news
service content with "Exposing Small-Cap Fraud," a series of articles that
described how three small companies unscrupulously pumped up their stocks.
She can be reached at 303-997-5783 or by email at carol.remond@dowjones.com)
(TALK BACK: We invite readers to send us comments on this or other financial
news topics. Please email us at TalkbackAmericas@dowjones.com. Readers
should include their full names, work or home addresses and telephone
numbers for verification purposes. We reserve the right to edit and publish
your comments along with your name; we reserve the right not to publish
reader comments.)
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/access/al?rnd=zwt0mZzjDDJIeNODwDY8mQ%3D%3D. You
can use this link on the day this article is published and the following
day.
(END) Dow Jones Newswires
November 23, 2009 15:12 ET (20:12 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
S.DJ DJDAY IMGG US45248F1030 I/MDV G/FDA G/SEC G/USG N/DJG N/DJGP N/DJI N/DJIB N/DJN N/DJWB N/EWR N/WER N/CNW N/DDY N/DJS N/DJSS N/DJWI N/FCTV N/IID N/IMN N/POV M/HCR M/NND P/WMAI P/WMMI R/CA R/NME R/PRM R/US R/USW .FDA
10. RELATED PARTY TRANSACTION
The Company has a consulting agreement with the Chief Executive Officer of the Company for compensation of $12,000 per month. The CEO provides services to the Company for management, administrative, marketing, and financial matters pursuant to the consulting agreement terminable on 30 days notice by either party. The consulting agreement commenced on January 1, 2002, and will continue until such time as the Company withdraws the agreement or the CEO resigns. The accrued compensation has been included in amounts due to officer and is payable by the Company on demand.
During the normal course of business, the Chief Executive Officer advances funds to the Company and in turn the Company will reimburse him. These transactions are recorded as due to officer.
The balance of due to officer amounts to $-0- as of September 30, 2009 and $784,210 as of December 31, 2008.
During the nine months ended September 30, 2009, the Chief Executive Officer was paid $1,773,144 of the amount that was owed to him. This amount included adjustments for funds not recorded in 2004 and 2005.
Filing Date: 11/13/2009 Form Type: 10-Q
I hope they also will not get scared away by the melting stock price in the days to come
The CC was 1 big joke with not one analyst on the call
I never heard a co making a CC on getting a letter from FDA
all he said was that co's booth is near GE and Toshiba so I guess the price of IMGG stock also needs to be near GE and Toshiba
and he also said 50 time FDA approval...... FDA approval Blah Blah
by the way why not 1 word mention on FDA in 10Q?
Co must file an 8k within few days of the deal
the story that it was initiated back in March 09 they will have to tell in court as the jury is out
Did u see a BP with projections
I think that co managment knows best the value of the stock and they sold it at .0025
they had 260mm out and sold 110mm (45% from the co!pre $)
This deal was done Octocer 7!!!! Price was 70c
http://finance.yahoo.com/q/hp?s=IMGG.OB
Date: October 7, 2009
Filing Date: 10/8/2009 Form Type: 8-K
SECTION 3. SECURITIES AND TRADING MARKETS
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
On October 6, 2009, Imaging3, Inc. (the "Company") completed a series of private placements of its common stock pursuant to which the Company sold a total of 107,059,027 shares of its common stock at a purchase price of $0.025 per share raising total capital of $2,676,475.68. The private placements were made pursuant to Rue 506 of Regulation D promulgated under Section 4(2) of the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IMAGING3, INC.
(Registrant)
Date: October 7, 2009
Filing Date: 10/8/2009 Form Type: 8-K
Everyone is entitled for is opinion but you need to understand that co CEO and the board of IMGG don't think that's it's worth much or they wouldn't approve a sell of 40% of the co for $2.6mm just last month
If we think that CEO and the BOD are in the opinion that co stock is worth $1.25 or $500mm then they have to go to jail just for selling out the co at a 95% discount from the value just days before a .........FDA certification and taking all the shareholders to the cleaners by a massive dilution
SECTION 3. SECURITIES AND TRADING MARKETS
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
On October 6, 2009, Imaging3, Inc. (the "Company") completed a series of private placements of its common stock pursuant to which the Company sold a total of 107,059,027 shares of its common stock at a purchase price of $0.025 per share raising total capital of $2,676,475.68. The private placements were made pursuant to Rue 506 of Regulation D promulgated under Section 4(2) of the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IMAGING3, INC.
(Registrant)
Date: October 7, 2009
Filing Date: 10/8/2009 Form Type: 8-K
Even if Co. get FDA certification the stock will not trade anywhere near current price
It's not a drug approval it's only a 510/k clearance that it safe and now co. need to find buyers
With close to 400mm O/S market cap is a hefty 1/2 billion approximately
This is way way overvalued even after co. gets FDA certification
A stock that was sold by the co at 2c and was trading few weeks later at 10,000% premium to that price is nothing but HYPE !
My point is also that our CEO sold lots of stock at 2c to pay all this shady promoters and appear multiple times with that bad guy Donald Baillargeon that has multiple issues with SEC for hyping fraud stocks
http://www.sec.gov/litigation/litreleases/lr16223.htm
http://finance.yahoo.com/news/MoneyTV-with-Donald-iw-511746778.html?x=0&.v=1
they may get soon a letter from the government by mail but it isn't the FDA........
It's the SEC with a subpoena of a formal SEC investigation
Must read
the admin undeleted the post the moderators don't want you to read
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43673470
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43673412
http://investorshub.advfn.com/boards/profile.asp?user=71348
SEC probes executive's posts on Yahoo! Finance message board
http://www.newser.com/story/4304/sec-probes-yahoo-posts-of-whole-foods-ceo.html
The pump that is IMGG
This "supposed" CEO response, to a negative post on another board, is a great example of a reply that points to manipulative, promoter prompted, collusive trading action in a Company.
I imagine the SEC may use this company as an example, especially as huge volume and wild trading action is coming from an entity that, by the CEO's words, "nothing to do with news, promotion or otherwise, especially on my part."
He got one part right, there's no operations to speak of and no news. He got one part wrong, and he knows this because he's close to the "unaffiliated 3rd parties" that pay promotion in the company shares, promotion in this name occurs regularly and was ongoing at the time of "his" post and you've got to love the closing inference, "oh, no, no, I'm not directly involved in any of this."
Disclosure - I admit the promoters have done a great job in this name and while I've been wrong in the short term, this stock goes to $0. Short.