Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hey Rig... Any updates on the Patents?
HONG KONG, July 19 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc. (Nasdaq: CESV - News) announced today that it filed applications for patents on July 13, 2005 to cover the outlook design of its nine energy-savings products
LOL !!!
I reserve the right to trash this chart and start all over again.
Your efforts are APPRECIATED!
Dave
Got some shares at Avg cost .0068...
Question for the board...
Thoughts on why there is so much volume?
Trying to figure this all out in my tiny pea brain.
Thanks in advance,
Dave
OT - Huh???
Super Bowl XXX
Dallas 27, Pittsburgh 17
Sun Devil Stadium
Tempe, Arizona
January 28, 1996
Attendance: 76,347
Cornerback Larry Brown's two interceptions led to 14 second-half points and helped lift the Cowboys to their third Super Bowl victory in the last four seasons and their record-tying fifth title overall. Brown's interceptions foiled the comeback efforts of the Steelers, and earned him the Pete Rozelle Trophy as the game's most valuable player.
Dallas scored on each of its first three possessions, taking a 13-0 lead on Troy Aikman's 3-yard touchdown pass to Jay Novacek and a pair of field goals by Chris Boniol. Neil O'Donnell's 6-yard touchdown pass to Yancey Thigpen 13 seconds before halftime pulled Pittsburgh within 6 points, and the Steelers had the ball near midfield midway through the third quarter. But O'Donnell's third-down pass was intercepted by Brown at the Cowboys' 38-yard line, and his 44-yard return carried to Pittsburgh's 18.
After Aikman's 17-yard completion to Michael Irvin, Emmitt Smith ran one yard for the touchdown that put Dallas ahead again by 13 points. The Steelers rallied, though, behind Norm Johnson's 46-yard field goal, a successful surprise onside kick, and Byron (Bam) Morris's 1-yard touchdown run with 6:36 to play in the game.
And when they forced a punt and took possession at their own 32-yard line trailing only 20-17 with 4:15 remaining, it appeared they might have a chance to break the NFC's recent domination in the Super Bowl. But on second down, Brown struck again, intercepting O'Donnell's pass at the 39 and returning it 33 yards to the six.
Two plays later, Smith barreled over from four yards out for the clinching touchdown with 3:43 to go. Pittsburgh limited the Cowboys' powerful running game to only 56 yards and enjoyed a whopping 201-61 advantage in total yards in the second half, but could not overcome the three interceptions (another came on the game's final play) thrown by O'Donnell, the NFL's career leader for fewest interceptions per pass attempt.
In all, O'Donnell completed 28 of 49 passes for 239 yards. Morris rushed for a game-high 73 yards on 19 carries. For Dallas, Aikman completed 15 of 23 pass attempts for 209 yards.
The Cowboys' victory was the twelfth in a row for NFC teams over AFC teams in the Super Bowl.
Your just sore cause we whipped your butt so many times!!!!
OT - Steelers????
Deleted your peoplemark (As well as Art2Gecko's) - LOL
Later !
Go COWBOYS!!!!
Dave
I hate the Redskins, I'm out !!!
Go Cowboys!
Dave
86484 x 8 home games = 691,872 milk drinkers !
http://www.tickettrader.com/venues/fedex_field.html
The Redskins FedEx Field has not had a season in which the stadium failed to sell out its tickets even though the seating capacity is 86,484 making it the largest stadium in the NFL.
Last one from me today...Again from Yahoo...
Enjoy,
Dave
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=3750345230&tid=cesv&sid=...
Quick Introduction
by: firstglobalmedia (40/M/Scottsdale, Arizona) 08/10/05 02:56 pm
Msg: 51 of 54
Hi. My name is John Roskelley and I am the President of First Global Media. We are the Investor Relations firm representing China Energy Savings Technology.
I just wanted to make a quick introduction and to invite each of you to feel free to contact me anytime with any questions you may have regarding CESV.
My office is located in Scottsdale, Arizona and I can be reached during normal business hours at 480-902-3110. I'm generally available to receive your phone calls, and if you happen to get my voicemail please leave me a message including your name and phone number and I'll return your call as quickly as I can.
Regards,
John Roskelley
President
First Global Media
Tel: 480-902-3110
Email: jroskelley@firstglobalmedia.com
Interesting read from Randstory on Yahoo......
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=4687864&tid=kyo&sid=4687...
China Energy Savings Technology (NASDAQ:CESV)
CESV has approximately 27 milion authorized shares.
Shares are held by the company's chairman, Mr. Sun Li. Mr. Li holds approximately 15.6 million shares, roughly 65% of all authorized shares.
The second largest holder of shares is Golden Resorts, Ltd.,through its Sky Beyond corporate subsidiary. These are restricted shares.
These two shareholder interests account for approximately 24.9 million of the approximately 27 million shares, leaving 2.1 million shares as the float, or free trading shares.
The finalized acquisition of the remaining 35% interest in Starway Management- the revenue generating subsidiary of CESV- took place on 7/28/05. Starway is 100% owned by CESV.
CESV has a Sept.-Sept. fiscal year.
The 3Q for CESV ended 6/30/05. The preliminary 3Q results for the company, as per Mr. John Roskelley, director of First Global Media- the IR firm for CESV- are as follows:
3Q revenue: 12.17 million (USD)
3Q profit: 7.35 million (USD)
These figures represent an 8% increase in revenue for CESV, and a 14% increase in profits, over the preceding 2Q.
These preliminary earnings equate to .30 per share for the 3Q.
The company has guided to $1.00-$1.10 per share for fiscal 2005, ending, as mentioned, 9/30/05. Current PPS for CESV is in the $8.90
range.
The strongest earnings month for CESV will be the last Q. It's very hot in S. China in the summer months (July, Aug. Sept.), and electricity demand is at its highest. The business development strategy for CESV in 2005 has been to engage municipalities in S. China as clients for its energy saving installations, particularly street lighting installations, and then to focus all forms of energy savings installations for its corporate clients.
The 3Q quarterly report (3Q ended 6/30/05) for CESV should be out around August 15th- around the beginning to the middle of next week.
I've reviewed the SEC filings for the company to date.
-r.
Disclosure: long CESV
OT - Your gonna need the 40% pop just to get back to the $1 where ya started pounding your fist <lol>
Otherwise, now looks like everything is a go, from all factors put together, to see the nice 40% pop or more on the PR at MWAV, when the dog will finally have its day.
MWAV Stock
Price 0.71
Bid (size) 0.71 (x3,200)
Ask (size) 0.72 (x200)
Have fun,
Dave
http://www.investorshub.com/boards/read_msg.asp?message_id=7162365&txt2find=mwav+
Don't follow this at all, so not sure if this was posted before...
Just received this in my AOL inbox...
CMKM auditor raises concerns, gets sacked
2005-08-05 17:30 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
by Lee M. Webb
CMKM Diamonds Inc. is living up to its billing by critics as an outrageously entertaining subpenny pink sheet soap opera. In a recent episode, CMKM fired its latest auditor, Brad Beckstead of Beckstead & Watts LLP, after he raised concerns about possible illegal activity in the conduct of the company's affairs.
CMKM disclosed in a July 29 filing with the U.S. Securities and Exchange Commission (SEC) that it had terminated the engagement of Beckstead and Watts. Since the termination, CMKM lawyer Donald Stoecklein and Mr. Beckstead have been duking it out in SEC filings.
Mr. Beckstead's engagement with CMKM was even briefer than the short stint served by the company's previous auditor, Neil Levine of Bagell Josephs & Co. LLC, who lasted four months before pulling the plug on the pink sheet promotion. Mr. Beckstead was dumped after only 11 days.
Neither Mr. Levine, who quit, nor Mr. Beckstead, who was fired, performed any actual audit work for CMKM because the massively diluted pink sheet company headed by Saskatchewan native Urban Casavant does not even have complete financial statements, let alone the necessary backup documentation to perform an audit.
While the two auditors' association with CMKM ended differently, neither departure cast the pink sheet company in a favourable light.
Auditor one
After months of prattling on about compliance, including claims that the company was ahead of schedule and close to filing, CMKM hired Mr. Levine on Jan. 10 of this year, paying him a retainer of $100,000. (All amounts are in U.S. dollars.)
Less than two months after Mr. Levine signed on as the company's auditor, the SEC issued a 10-day trading suspension against CMKM and then followed up with an order instituting proceedings against the pink sheet promotion on March 16.
Mr. Levine testified for the U.S. regulator at an evidentiary hearing on May 10. Among other things, Mr. Levine testified that, in spite of repeated requests to Mr. Casavant and others associated with the company, he had not been provided with financial statements or any backup documentation needed to perform an audit.
It was at the May 10 hearing that shareholders first learned that a few days earlier Mr. Levine had notified the company that he was terminating his engagement effective the end of the hearing.
Bill Frizzell, a Texas lawyer allowed limited participation in the proceeding as counsel for a number of CMKM shareholders known as the Owners Group, repeatedly questioned Mr. Levine about his departure during cross-examination.
"Basically in 25 years of doing accounting and asking for records, this isn't a company that me and my firm wants to continue to represent," Mr. Levine said in response to Mr. Frizzell's first question on the matter. "I've asked for records over and over. I don't get any records. And I'll leave it at that."
Rather than leaving it at that, however, Mr. Frizzell pressed on with a similar question.
"My testimony is this isn't the type of company that I want to typically represent, one where the owners take the Fifth Amendment and -- when I do ask for records, and it's frankly become problematic," Mr. Levine answered the Texas lawyer's second question about the matter.
Mr. Frizzell moved on to a few other questions before returning to the subject of Mr. Levine's break with CMKM.
"Is there any particular reason why you chose to withdraw your representation for this company or your attempts to audit this on the day before everyone is headed to Los Angeles for this de-registration hearing?" Mr. Frizzell asked.
"You want to ask me that again?" Mr. Levine asked in return, apparently somewhat incredulously.
"The timing of your resignation," Judge Brenda P. Murray offered, suggesting the question was at least slightly different.
"The timing is that we're a very busy accounting firm," Mr. Levine said. "I'm in the middle of a major Q season, which is the biggest May 15th deadline.
"And frankly, you know, I'm done playing around with whoever I'm going to get documents from or I'm not, and I have to be on standby.
"And we just don't want to represent a company like this anymore."
Mr. Frizzell finally dropped the subject and quickly came to the end of his cross-examination.
Evidently locating an auditor to replace Mr. Levine was a difficult task. It was not until two months later that CMKM disclosed it had found someone willing to sign on for the job.
Auditor two
In the introduction to a posthearing settlement proposal jointly submitted to the SEC enforcement division by Mr. Stoecklein and Mr. Frizzell, it was disclosed that Beckstead & Watts had been engaged on July 11, "after a month of due diligence by the auditor."
Somewhat ironically, the July 12 settlement proposal was submitted on the same day that Judge Murray issued her initial decision in the administrative proceeding against CMKM, ordering the revocation of the company's stock registration.
On July 15, CMKM filed an 8-K with the SEC officially acknowledging the change in auditors.
On July 22, a week after filing the notification regarding the change in auditors, CMKM fired Beckstead & Watts.
That development was not reported in an 8-K filing until July 29, a full week after Mr. Beckstead had been sacked.
The July 29 8-K filing offered some intriguing and arguably less than flattering insights into why Mr. Beckstead had been given the boot just 11 days after signing on as CMKM's independent accountant.
The squabble
At least in small part, the tiff between CMKM and Mr. Beckstead involves money.
A July 28 letter from Mr. Stoecklein's law firm to Mr. Beckstead that is included as an exhibit to the company's July 29 8-K filing opens with the subject of a $75,000 retainer that CMKM paid when the new auditing firm officially signed on. That $75,000 was in addition to a non-refundable $25,000 "due diligence fee" paid to Beckstead & Watts on June 22.
"Your firm was properly terminated as CMKM's independent accounts effective July 22, 2005, only eleven days following your engagement and receipt of an additional $75,000," the Stoecklein Law Group letter addressed to Mr. Beckstead states. "Contrary to your belief, you are not entitled to retain funds not earned by your firm after July 22, 2005."
Apparently CMKM believes that Mr. Beckstead's "demeanor towards CMKM totally changed" following telephone conversations with an unidentified female "employee of a regulatory agency," who had earlier allegedly told the auditor that it was not in his best interest to take the company on as a client.
In subsequent calls, the unidentified regulatory employee allegedly asked for Mr. Beckstead's assistance "in locating individuals that may have been previously associated with CMKM."
"It's not apparent the extent of the conversations you had with this government employee, but from your subsequent actions it appears you no longer desired to be CMKM's independent auditor," Mr. Stoecklein wrote. "However, under the terms of your engagement, it is CMKM's opinion you had to create cause in order to terminate the engagement and keep all funds remaining under your retainer."
Evidently CMKM obliged with the termination, but now wants Mr. Beckstead to return some money.
Perhaps more central to the dispute, and arguably of far more significance to investors, is what Mr. Stoecklein refers to as a "draft" 10A letter written by Mr. Beckstead on July 20.
Under Section 10A of the Securities Exchange Act of 1934, in relevant part, an auditor has an obligation to report any information that is uncovered indicating that an illegal act has or may have occurred.
CMKM did not include Mr. Beckstead's so-called draft letter as an exhibit in its July 29 8-K filing, but it did offer a response to the concerns evidently outlined in that correspondence.
In addressing some of the issues raised by Mr. Beckstead, CMKM seems to rely heavily on the far from comforting argument that the company's financial records are in such disarray that the auditor could not have any foundation for suggesting potentially illegal acts occurred.
Company line
Evidently Mr. Beckstead had some concern regarding a ballyhooed relationship between CMKM and U.S. Canadian Minerals Inc., a former OTC Bulletin Board company that was booted down to the pink sheets after being suspended by the SEC last October and is currently under investigation.
As previously reported by Stockwatch, U.S. Canadian Minerals reportedly poured $13.5-million into CMKM last year under a partially exercised option to boost its stake in the company from 5 per cent to 15 per cent.
In subsequent SEC filings, U.S. Canadian Minerals disclosed that the money it reportedly funnelled into CMKM came from Mr. Casavant and four members of his family.
"First, you questioned the economic substance of a transaction between CMKM and U.S. Canadian Minerals ('UCAD'), a company CMKM has business dealings with and with which your firm was previously the independent accountant, whereby Urban Casavant and his family 'advanced' UCAD approximately $15-million," Mr. Stoecklein wrote.
"You had the opportunity to verbally question Mr. Casavant on this subject and during this process you were informed Mr. Casavant made an investment into UCAD, not advances," the lawyer continued. "Mr. Casavant's personal investments are well outside the scope of CMKM's audit.
"You were entirely informed of CMKM's intentions to fully disclose any and all related party transactions, when identified, in its financial statements and the notes thereto, when completed.
"Regardless of Mr. Casavant's forthright co-operation and honest answers to your questions pertaining to his personal investments, you felt it imperative to make unfounded speculations as to the origins of the funds, even though in your own words 'it's not apparent how the Casavants obtained the $15-million.'"
Mr. Stoecklein did not expand on either Mr. Casavant's "forthright co-operation and honest answers" or Mr. Beckstead's "unfounded speculations" regarding the origin of the $15-million, matters that might be of more than passing interest to investors and regulators, among others.
Mr. Beckstead evidently also raised questions regarding the relationship between CMKXtreme Inc., one of Mr. Casavant's promotional vehicles, and CMKM and whether $4-million spent on promotion and advertising truly advanced the company's best interest.
"We are unaware of any expertise your firm has in the promotion and advertising industries, however, numerous public companies pay millions of dollars per year to sponsor racing and other professional sports teams," Mr. Stoecklein wrote.
"Additionally, it is unclear to us what authority you have as an independent accountant to make judgments upon business decisions made by CMKM management without jeopardizing your independence," the company's lawyer continued. "CMKM's sponsorship of the CMKXtreme racing team has garnered tremendous publicity and has been greatly appreciated by its stockholders.
"As the sole officer and director of CMKM at the time of the payments, Mr. Casavant, irregardless (sic) of his ownership position in CMKXtreme, had full authority to expend corporate funds to promote and advertise CMKM."
While Mr. Casavant may have had the authority to pour millions of dollars into funny car dragsters, not all CMKM shareholders "greatly appreciated" the promotional scheme. Indeed, more than a few shareholders were dismayed at the money and effort directed toward racing rather than mineral exploration.
In any event, the wheels have recently started to come off CMKM's racing promotion. The company dropped its sponsorship of Jeff Arend's funny car last month and Lee Hatch reportedly peeled the CMKM advertising off his Speed Truck after the cheques stopped arriving.
Mr. Beckstead also raised concerns about possible violations relating to loans made to CMKM's officers and directors.
To partially address those concerns, Mr. Stoecklein offered up the assumption that if CMKM's reporting obligations were suspended immediately upon filing a Form 15 on July 22, 2003, which happened to be inaccurate, and not reinstated until Feb. 17 of this year, then CMKM would not be in violation of the Sarbanes-Oxley Act with respect to any loans made during that period.
In her July 12 revocation decision, Judge Murray determined that CMKM's argument that its reporting obligations were suspended upon filing the false Form 15 did not hold water. CMKM filed a petition for review of the initial decision on July 29.
"It was fully understood by you CMKM would address any possible reporting deficiencies and, disclosure obligations related to those deficiencies, if any, would be made once final determinations were made," Mr. Stoecklein went on.
"You openly admit CMKM's books and records are incomplete, which you knew before your engagement, but still felt it relevant to prematurely make unsubstantiated assumptions as to a potential violation," the lawyer wrote.
Mr. Stoecklein then turned to the fired auditor's fourth area of concern, CMKM's spotty financial records.
"Fourth, since its initial meetings in June pertaining to the audit of CMKM and throughout your due diligence period, CMKM was entirely upfront and honest in disclosing to your firm not all documents required to commence an audit were in the possession of current management and CMKM was using its best efforts to obtain records from prior management," Mr. Stoecklein wrote.
CMKM's lawyer did not identify the "prior management" or suggest what portion of the company's missing records might be in the possession of that unidentified management. Earlier in his letter, however, Mr. Stoecklein did disclose that less than 25 per cent of the items on a detailed list supplied by Mr. Beckstead had been rounded up.
"The Board was forthcoming in stating it was currently unable to provide enough information to your firm for the purpose of performing general audit procedures," Mr. Stoecklein continued.
CMKM's board of directors consists of two people: Mr. Casavant, the company's only officer; and 87-year-old Robert Maheu, appointed co-chairman earlier this year and paid $40,000 per month.
During the May 10 evidentiary hearing, Mr. Casavant asserted his Fifth Amendment privilege against self-incrimination and refused to answer any questions. Mr. Maheu's testimony indicated that he was basically clueless about the company's operations and financial records.
"Even with this upfront and honest disclosure, you chose to, within only seven business days, chastise CMKM for the current state of their books and records knowing full well this information was fully disclosed to you prior to you choosing to accept an additional $75,000 and engage as CMKM's auditor," Mr. Stoecklein wrote.
"Lastly, because of CMKM's belief it did not have to file periodic reports from July 22, 2003, through Feb. 17, 2005, your concern over the disclosure of related party transactions is unfounded," Mr. Stoecklein wrote, again contradicting the findings of Judge Murray.
"Further, Urban Casavant, as the sole officer and director of CMKM, had complete authority to enter into transactions on behalf of CMKM, whether these transactions were with related parties or not," Mr. Stoecklein continued.
"In addition, it has always been CMKM's intentions to fully and completely disclose all related party and other relevant transactions as part of its audited financial statements when they are completed, as was discussed with you on several occasions," the lawyer added.
Mr. Stoecklein then served up a few parting words for Mr. Beckstead.
"In closing, your actions in holding CMKM's funds hostage and the potential defamatory and baseless statements contained in your 'draft' letter are truly disappointing," Mr. Stoecklein wrote. "You were made fully aware of CMKM's current status prior to your engagement, however, you chose to engage them, take an additional $75,000 and then within only days, without any attempt to talk with management or any of the other professionals engaged by CMKM, write a letter which contained completely baseless claims.
"Attempting to create cause was the only way for you to end your engagement with CMKM, which would coincidentally entitle you to keep any remaining funds you had on retainer.
"You have recklessly attempted to create cause by failing to comply with the requirements of 10A, refusing to meet with management and/or the Board and continuing with your incessant desire to force public disclosure of your draft letter.
"Your actions have forced CMKM to expend significant additional time and resources into responding to these issues, thus diverting precious resources from its major goals of increasing stockholder value and regaining its reporting status."
While the existence of Mr. Beckstead's draft letter has now been publicly disclosed, even with what can be gleaned from Mr. Stoecklein's perhaps slightly ham-fisted attempt to respond to the issues raised by the auditor, the full content of that July 20 letter remains a mystery.
However, a subsequent formal 10A letter from Mr. Beckstead dated July 28 is included as an exhibit in an Aug. 1 amended 8-K SEC filing.
Auditor fires back
Mr. Beckstead's July 28 letter, which does not include any speculation, unfounded or otherwise, regarding matters such as where members of the Casavant family managed to come up with $15-million, arguably appears more professional and restrained than Mr. Stoecklein's correspondence of the same date. Nonetheless, the fired auditor does land some bruising blows.
According to Mr. Beckstead, Mr. Stoecklein's letter "contains a number of misstatements and misunderstandings."
"First, and among the most important of all, is his statement that CMKM is not an 'issuer' as defined by Sarbanes-Oxley and therefore is not subject to the provisions of that act or the SEC reporting requirements following the initial Form 15 filing on July 22, 2003," Mr. Beckstead states.
Mr. Beckstead goes on to point out that in its own amended Form 15 filing on Feb. 17, 2005, CMKM acknowledged that it actually had 698 shareholders of record, not 300, when it made the original filing, "thereby making the use of Form 15 inapplicable."
"With the original Form 15 inapplicable, it is clear that CMKM was and remained an issuer for the purposes of Sarbanes-Oxley and the filing requirements of the 1934 Act notwithstanding the wrongful filing in 2003 of the Form 15," Mr. Beckstead claims, going on to invite CMKM's lawyer to provide him with an unqualified legal opinion that the company was not an issuer.
Mr. Beckstead also takes issue with Mr. Stoecklein's claim that the auditing firm has refused to return money belonging to CMKM based on an "apparent misunderstanding of the word termination."
"We understand the word 'termination' and we will account for the funds on deposit once our statutorily required services are completed as stated in our earlier response," the auditor says, a reference to correspondence that has not found its way into the public domain. "Mr. Stoecklein's efforts to imply to the contrary are disingenuous."
Citing the relevant portion of Section 10A regarding an auditor's obligation to report possible illegal acts, Mr. Beckstead claims that he has indeed "become aware of information relating to possible illegal acts."
"We have received information relating to the possible improper use of corporate assets," Mr. Beckstead writes, leading off with $4-million paid to CMKXtreme for "promotion and advertising."
"Based on the information provided to us, it caused us to question whether the use of the funds truly advanced the best interest of CMKM," Mr. Beckstead advises. "Additionally, it appears that Mr. Casavant owns CMKXtreme, and that this may have been a related party transaction that may not have been presented to or approved by the Board of Directors of CMKM.
"We fully understand marketing issues raised by Mr. Stoecklein in his letter, but we are unaware of how any such transactions benefited CMKM."
Mr. Beckstead goes on to claim that he has received information that CMKM may have violated securities regulations with respect to loans to its officers and directors.
"Our information indicates that Mr. Casavant and others related to CMKM may have advanced themselves undetermined amounts of money without adequate explanation or documentation," the auditor writes.
Mr. Beckstead also offers some thoughts on the state of CMKM's books.
"The CMKM books and records are, at this point, unauditable because they are incomplete, and the records that exist have been improperly maintained," Mr. Beckstead says. "The volume of transactions via wire transfer and cashiers checks render the banking records inadequate for obtaining competent evidential matter necessary to render an audit opinion."
The auditor notes that Mr. Stoecklein admits that CMKM could only provide less than 25 per cent of the information requested by his firm at the outset.
"Mr. Stoecklein raises the disingenuous argument that if the records are unauditable, how can we be aware of any illegal acts," Mr. Beckstead writes. "First of all, having records that are not auditable is itself an illegal act under Section 13(a)(2) and other provisions of the 1934 Act.
"Secondly, the other information set forth herein was obtained from records that were available."
Mr. Beckstead goes on to point to a number of possibly inadequately disclosed related party transactions including, among others, transactions with U.S. Canadian Minerals and significant "monetary and stock transactions with individuals and entities who appear to be CMKM shareholders and/or prior officers and directors of the company."
"We have notified management, including the president and chief executive officer, of our concerns, and we met with CMKM's counsel as management's representative on July 20, 2005, to discuss these matters," Mr. Beckstead writes. "We received no information to alleviate our concerns, and in fact obtained further information that enhanced our concerns.
"In his letter, Mr. Stoecklein makes note of the fact that we were invited to a subsequent meeting at CMKM's offices and chose not to appear.
"That is correct, but we also asked CMKM to provide us a written response to our concerns.
"We believed that a written response was appropriate in the circumstances and would have been significantly more valuable than an oral response at a meeting.
"We believe that Mr. Stoecklein's letter constitutes a written response, and this letter is our response to Mr. Stoecklein's letter."
According to Mr. Beckstead, the concerns that he has identified may have a material adverse impact on CMKM's financial statements.
Among other things, the fired auditor claims that the related party transactions and the apparent loans to officers and directors may or may not be recoverable assets.
Moreover, Mr. Beckstead says that the apparent violations of the securities laws may result in SEC enforcement action, which could result in significant expenditures to defend and may also result in fines, penalties and damages.
Further, the auditor claims that the violations may lead to "civil litigation or criminal enforcement, which may also result in fines, penalties and damages."
Coming to the end of his letter, Mr. Beckstead points out that his firm was fired on July 22 and, under securities regulations, that should have been reported in an 8-K filing within four business days or no later than July 28. CMKM did not file the report within the required time.
"Consequently, CMKM is delinquent in its reporting obligations and, therefore, appears to have committed further acts in violation of the 1934 Act," the auditor notes.
The aftermath
In the wake of the public dust-up with its fired auditor, Mr. Stoecklein advised the SEC that he was withdrawing the posthearing settlement proposal he had jointly submitted with Mr. Frizzell. CMKM's lawyer put the blame for the withdrawn proposal on the fired Mr. Beckstead.
"Since CMKM does not have an auditor and is not able to determine at this point when an audit could be completed, the proposal is no longer viable," Mr. Stoecklein wrote.
Mr. Frizzell offered some of his thoughts on the termination of Mr. Beckstead in an e-mail update to the members of the Owners Group.
"The company continues to spend valuable time and money attempting to engage an auditor that will actually produce auditable financials," the Texas lawyer remarked.
Mr. Frizzell, who is not a securities lawyer, is perhaps unaware that an independent auditor cannot produce the auditable financial statements that he or she has been hired to audit.
"It seems to me that once an auditor receives a $25,000 due diligence fee before accepting employment, and he then signs an engagement letter it would have to be some pretty unusual circumstances to assert that you cannot perform the audit," Mr. Frizzell went on, glossing over the fact that CMKM's books and records are still an unauditable mess.
"I share your pain, folks," said Mr. Frizzell, who is also a CMKM shareholder.
The saga continues.
Comments regarding this article may be sent to lwebb@stockwatch.com.
(More information regarding CMKM Diamonds and associated companies can be found in Stockwatch articles dated Oct. 21, 2003; June 22; Sept. 16 and 24; Oct. 1, 15 and 20, 2004; Feb. 11, 14, 18, 22 and 23; March 1, 3, 4, 7, 14, 15, 16 and 21; June 6, 8, 9, 10, 13, 14, 15, 16, 17, 20, 21, 22, 29 and 30; July 1, 4, 6, 12 and 13; and Aug. 2, 2005.)
I'm in...
Give me Denver week#1.
Miami is gonna SUCK this year <lol>
How about minutes then?
Don't need that many - ROFL
<ot>Can we rent her by the HOUR?
Thanks...
Your day Buy order for BCIT was executed at 0.0068
How long until i'm rich???
<lol>
Might jump in here...
L2 please?
So $100 bucks became $1,300?
1000 shares x 1.30 = $1,300?
Amazing run...
Are you guy thinking that the forced covering hasn't even started yet?
Thoughts?
But...
Its holding higher lows
Good luck,
Dave
Every time I think about doing that (BRVO), My stupid brains keeps saying....
Longgggg Termmmmmmmmmmm.... LOL
Still riding the boat from .85
Dave
stopped out brvo 1.185, lettin the freebies ride for a bit
As far as I can see, the "Amount" of share I bought (5/23) are still correct, just changed the price to .0001
MAMG is still listed as .05.
Maybe it'll stay at .05, when they assign MAMG to the CUSIP E*turd has??
Haven't been following closely, so i'm not sure if this was explained already.
Nice call on BCIT!
Dave
Tell him to use Paypal...have him call you (so you can catch a number on caller ID).
Agree to a price, and once the money is transacted, end your bid, and send it to wherever he wants.
Should be easy.
Good luck !
Dave
Ya need to think long term...
Get your favorite cutie, and take a nice bath with WFMC newly released products
The company recently introduced the Refresh Body Wash. This long anticipated product is a liquid soap made with food oils, citrus oils of lime, lemon, grapefruit, almond and coconut oil and is a healthy alternative to abrasive and dangerous soaps. The company has also repackaged its exfoliator, Rejuvn8, as well as reliable products like Stardust 2 Hydr8 and Posh Spahhh
How long until we can retire off this stock?
Dave
The Cusip# for shares bought on 5/23 is 379896202.
not sure if its pertinent or not.
Dave
Nice...
Another $17.22 million in Revs over 3yrs to the coffer...
Contract Expected to Generate Revenue of approximately $24.6 million over three years...
Under the agreement, China Energy will receive 70% of the energy savings, while China Overseas will receive 30% of the electricity savings.
Here's what they should do....
Cover him in PIGS blood....Then shoot him in front of CNN & Aljazeera to witness & distribute around the world...
JERUSALEM -- Burying Palestinian suicide bombers with pig skin or pig blood could deter potential attackers, an Israeli official says.
Deputy Israeli police minister Gideon Esra made the suggestion in the Israeli newspaper Yediot Aharonot.
According to Muslim belief, being buried in pig skin or blood could make the body ineligible for martyr status, the newspaper said.
Although the Koran teaches against suicide, Palestinian suicide bombers targeting Israelis are seen by supporters as martyrs and are said to be living in the heavens.
http://archives.cnn.com/2001/WORLD/meast/08/20/suicide.bombers/
Ok - I second Hatemm's as new CEO...
1st thing on the Agenda...
Issue a PR stating you are going to buy back 414B shares on the open market starting 7/25/05.
See if that sparks some interest !!!
Dave
Went to my local Shop Rite here in Joisey...
No sign of them on the shelves...
Capri Sun & HiC dominated the shelve space for "Fruit drinks"
Yahoo & Nestles chocolate milk dominated shelve space for "Milk" products...
Yahoo would have been what I would have bought, just by visual.
They were 20 boxes(6.5 oz) for $5, or 32 boxes for $8.99.
What are the BRVO units priced at down your way?
Dave
Gonna go check out my local store...buy some product, and give the kids a taste..
I'll report back what I find/gather...
In BRVO at $1 cost...
Dave
Bravo!'s Slammers(R) are now available in several key retailers throughout the Northeast, including New York, New England and Maryland, with a number of retailers and distributors placing new and repeat orders for more than 12 formulations (SKUs) available in the region. Key retailers shipped to in recent months include: A&P, Giant Foods, Pathmark, Safeway, Shaw's, Shop Rite Stores, Super Fresh, Tops Markets, Walgreens and Waldbaums, many of whom are selling 10 or more Slammers(R) SKUs.
still trades as PABN??
I have a few shares, and don't see any info on it.
Guess it goes in the Chitpile, eh?
Here's the best part of today's article....
Last season, Tabatchnick Fine Foods sold 200 truck loads, or 14 million units of its previous milk brand. The Company has already pre-sold three million units of the specially packaged Slammers(R), or about 43 truck loads.
To early to yell...
Whatcha think of BRVO here...
Huge news yesterday, but whats the T/A say?
Dave
Just for kicks & giggles...tried to sell the cusip number for GVRP/MAMG through e*trade...
The service you requested is not available at this time. Please try again.
To damn funny...
Dave
Could get a BIG BOWL at the shareholder meeting I hope..
2005 Annual Shareholder Meeting on Thursday, July 28 at 10 am - 12 noon Pacific Time at the Embassy Suites Hotel Monterey Bay-Seaside, 1441 Canyon Del Rey, Seaside, California 93955.
Dave
EDIT _ Now i'm hungry damnit
Cornell Play???
In November and January the Company borrowed $900,000 from Cornell Capital Partners, primarily to fund its acquisition of CLTA and the purchase of a fleet of vehicles for use by CLTA. Because Global Concepts is unable to borrow on conventional terms, it was forced to give Cornell Capital Partners a note in the principal amount of $1,500,000 in exchange for the $900,000 loan. Payments of $250,000 per month will be due on that note commencing in August 2005. Global Concepts hopes to satisfy those payments by issuing common stock to Cornell Capital Partners; but Cornell Capital Partners has not committed to accept shares in satisfaction of the debt.
http://www.shazamstocks.com/profiles/gccp/capital-resources.php
Dave
Can we sell some PASTA??? I am tapped on funds....
Like to get some more under $9
Don't think it stays there for long..
Dave
CESV News... Undervalued here, IMHO.
China Energy Savings Announces 3rd Quarter Preliminary Financial Results For Its Subsidiary
July 12, 2005 09:00:54 (ET)
HONG KONG, July 12, 2005 /Xinhua-PRNewswire via COMTEX/ -- China Energy Savings Technology, Inc., (CESV, Trade) today announced the preliminary 3rd Quarter Revenue figure (unaudited) of its subsidiary, Starway Management Limited (''Starway'') for the quarter ended June 30, 2005 is approximately $12.17 million. Net Income in the Quarter reached approximately $7.35 million and the Earnings Per Share for the 3rd Quarter reached $0.30, which is a record high. Final figures are subject to the filing of Form 10QSB.
As China heads into the summer peak energy season, the company's revenue was up 8% versus last quarter, while net income rose an impressive 14% compared to last quarter. The Company expects it energy savings project to bring an annual profit of at least $27 million for the year 2005 (October 1, 2004 to September 30, 2005) or Earnings Per Share of over $1.10. PE ratio at the time of this press release is 7.46x.
''With the heat of summer upon us, and the demand for electricity growing, we continue to strongly promote energy conservation not only in China, but worldwide,'' said Mr. Sun Li, Chairman and CEO of China Energy Savings Technology.
Last week China's Prime Minister Wen Jiabao and China's State Council appealed to the Chinese public by calling for a drive ''to build a resources- saving society'' by focusing on conservation and renewable resources.
Wen's Monday appeal was followed by a blueprint for a comprehensive plan that would make greater efforts to conserve energy across the entire economy, from heavy industry to farms to homes.
''Changing people's notion of energy saving in their daily life is very important as the first step in promoting a resources-saving society," said Yang Chunping, director of the National Development and Reform Commission's Management Research Centre. Mr Yang stressed that the government's aim was to reduce energy consumption, promote energy conservation and boost sustainable energy development.
''Our quarterly revenue and profit figures show that we're not only growing as a company, but as a country our efforts to conserve energy are starting to show. As a country we have a long road ahead. As a company we'll continue to be there every step of the way, promoting conservation of the resources we currently have to carry us into a prosperous future,'' concluded Mr. Sun.
About China Energy Savings Technology:
China Energy Savings Technology, Inc., through its subsidiary, Starway Management Limited which in turn holds 100% interest of its energy savings subsidiary in China, engages in the development, manufacture, sale, and distribution of energy-saving products for use in commercial and industrial settings in the People's Republic of China. According to test reports by various PRC authorities including the National Center of Supervision & Inspection on Electric Light Source Quality (Shanghai) issued in September 2002, Shenzhen Academy of Metrology & Quality Inspection issued in December 2002 and approved by the State Quality Supervision Inspection Department, the energy saving products of Starway's subsidiaries may provide energy saving rates ranging from approximately 25% to 45%. The energy saving projects conducted by Starway's subsidiaries mostly relate to public or street lighting systems, government administration units, shopping malls, supermarkets, restaurants, factories and oil fields, etc. There are small and large-scaled projects: the small-scaled projects relate to restaurants, shops, small arcades, offices and households through the sale of equipment, and the large- scaled projects relate to large shopping malls, supermarkets, factories and public bodies through the provision and installation of equipment over a term usually extended for years. With the world's energy crisis as the backdrop, and global oil prices breaking record highs, China's own crisis is growing not only in size, but in concern as well. Coal prices and energy consumption in China are also at all-time highs. For these reasons, the company's products are widely used and highly recommended in China because of the huge energy market and the excellent prospect of energy savings.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings.
For more information, please contact:
John Roskelley, President
First Global Media
Tel: +1-480-902-3110
Website: http://www.cesv-inc.com
Email: contactus@cesv-inc.com
SOURCE China Energy Savings Technology, Inc.
John Roskelley, of First Global Media, +1-480-902-3110, contactus@cesv-inc.com
http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
Nice sniff there Beigle
The Company expects it energy savings project to bring an annual profit of at least $27 million for the year 2005 (October 1, 2004 to September 30, 2005) or Earnings Per Share of over $1.10. PE ratio at the time of this press release is 7.46x.
Any have any relative industry PE's for this sector?
Dave
You still like BRVO over 1.10?
I have E*trade...
GVRP shows in my portfolio at .0002
When I try to sell it, I get This symbol is not recognized. Please make sure that you have entered the symbol correctly. If you are unsure of the symbol, try our Symbol Search
When I try to use MAMG, I get Please check the symbol you have entered for this order. We did not find this security in your account for the closing order as placed.
So as usual, no clue...<lol>
Dave
Love the board SA...
In your next lesson, can you use CESV (In at $9.82 here) for RSI & Money flow????