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Hey - I admire the fact that they actually produce a decent looking 10K and, frankly, I've seen a whole heap of reports that are far worse than this one. While there is plenty to be concerned about, there were three things that I particularly liked:
1. the modest compensation levels and the relatively high proportion of company stock that the top guys own
2. the following comment: "Management believes that the Company is now positioned for significant sales growth that will ultimately lead to sustained and significant profitability but will require additional funding"
3. the jump in revenues in the 4th quarter of 2010 (ending 6/30) compared to the first three quarters of the fiscal year - hopefully, this is indicative of some sort of momentum
I was also a little surprised that the hook-up with US Microbics (BUGS) was not mentioned, but I checked the press releases and the first notification came on 6/24 (less than a week before the fiscal year end) - as they were then "formulating" products, it is fair to believe that they did not derive any revenues from this venture in the last week of the year.
They are in the right business, at the right time, with the right kind of cost structure. It will be hard, but not impossible, to get to around $5 million in annual revenues in a couple of years, and at that level (and up) their model looks very good indeed.
BUGS and Green Mountain Development Explore International Licensing Opportunities
Carlsbad, Calif. – October 6, 2010 – Robert Brehm, CEO of U.S. Microbics (Pinksheets: BUGS), an innovative environmental products and licensing company announced that it is developing new international licensing opportunities with Green Mountain Development Corp (Pinksheets: GMND, www.GreenBizness.com ). GMND recently entered into an investment agreement with a Canadian group that wants to sell and manufacture the Bio-Miracle™ microbe technology for agriculture, remediation and waste control applications in Canada, China and selected African nations. The technology aids oil spill cleanup, water decontamination, odor control and improves plant health for higher yields and reduced water consumption.
Robert Brehm, CEO commented, “Green Mountain’s new management has shown a keen interest in bringing the microbial technology to international customers initially on a distributor basis with products purchased from BUGS and subsequently on an in-country manufacturing basis with local labor generating jobs and products that meet local needs. Our low tech, high valued products can do much to increase the living standards, food generation, water purity and waste control for many countries meeting the challenges of population growth.”
Louie Brun, Chairman of Green Mountain, stated, “I have many personal contacts in China, Canada and Africa that have expressed a desire for soil cleanup and waste control products, natural fertilizers, and manufacturing job opportunities for their people. The BUGS’ microbial technology is a great solution not only for many developing countries who need cost effective solutions but also for developed countries seeking green technology jobs and products created with less green house gas emissions and a smaller carbon footprint. I will be traveling to Africa next week to meet with government officials to discuss the use of BUGS technologies.”
Brehm concluded by saying, “Our Green Mountain relationship with its future potential licensing royalties and product sales could be the catalyst that helps BUGS raise the additional funds needed to launch its pilot plant and field testing facilities to support international customers and multiple manufacturing locations. I look forward to working with Mr. Brun as we convert these new opportunities to bottom line results for BUGS and GMND shareholders.”
GMND Welcomes New Chairman October 1, 2010
Carlsbad, Calif. – Green Mountain Development Corp., (Pinksheet: GMND), announced that it has added Louis Brun as the new Chairman of the Board of Directors> Mr. Brun will also assume the responsibilities of CEO and general business development for GMND. Acting CEO, Robert Brehm will become President in charge of overall operations.
Louis Brun has enjoyed a successful career in commercial construction and property development as a key executive and President and CEO of a number of companies since 1982. Since then, he has provided management and capital acquisition leadership for a number of start-up companies by being the catalyst in the capitalization of these corporations. Mr. Brun possesses the keen ability to both identify and react to emerging opportunities within a niche specialized environment.
Robert Brehm, CEO commented, “I want to welcome Louis as our new Chairman and look forward to working with him to develop our green energy, and microbial products business for national and international customers and build our shareholder value.”
GMND Welcomes New Chairman October 1, 2010
Carlsbad, Calif. – Green Mountain Development Corp., (Pinksheet: GMND), announced that it has added Louis Brun as the new Chairman of the Board of Directors> Mr. Brun will also assume the responsibilities of CEO and general business development for GMND. Acting CEO, Robert Brehm will become President in charge of overall operations.
Louis Brun has enjoyed a successful career in commercial construction and property development as a key executive and President and CEO of a number of companies since 1982. Since then, he has provided management and capital acquisition leadership for a number of start-up companies by being the catalyst in the capitalization of these corporations. Mr. Brun possesses the keen ability to both identify and react to emerging opportunities within a niche specialized environment.
Robert Brehm, CEO commented, “I want to welcome Louis as our new Chairman and look forward to working with him to develop our green energy, and microbial products business for national and international customers and build our shareholder value.”
outside of Bob himself, he must be the "longest" of all (beats me by almost seven years) ... I've owned GMND (the former SSWM) for about the same length of time
Speaking of Trackpower (now Gate to Wire Solutions - GWIR), did anyone notice that the shares gained 1900.00% today - to close at $0.40? The intra-day range, believe it or not, was $0.01 to $0.56. Unfortunately, the total daily volume was only 2,200 shares ... it looks like someone got a decimal point in the wrong place. Doesn't WLSA own some of these shares now?
I'm not sure why this is a surprise ... if you had spent the best part of the last 20 years developing and perfecting processes for "natural" microbial clean-ups ... if you had sunk most of your personal wealth into companies (BUGS as well as GMND, the former SSWM) and had never seen a decent return ... if you had come very close to landing very substantial contracts and awareness in Mexico ... if you were a witness to the largest oil-spill in US history and saw the 24/7 coverage on TV news channels and the internet (which provide "free" advertising for microbial remediation) ... well then, wouldn't you have been reactivating your best-of-breed technology also? A no-brainer.
I have said it before and I will say it again - when the PR lands on the wires, it will be clear, complete and definitive and we will probably see a nickel a share; when the first deals are announced, we will probably see a dime. So, my advice to the smart ones out there: put a million or so shares in the "long" account, and wait a while (you could get a million of Brehm's other company GMND for good measure).
All just my opinion, of course, but I've been a follower of microbial technology for many years and the planets are perfectly aligned for BUGS to become a superstar stock.
“Efforts are underway to reactivate the technology particularly in light of the BP oil spill in the Gulf of Mexico and the years of clean up ahead.” Robert C. Brehm, Chairman, CEO and President of U.S. Microbics, Inc.
http://bugsatwork.net/blog/home-page/bioremediation-technology/product-catalog/
Well, I've answered my own question. A simple Google search pulls up Beattie's LinkedIn page:
http://www.linkedin.com/pub/bruce-beattie/7/202/8b7
He's now with a private company which provides various support services in the environmental field, so he's still in "the game".
The clock is ticking, and this week is getting older by the minute. I had hoped for something after the close today, but the websites for BUGS and for Brehm's other company GMND look exactly the same as they did last week. As he is the CEO of both companies (which are independent of each other from a share perspective) I still think he will attempt to involve both companies in his "update" or PR or response or whatever we are going to get. All I can say is that the longer we wait, the better it had better be ...
For Brehm followers, I suggest you peruse his "CEO blog" at the GMND website which says some interesting things:
<< My name is Bob Brehm and I took over as acting CEO of the company after prior management left the operations of Sub-Surface Waste Management (our prior name). I am attempting to recapitalize the company and move it forward as an incubator of green technology companies. Your input and help in this effort is much appreciated as our company valuation and corresponding stock price reflect our joint efforts to rebuild the company. >>
Lots more "blog stuff" at: http://www.greenbizness.com/blog/
On a related note, do any of the longer term BUGS people know what happened to Bruce Beattie (the former SSWM guy) after the "split" and change in management?
Don't forget we have a website update promised and this will probably be coupled with a PR. Given that Brehm has spent most of the last 15 or more years touting the microbial remediation advantages in clean-up situations, I think it is a no-brainer that we will hear something from him. Personally, I think the chances of him saying "not interested - going in a different direction these days" are very remote now that we are faced with one of the biggest spills in US history and have entered a new era of environmental awareness. So, my assumption is that he is crafting a detailed and inclusive response. Any PR will send the stock price higher; a really good one will launch it via jet propulsion. My guess is that we will be rewarded with the update after the close tomorrow, laying the groundwork for a monstrous gap at Friday's open
I remember Holmstedt's name from the old days - what was noteworthy from your update is that he has continued to keep his own personal shareholding, unlike 95% of people who post here who are in and out like yoyos. I still believe that a decent PR (and website update) will produce a nickel almost instantaneously and we should expect information by Thursday at the latest. It will probably include: a statement of capabilities, a willingness to participate in remedial activities, establishment of lines of communication with BP and government agencies, outlining of partnering arrangements, and (maybe) resurrection of the Sub-Surface Waste Management Company (SSWM) which has morphed into the "green incubator" GMND.
So, you either believe that there will be an update this week (and buy and hold) or you don't (running the risk of not having a seat at the table). Also, you have to realise that putting proposals together for multi-million dollar clean-up efforts take a great deal of time, effort and coordination - just imagine a year from now, when we are halfway through a $50 million project, have positive cashflow, and a stock trading above $0.50 - hey, a guy can dream, right?
I agree that a PR is needed on the BUGS capabilities. I was surprised that Brehm did not issue something at around 6:00 PST this morning, even if it was just to say that he is monitoring the situation closely and is in contact with the government agencies and BP project team. He has never been shy in the past, so I have to believe that he is either crafting a killer "PR" or just biding his time and building the necessary partnerships and connections for the actual clean-up.
It's still only breakfast time in California, so maybe he is taking his time with the coffee and danish to get ready for the most important week of his entire life. He is, of course, a very large shareholder of both BUGS and GMND (the former SSWM subsidiary which is up a cool 345% today already) so I would expect him to issue an inclusive response which would draw attention to the capabilities of all companies that he is still associated with.
Feeling a little lonely over here, watching GMND move up 345% on 820,000 shares traded
Where are SSWM when you need them? About $40 odd billion in clean-up costs from the nastiest spill in history and they are still licking their wounds from Mexico. My advice to these guys: put the "green incubator" stuff on hold for a while, type up a couple of $100 million proposals, put on those oil-resistant boots, and start spreading some microbes. Then, designate about 50 Project Leaders, hire about 2000 employees (college students, preferably) and put everyone to work. Responsive, responsible, environmentally sound, high profile, honest profit.
There are only 32.7 million shares out there (they did a massive reverse split a couple of years back) and I'm thinking they could be worth as much as $2 - $3 each. That would be such a monster-bagger that my calculator would start smoking if I tried to work out the percent appreciation.
I don't think equity holders have any rights of dispute:
PLAN OBJECTION DEADLINE.
The Bankruptcy Court has fixed May 19, 2010 at 4:00 p.m. (prevailing Eastern time)
(the “Plan Objection Deadline”) as the deadline for filing and serving objections to confirmation
of the Plan. To be considered, objections, if any, to the Plan must: (a) be made in writing;
(b) comply with the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules of Bankruptcy
Practice and Procedure of the United States Bankruptcy Court for the District of Delaware;
(c) state the name and address of the objecting party and the amount and nature of the claim(s) or
interest(s) of such party against or in the Debtors, their estates, or their property; (d) state with
particularity the legal and factual bases and nature of any objection to the Plan, including specific
reference to the text of the Plan to which the objection is made and, if practicable, proposed
modifications to the Plan that would resolve such objection; and (e) be filed, together with proof
of service, with the Bankruptcy Court and served by personal service, overnight delivery, first
class mail or facsimile, so that they are RECEIVED no later than the Plan Objection Deadline by
the following parties (the “Notice Parties”):
I don't think equity holders have any say in the matter, but here are the key dates from the Court documents:
The Bankruptcy Court has fixed May 26, 2010 at 1:30 p.m. (prevailing Eastern time)
(the “Confirmation Hearing Date”), or as soon thereafter as counsel may be heard, as the date
and time for the hearing to consider confirmation of the Plan (the “Confirmation Hearing”). The
Confirmation Hearing will be before the Honorable Peter J. Walsh, United States Bankruptcy
Judge, in the United States Bankruptcy Court for the District of Delaware, 824 Market Street,
Sixth Floor, Wilmington, Delaware 19801. The Confirmation Hearing may be continued from
time to time by announcing such continuance in open court or in the agenda for such hearing,
and the Plan may be further modified, if necessary, pursuant to 11 U.S.C. § 1127 prior to, during,
or as a result of the Confirmation Hearing, without further notice to parties-in-interest.
http://omnimgt.com/CMSVol/CMSDocs/pub_861/163711_Electroglas,%20Inc.%20DKT%20525%20Notice%20of%20Confirmation%20Hearing.pdf
I really have to laugh at all these people questioning the capabilities and experience of BUGS, and looking for evidence of signed contracts. The fact is that, even after the recent increases, the market cap of BUGS is still under $5 million which is peanuts. Sure, it looks better than half a million - but that was when it was trading in the "pit of despair" (thank you Princess Bride).
There are quite a number of long-term investors here and, yes, we have been hugely disappointed and frustrated by the lack of execution over the years - but, most of us never sold a share, as the potential upside success is quite staggering. Brehm has never been shy to promote the concepts and methods associated with microbial remediation, and I am sure we will hear from him in due course (he has very substantial holdings in both BUGS and GMND and has, as I understand it, been operating without a salary as he has been attemting to jumpstart the companies).
I suggest that serious investors establish a long position prior to such an announcement.
<< Microbes to the rescue?
For decades now, an area of great promise in the remediation side of cleanups has been microbes that break down oil and remove it from the environment. Many thousands of organisms do this in the wild and efforts using microbes to fix up toxic sites have succeeded on land. >>
The scientist appears to conclude that the best application of the technology is on contaminated land rather than in open water. This is a must-read article.
http://www.csmonitor.com/Science/2010/0429/Oil-spill-serves-as-testing-ground-for-futuristic-high-tech-cleanups
I didn't say "Microbics", I said you should listen for the (generic) word "microbes" ... we need a TV scientist to draw attention to this proven approach of clean-up, coupled with an information-based PR.
BUGS used to have a wonderful film which showcased the effectiveness of their customized microbial armies, but I don't think it's part of their website any more. In the meantime, add to your knowledge base here:
http://en.wikipedia.org/wiki/Microbes
Cable news is all over it now - as is CNBC. All we need is one scientific talking-head to say the word << microbes >> ...
<< oops I revealed a sleeper >> actually, I think I posted about GMND more than an hour ago [they are no longer a subsidiary, but an independent company working on a bunch of "green initiatives" - their key asset is their license agreementfor BUGS microbial deployment, predominantly in agricultural applications)
Looks like GMND just traded for the first time today
Jim - you are wrong. One of the key reasons I have stayed long on this company for several years is the fact that they do NOT print millions (or billions) of worthless certificates. My main reason for holding is their technology, which can be leveraged to an extraordinary degree (with oil / chemical companies and government agencies picking up the tab for the clean-up). Their failure has been in execution.
A penny? You're joking. If they get one good, high-profile clean-up opportunity for their proven microbial technology and execute if flawlessly then you can forget a penny, you can forget a nickel, you can forget a dime, you can forget a quarter ...
With proper endorsement and recognition, coupled with massive licensing opportunity, you could easily see this stock at $0.50 to $1.00 ... and, it could all happen in a year or less.
What I do not understand is why there is no trading action in GMND (the former subsidiary / affiliate SSWM - Sub-Surface Waste Management who are the operational licensee of much of the microbial technology).
CARLSBAD, CA -- (Marketwire) -- 12/30/08 -- Robert Brehm, CEO of Green Mountain Development Corp. (PINKSHEETS: GMND), an incubator of green technology companies, announced today that the company has obtained a license to manufacture, distribute and use microbial technology for organic sustainable agricultural applications. In a concurrent transaction, the company became independent by purchasing all of the voting control stock of GMND from U.S. Microbics, Inc. (PINKSHEETS: BUGS), its parent company. Both transactions were undertaken to strengthen the financial position of the company and prepare for future funding and agricultural product sales.
The company has formed a subsidiary for the agricultural products, contracted an independent consultant who has developed a business plan for funding and product commercialization and the company is currently interviewing investors for joint venture or direct investment into the operation. Under business plan assumptions, pro forma revenue projections are $10-15MM in three years requiring $2MM initial investment and new management with agriculture product experience. During the first year after initial funding, the subsidiary will focus on finalizing the brands and packaging, fermenting the microbial blends, launching retail and wholesale marketing and sales, field testing for multiple markets, and adapting the current liquid products to dry forms for agricultural markets.
Brehm stated, "The parent company strategy is to provide resources for business organization, staffing, market identification, strategic business plan development, and product rollout for subsidiaries or joint ventures managed by industry specific experts, develop the subsidiaries to a predefined milestone stage and sell or spin them off as independent companies and harvest a profit for our efforts throughout the process."
Brehm continued, "The transactions announced today are very beneficial to GMND and I hope our shareholders recognize that significant changes are being planned to create real value now and in the future. We are evaluating additional debt to equity conversions to strengthen our financial statements as we transition to new green business opportunities."
See full article from DailyFinance: http://srph.it/d9aPSL
I didn't say that - I said there was $0.17 per share equivalent in "available" cash and assets ... before "impaired" claims. You need to read the whole document to figure out what is going on, but look at page 10 where it seems to indicate that EG equity holders get nothing, not even a vote on the plan.
The document is available online (as a PDF) and it is 100 pages long:
http://omnimgt.com/CMSVol/CMSDocs/pub_861/156901_Electroglas,%20Inc.%20DKT%20455%20Disclosure%20Statement.pdf
The "impaired" claims far exceed the "available" cash & assets so I don't see how equity holders will get anything at all, other than cancelled stock certificates
There are a heap of "impaired" claims and it looks like these creditors will get just a fraction of their claimed amounts. Based on the tables in the document, it looks like they will effectively be using all the net cash assets to pay the claimants so there will be nothing left to distribute to common shareholders.
Before "impaired" claims, the net $4,460,000 is equivalent to $0.17 per share, if we assume the outstanding shares to be 26.8 million (the Taiwan assets add another penny)
From the Court bankruptcy plan document, it appears that there is $5,146,000 in cash and another $580,000 in receivables. The "available" cash, after paying the liquidation expenses, admin reserve and unimpaired claims is $4,460,000. There could be an additional $280,000 in assets from Taiwan.
I have not studied the whole document, but it appears that the Plan will be up for approval & confirmation at the end of April.
Here's the deal on this stock - they are in the concluding stages of Chapter 11 proceedings and no one appears to know if the money received for their two sold businesses will exceed the costs and obligations associated with their voluntary bankruptcy. The wafer prober business was, at one time, large and dominant and the new owners have inherited a very large established base of installed equipment (which comes with high-margin servicing and spare parts agreements) - they bought the whole business (and got whichever employees they wanted) for an "undisclosed sum".
So, the gamble is on how much, if any, cash will remain - personally, I always thought that $2 million or more might be possible and that translates into around $0.075 per share.
Well, it looks like old Flo was finally nailed by the SEC (along with Rick, the "Chief") - I guess you can't keep selling billions of unregistered shares for years and years without eventually getting caught:
http://www.sec.gov/news/press/2008/2008-169.htm
<< According to two SEC complaints filed on August 6 in federal district court in Orange County, Calif., Global Materials and five other companies — Angel Acquisition Corp., Marshall Holdings International Inc., NW Tech Capital Inc., Winsted Holdings Inc., and Zann Corp. — improperly registered shares issued under their employee stock option programs on SEC Form S-8 registration statements. The Commission also charged Marshall Holdings’ officers Richard A. Bailey and Florian R. Ternes and Winsted Holdings’ former officer Mark T. Ellis with implementing and administering their companies’ employee stock option programs. >>
that is not a "fact" - it is an opinion ...
<< you will do absolutely nothing.
THATS a fact >>
The Ox is now completely out of this wretched scam. If you check all my prior messages, you will see that my prediction has always been the same: that there are limitless shares available, a company that has "nothing" which is controlled by crooks, and that everyone here will lose their money.
I am very hopeful that there will be consequences for the actions and behavior of management, and I will participate fully in whatever processes are necessary to ensure that there is no repeat.
I have looked through pretty much every post over the last week or so, and I don't recall seeing anyone who claims he/she is ahead overall on their trading of this stock
<< But, at the same time, there are some here making a profit flipping this trash >>
all you guys - you gotta get real ...
this is a fraud and a scam and if you persist in buying the stock you are going to lose every penny
the company is a scam; they have no offices; they claim to have access to a product that has been banned from the country; they claim to "have" a clinic which is a Suite where a Dr. Kozmary dispenses pain medication mostly to elderly people (with no evidence he has ever administered the GH3 program)
the history of Flo & Troy Ternes (+ Bailey, Vautour and the rest) is appalling - a fraudulent & opportunistic series of manipulations as well as statements and mis-representations that are, to my eyes, clearly illegal
my advice to you - band together, keep good records, make the complaint, wait for the indictment, hope for a piece of his house or bank account when he is wearing the orange jumpsuit
someone should tell the kids that there will be no more fencing lessons
The Cohen-Ditman report was delivered in Miami in October 1973, at a joint meeting of the American Gerontological Society and the American Geriatric Association.
The "news" is more than 23 years old.
<< G-H-3 International, Inc. (Pink Sheets: GHTI) announced that Dr. Sidney Cohen and Dr. Keith S. Ditman conducted what might be considered the most extensive and intensive "open studies" research on G-H-3 in this country. Dr. Cohen was one of the most powerful medical figures in Washington, being former director of the Division of Narcotic Addiction and Drug Abuse at the National Institute of Mental Health, and a clinical professor of psychiatry at UCLA. >>
I found a listing for Florian Ternes' son (Troy) on whitepages.com - so maybe one of you intrepid sleuths might want to ask him how we can contact his old Dad ...
5530 Logan Creek Ct
North Las Vegas, NV 89031-0600
(702) 648-9048
There is also an Arlene Ternes listed in Las Vegas and I'll wager maybe 10,000,000 shares of GHTI that there may be a connection (hey - I don't mind handing over $1.65 if I am wrong)
Some thoughts for everyone:
1. the "product" is an age old cure-all, which in fact has been banned in the US; there are still dozens of mail order houses that peddle the stuff, with each one claimimg that they have the "real" formula. For some reason, Nevada escapes the ban, which is why the product regimen can be offered at the Vegas clinic
You will find a very good overview at Wikipedia:
http://en.wikipedia.org/wiki/Gerovital
2. Flo Ternes does not appear to return phone calls; in fact, GHTI does not appear to have any real offices - Ternes is also associated with some kind of vitamin / supplement company, and the GH3 business is conducted out of those premises
3. the initial PR that launched this whole insane process was misleading and widely misunderstood (as was today's); the Vegas clinic may well be doing $3 million in revenues overall (it focuses on pain management for the elderly), but what proportion relates to GH3 products? Nothing, I suspect.
4. with a 15 for 1 forward split and then a 1 for 20 reverse split, coupled with a new ticker symbol and the trading action of the last two days, I think at least one person is gonna end up in jail
As usual, Wikipedia is very helpful:
http://en.wikipedia.org/wiki/Gerovital
Am interested to learn why there was a forward split, and then a reverse split (and ticker symbol change) a couple of months later.
Any idea how many people actually own this POS?