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This is from a long time ago. Molinari "took" that alternative trading platform from Ault and turned it into GATE.
SOURCE: Global Access Holdings, LLC
November 13, 2008 13:43 ET
Global Access Holdings Reaffirms Closing Acquisition of ZATS Trading Platform
NEW YORK, NY--(Marketwire - November 13, 2008) - Global Access Holdings, LLC (GAH), an emerging provider of financial media and analytics announced today that it reaffirms the closing of the asset purchase agreement with Zealous Capital Markets, LLC as previously announced by Adult Entertainment Capital on October 21, 2008.
Reports or claims from any source including those made by management of Adult or Zealous Capital Markets, that the transaction had been cancelled are false and possibly actionable. Pursuant to the agreement GAH acquired all right, title and interest in the Zealous Alternative Trading System from Zealous Capital Markets, LLC. GAH has commenced commercializing the platform technology which it markets under the Global Access Trading Engine (GATE)â„¢ trade name and is extremely optimistic about the prospects for the technology.
Vince Molinari, CEO of GAH stated, "I am disappointed by the turn of events with the management of Zealous, and the press release issued yesterday by Adult Entertainment Capital is completely at odds with the closed transaction." Molinari continues, "Regardless of these false statements, GAH maintains and reserves all rights and remedies available to it under the law, and we are continuing our aggressive improvement and deployment of the GATE solution."
http://www.marketwire.com/press-release/Global-Access-Holdings-Reaffirms-Closing-Acquisition-of-ZATS-Trading-Platform-920360.htm " rel="nofollow" target="_blank" > http://www.marketwire.com/press-release/Global-Access-Holdings-Reaffirms-Closing-Acquisition-of-ZATS-Trading-Platform-920360.htm
The chill will not prevent you from selling or buying this stock. It's primary purpose is prevention of introducing any new shares by CBAI into the market.
Chills are placed on chronic diluters and I believe CBAI fits into that category. The DTC puts a stop to it by placing a chill on the stock. Requesting a release of the chill generally is ignored by the DTC.
The good news is that once we are up and running again from the R/S, the float will be quite small and this stock will move almost like on air.
I really feel like the original intent of CBAI and Matt was one of sincerity. However, over the past year it would seem that CBAI bit off more than it could chew. This was evidenced by ongoing dilution and adding in shares into the billions. Then, the ultimate, was the R/S.
This is classic going nowhere fast kind of penny stock stuff. If the DTC chill weren't in place they would be adding millions of shares right now too. No positive activity anticipated by this stockholder since October of last year. So far, CBAI has not let me down on that point. It is very doubtful this one will rally, IMO. As penny stock investors, we see this everyday and frankly it has become way too common, IMO.
I agree. This stock went south the moment that company came onboard. I know the lawsuit and all that, but still........
This one has been bugging me for days now. I thought when an investor bought stock in a company we were buying into the company. Is Bonenberger really looking for private investors? Why wouldn't he be worried about AGEL stock? The whole point of going public is to get funding from investors. Stock price tells the story of how well a company is or is not doing, IMO. So far, AGEL isn't doing so hot and it's obvious in its PPS and financials. I know this can / should change in the near term, but it is still a "hmmmmmm" moment (to me) that he wouldn't be concerned about the stock. Only a couple of things come to mind, IMO, either AGEL is about to go private or something spectacular will take place to substantially raise the PPS. Personally, I would prefer spectacular over private. However, if he is soliciting private investors, then, maybe any near term event to raise the PPS is out of the question too. Just throwing this out there. Thinking this much this early in the day is a bad thing lol.
I know you gotta dig to find it, but here is some more info:
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=14909 " rel="nofollow" target="_blank" > http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=14909
The above URL are the financials listed on the OTC from 2008 and clearly show Steve Bonenberger as the CEO on PAGE 6. They haven't been up to date with their financials until very recently. The most recent financial data wasn't signed off by anyone.
and
I am not sure what is going on with the URL tags, but they are not working properly this morning. There is one more at Bloomberg Business week if you search for AGEL and click on executives it will show relationships and you can click on Rapid Fire Marketing from there. It lists Steve at the CEO.
Realistically, unless someone has unlimited funds to launch a legal battle, there is nothing to do, but suck it up, learn from it, and move on.
Unfortunately, that IS the way it is. Sure, be mad I am too. I have lost more in this POS than any other. However, I have learned a lot from it too as I am sure you have, as well.
I must say that since the first of the year that there is a whole bunch of this kind of stuff happening. It seems to be everywhere, IMO. Question is: Why is it so widespread?
LOL,THERE's YOUR SIGN:
Yep, and they were even opening new offices too.
Looks like Steve is a busy man. I stumbled upon some information I thought I would share. Maybe this is known by many, but it's new to me.
Steve Bonenberger is the CEO of Rapid Fire Marketing (RFMK) and Brent Fouch is his Chief Financial Officer. RFMK just happens to share the same address as AGEL in Carson City, NV. This address really does look like one of those (Rent a business address) kind of places.
Brent Fouch is the CEO of Mind Technologies (MTEK) which was formerly know as Blackhawk Financial.
Mind Technologies (MTEK) was one of the companies suspended a couple of days ago for questionable financial activities by the SEC.
Well, anyway, I found it interesting and like I said, just sharing what I found. Somewhere, RFMK came up with a considerable amount of money to launch a major campaign over the next 3 months for their product.
The SEC seems to be really trying now to crack down on this type of fraud. They have got their work cut out for them because this is so widespread just in the OTC. I think it's a bit more sophisticated in the NYSE, but it is still there.
In the past few days the SEC has halted several OTC stocks due to questionable activities. If they just take a few at a time like they have and really focus on these then over time they will get it cleaned up somewhat.
With WLSI, it is so blatant what happened I am surprised that an indictment hasn't been handed down. These folks need to be in jail, for sure.
I am not upset just yet. Realistically, I am going to give them a few months to get going with this. IMO, if nothing is cranking by October it NEVER will, PERIOD!!
This opinion is based on current information available and accessible to all investors.
Now, just how in heck does one average down from 0.0001?
Who knows? I anticipate an 8K stating the company has gone out of business any day now, IMO.
We really haven't had any PR in quite sometime. I don't stay up with this stock much anymore. It is dead in the water at this time. However, these PS stocks do have a knack for rearing their little heads back up from time to time. Anything is possible, IMO.
Oh yes, the dastardly deeds of the DTCC. They have placed many stocks into an "Ineligible listing." It will cost the involved companies somewhere between $3000 - $6000 to resolve and that is only if the DTCC if feeling forgiving .
Zecco is one of the several brokers using Penson as their clearing house that has enacted this situation for us investors. This basically renders your stock worthless in many instances.
That is, unless, you are lucky enough to have your stock surge beyond the boundaries of earth into infinity and beyond, thereby, enabling you to sell for a profit.
There really is a good side for the investor regarding a DTC Chill. The company is not allowed to introduce any new shares into the market when under a chill. This has nothing to do with the shares you currently hold. What it does is prevent those new authorized shares from coming into play. This means the float will be quite low when your shares are released. For an example of this fact, look at NXHD. They have been under a "CHILL" by the DTC for a long time now. Their float is very low something like 17 million, but their authorized shares are 100 Billion. They just can't put them into play.
This favors the investor, but the investor will not know when the shares are going to be released. However, neither does the company. As far as the current hold-up of our shares, they will be released less than 2 months after the R/S date. I learned this from another recent R/S and "long-term" kind of hold up on my shares. Realistically, this is a win / win for the investor.
CBAI is the one that wasn't counting on this or just didn't understand what a "chill" means to them as a company. Dilution by introducing new shares into the market is impossible at this time. Once your shares are released, and they will be within 2 months, you will have a much smaller float to contend with than anticipated.
Regarding the DTCC ineligible issue, this is a BIG ISSUE and much bigger than a chill, IMO. At this time, for stocks that are added to this list it means to trade them with "some" brokers can and will cost between $200 - $700 per trade. For many, this renders their investment worthless unless something magnificent takes place to surge the PPS up...WAY UP!
Of course, this is my opinion, but based on factual occurrences over the past few months. Regarding the DTCC ineligible issue this is an absolute fact if your broker happens to be Zecco, for one.
I just need to claify is CBAID under a DTC Chill or DTC ineligible or both? They are not the same thing.
Zecco account for AGEL is not showing any changes at this time.
If an R/S happens it really wouldn't be a surprise to most that have been in this stock for any length of time. As far as notifying the investors ahead of time, AGEL's Board of Directors which seems to be narrowed down to Steve at the moment make all the decisions and never asks for a proxy vote from the investors. We could receive a PR on Monday that the decision was made 3 months ago to do an R/S and it is effective tomorrow. That is just the way things work with some companies.
Still, it is a bigger concern to me about the DTC ineligible issue. The PPS on AGEL would need to surge to much higher highs for it to be worth it to take or even obtain any profits, really. I look at it as if it WILL cost me at least $700 to make a trade.
If an R/S does occur it will do nothing for the DTC issue. Additionally, I have seen over the past few months with R/S's that investors monies are stuck in limbo for over a month because of some kind of hold up at the DTC.
As of now, unless / until something wonderful happens with AGEL this is simply a stagnated stock. However, AGEL is not alone because this happening all over lately.
Of course, this is only my opinion.
They know exactly what is going to happen, IMO. I feel that Molinari and Livingston removed themselves to avoid some type of conflict of interest with AGEL. Things are happening, for sure.
Please explain what there is about UWRL that would make anyone regret leaving. I haven't seen anything worth staying on board over yet, IMO.
As Cars said when they talked to Steve, they are looking for big investors to come into the picture, or something like that. Now, just suppose there were just a couple of whales to enter the picture and buy some Common Stock? This float could be snatched up right quick like in theory, IMO. It could happen........... Keep hope alive!!!
They, as in Molinari and company, haven't even gotten the tires on this racecar heated up, just yet. We are still riding around the track behind the pace car under a mist and caution, IMO. That green flag will drop soon enough as the mist gives way to clear skies and sunshine!!
Then buckle up and grab your butts to get ready for the ride of your life, IMO.
Silence can be a good thing, but with this one I would anticipate bad news, IMO. They have done nothing since BK. However, I suppose there is always a smidgen of a chance.
I must say that I really admire your faith in GDTK Supreme microwave. Wish that I felt the same way, but I may come around in time.
The zero volume does come on the heels of the 10Q which wasn't what some had hoped for, IMO. However, little changed from previous 10Q's. The other elephant in the room is the DTC ineligible issue.
For all we know, there have been investors attempting to buy only to have their trade canceled due to the fee's involved now or so that the brokerage can make the investor aware that a purchase of a million shares ($100) will cost them between $200 - $700 in fee's. This is a disastrous issue, IMO. If this mega-problem isn't resolved in some way during the near term we are done and stuck.
I did email Angel Acquisition investor relations about this yesterday and got a relatively rapid reponse. Their reply was, "We are researching this topic and looking for a remedy." So, apparently AGEL is aware of what is going on.
It is not so much about trading Pink Sheet stocks as it is being on the DTC ineligible list, IMO. What investor would knowingly become invested in a stock that may cost them $200 - $700 in fees if they decide to sell?
Angel Acquisition seriously needs to address this issue and advise the investors of what their plans are to resolve this matter, IMO. It would take one heck of a windfall to make it worth selling if that was even possible now. Here is a note one investor received when trying to sell another stock on the same list as AGEL.
Please note that the security (SY**) you were attempting to trade is ineligible for electronic transfer through DTC. We have cancelled your order because we want to ensure you are fully aware of the fees associated with settling trades by way of physical delivery. It is possible to buy or sell the position by settling trades with delivery of physical certificates, however the fees associated with such a transaction are estimated to range from $200 - $700 per trade. These fees do not financially benefit Zecco Trading, they are strictly pass-through fees for the cost of settlement.
The thing is this whole project isn't even launched yet. It is set to launch in the very near future from what I have read. Once launched, we won't see immediate results either, but I have never seen this kind of potential in any penny stock.
These things take time and IMHO, time is what we really need right now. Time to get back up to a bid so the folks that want out can move along and time to resolve this DTC ineligible thing. The only resolve to that I can see is a symbol change and I mean more than just adding a "D" at the end of it.
We know that Prudential is in for the micro finance staging and that in itself is outstanding. At this time we are in the staging area waiting to enter the theater. The suspense is thrilling IMO. Maybe this will never amount to anything, but I do not see Vincent Molinari or Prudential etc., involved in any going nowhere project.
I got into this stock just over a year ago and never dreamed the potential would end up as it is. For me, nothing has changed with AGEL's potential, but increase over the past few months. Sure, I would like to see it right now, but I will ride this one indefinitely.
I know that last year there was a buyback though it seems they added more shares back-in. I hope that Steve learned from previous R/S's that this is not the way to go for a favorable outcome. However, AGEL is one of those stocks that can certainly be referred to as a serial reverse splitter even though it has been a couple of years since the last. We wait........
Since Penson is used by Scottrade the fee structure could change at any moment. Best we can hope for is a symbol change from AGEL to get us off that list. Only way to get a symbol change would be by RM which appears unlikely, but if it should I really consider this may only occur by a subsidiary of Gate Technologies such as Gate Global Impact, but not Gate itself.
I was going to set up an account with Scottrade about a year ago. At that time (not sure if it is still in effect) they required at least $500 to open an account. The one thing they did that kind of ticked me off was do a "hard" credit pull inquiry on me. I wasn't applying for some kind of a purchase or credit account just wanted to open a regular cash account.
However, Scottrade takes it upon themselves to see if you might be eligible for a margin account and does the credit inquiry. Of course, I was accepted to establish the cash account, but decided to go with Zecco due to no limit to open, no hard pull credit inquiries, and at the time low fees.
It is impossible to really know what is going to happen with AGEL until it does. The Micro Finance arena is huge all over the world, but not in the USA. My feeling is that AGEL has a role in this pilot right along with several other entities. Vincent Molinari has a plan and he is keeping it closely held, for now. Hopefully, it will be successful, but it will be a few quarters before we know for sure, IMO.
In the meantime, this give an opportunity to sort out of this mess with the DTC ineligible situation. AGEL has not had a bid since this took effect. Therefore, many investors have no idea how much it will cost them to sell this stock at this time. I sure wouldn't want to be one of the first in line to sell when a bid comes back if my brokerage was something like Zecco.
As long as it will cost more to sell a stock than the stock is worth...well I am working through this and all is only my personal opinion. Trying to look at the positive side
This is quite an effective way to dispose of insignificant investors without the hassle of an R/S, IMO. I realize this affects so many investors, but it also takes out the flippers that keep PPS down on some very worthwhile stocks. This is a very good thing, IMO.
How many times have investors jumped on board a very promising stock just to have it hit rock bottom by the, uh......, investors that are happy to take a 10% or so profit and move on? All too often this has been blamed on a business that has been honestly trying to build as a public company. True, there are many scams, but there are real small businesses that are failing due to the way they are traded, IMO.
With the recent change, that flipper will think twice before being satisfied with a very low profit. Why? It will cost them money to be in a stock like AGEL in the more than likely event that they want to pump and dump. This, in turn, will have more investors holding stocks for longer periods of time for these type of stocks, IMO.
The low-life's that have haunted the hallowed halls of the OTC for years are done. Now, if they want to do their dastardly deeds time for them to be putting a hell of a lot more money on the line for DTC eligible stocks. So, this will effectively take these bozo's out too.
The list is long and they have stated as others are identified will be added. In the end, it's not the stock itself, but how it is being and has been traded, IMO.
I believe this DTC ineligible stock business will work out favorably in the end for the penny stock investor. Perhaps all the other clearing houses are waiting to see how Penson makes out with all of this.
As of now, Penson is not doing well at all. In fact, to give you an idea of just how Penson is currenlty doing: On May 2, 2011 Penson opened with a PPS of $6.13 and as of this afternoon (May 17, 2011), their PPS is $2.99 and the selling continues.
Notification of inability to timely file Form 10-Q
Quarterly financials will be late
I'm curious what the buying / selling would be today if trades weren't being canceled by this DTC ineligible thing through Penson. Traders are not understanding the predicament we are in yet. Penson is the #2 clearing firm and there are several brokerage firms that use them at the moment. This not only affects AGEL, but dozens of other stocks.
Penson is trying talk this like it has something to do with their recent 10K filings as to why their stock is worth about half of what it was worth last week. They are being hit very hard and in turn they are losing business for these brokerage firms.
From what I have heard for those that do succeed in selling (when there is a bid) it costs an arm and a leg now. One example I saw posted was it was going to cost one trader $200 to sell $90 worth of a stock.
Here's the most up to date list I could find of brokerages that use Penson:
eOption
Firstrade
OptionsHouse
Scottrade
thinkorswim
TradeKing
Zecco
I am sure that AGEL is aware. After all, what Penson has done with AGEL and many, many other stocks has been to effectively make them "ILLIQUID SECURITIES." Penson's stock is headed south in a big way since they pulled this little stunt. All the better for Gate Technologies, IMO.
What does Gate Technologies specialize in? ILLIQUID SECURITIES!!
Let us not forget too that Vincent Molinari is the Chairman of the Board for Angel Acquisition and holds 100% of the Preferred A stock for the company. So, while it is true Gate Technologies bought controlling interest only in Angels in Action there is still a bigger piece of this puzzle that will involve the entire company in some way.
I am not feeling as positive about the outcome for current shareholders as I once did, but that is just me. What I have learned is that it is common when this type of merger / acquisition takes place a massive R/S is done and its primary and only purpose is for taking out "insignificant investors." I have been doing a lot of reading up on mergers and acquisitions lately and as an investor what can be expected. Guess we will just have to wait and see.
At least now we all will know just how many shares we have to chew through to move the share price of a stock. I think that is what this means anyway.
Yes, that is good news. However, this information is about a year old and is not related to the activities that have taken place since the first of this year. The current activities are much more promising, IMO.
I wish GDTK the very best, but this is eerily reminiscent of last fall. They started hitting the PR's just like this too and, then, nothing for the most part until now. Still not producing, just building. We wait for some real product, IMO. So far nothing, but talk.