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"Very Smart buy.... this will fly." - why??
The company has no assets, has only $200 in the bank, is run by Eddie Austin and Thomas Cloud, two guys who admit in their financial filings that they have absolutely no experience in the industry. These guys helped orchestrate a press release claiming to sell an ethanol plant to their cousin company, GFET (ref. to cousin and father JT Cloud), when they knew it was under litigation with encumberences with Cargill, and now in their latest press release claim to have "final negotiations" with an undisclosed "foreign capital city" for $30 million to build a solar city of sorts. The company plagerizes other peoples products on their web site, and gives the impression that they have an R&D department developing solar products, when in reality, every product shown on the website, is produced by other parties - they are simply a middle man, trying to distribute them.
How can anyone take this company seriously. Give us a bone as to why you think this is a smart buy and that it will fly??!?
New company name is NATIONAL WIND SOLUTIONS INC.
Website: http://www.nationalwindsolutions.com/
No contact name
No details on website of what the business is about except to "offer alternative energy strategies" - whatever that means.
New address is in question - website mentions a new corporate office of Sugar Land, Texas, however it shows an address of:
1110 North Post Oak Suite 240
Houston, TX 77055
Pinksheets.com still shows the old Blalock address in Houston.
No mention of what they plan to do with TMDI's assets (which are pretty much non-existent since the next payment for the DREAMS technology license not due till end of year - they have in fact never made any payments towards the license - so nothing to gain there for shareholders).
No mention of how this affects the venture with MYHA
No press release on the name/symbol change.
No public statement of why the 1:20 reverse split
Just a whole lotta nuthin'!!
that kinda tells it all - LOL!
Delinquent taxes of $87.28!
http://www.hctax.net/propertytax/deltax/DelStatement.asp?account=2092605500000
Alternative Energy Technology, Inc. Submits Information Disclosure Document (Form 15c-211) and Discloses Letters of Intent to Purchase Several Technology Companies
Wednesday August 13, 1:47 pm ET
HOUSTON--(BUSINESS WIRE)--Alternative Energy Technology, Inc. (PINK SHEETS:ATNE - News) is pleased to announce the submission of Information Disclosure Document (Form 15c2-11) dated August 12, 2008 to market makers. Approval of Form 15c-211 allows ATNE.PK to be listed on “Pink Sheets Current Information”, as opposed to the Grey market, making the Company’s stock more attractive to potential investors. In addition, ATNE has executed letters of intent to acquire all the issued and outstanding shares of Cascade Gas Separation Systems, Inc., Pacesetter Chemicals and Intermediates, Inc. and Frederic-Ernest Agricultural Group, Inc. as a “fast track” in escalating the company’s commitment to its original business model.
The Alternative Fuels business model of ATNE is structured around the development and deployment of completely Fleet Mobile Vertically Integrated Biorefining Units to meet the transportation fuels needs of the country on a regional basis placing the process equipment in close proximity to cellulosic biomass resources. The integrated proprietary technologies in these units allow ATNE through its anticipated subsidiaries to emulate the process and product streams on a basis similar to that of traditional petroleum refining and/or chemical units. The Company has renewed its commitment to its accelerated business model based on the following:
First, is the renegotiation, execution and ratification of the Meridian Biorefining Technology License for cellulosic biomass processing, which includes simultaneous reduction of biomass within the micro and nano scale particle range with simultaneous separation of lignin through a Catalyzed Esterification process and further processing of the lignin into high value products including gasoline and gasoline additives.
Second, in its commitment to sustainable vertically integrated biorefining technology delivering multiple product streams on an expanded basis. ATNE has executed Letters of Intent to acquire all issued and outstanding shares of Pacesetter Chemicals and Intermediates, Inc., Cascade Gas Separation Systems, Inc. and Frederic-Ernest Agricultural Group, Inc. A brief description of each of these business enterprises and their technologies is as follows:
Pacesetter Chemicals and Intermediates, Inc. (PCII) – holds the exclusive license to proprietary process intensification technologies developed using Cascaded Selective Molecular Rejection Gas Separation Systems. This technology provides a platform for the catalytic conversion of nano and micro scale range cellulosic biomass particles into various chemical and intermediate compounds, which are then selectively separated in cascaded reactors on a continuous flow basis. This system has the capability to convert cellulosic biomass into a wide range of high value compounds.
Cascade Gas Separation Systems, Inc. (CGSI) – holds the exclusive license to proprietary process intensification technologies, which allow the separation of various gasses and other high value compounds through a series of Molecular Rejection Gas Separation Centrifuge Reactors. This system is specifically well suited to the separation and removal of contaminant gasses from production hydrocarbon gas streams in the oil and gas industry as well as for the processing of gas produced from landfill projects.
Frederic-Ernest Agricultural Group, Inc. (FAGI) – holds the exclusive license to proprietary process intensification technologies and equipment design development, which provide for the capability for the processing of cellulosic biomass in the field. FAGI is the experimental process intensification platform for the further development of fully field mobile equipment that takes the processing of cellulosic biomass to the agriculture community. The company is also adapting a system for “technology matching” allowing specific cellulosic process technologies to be designed for use with varying requirements of a range of dedicated cellulosic biomass feedstock resources for higher yields and reduced logistics costs.
While a definitive agreement has not yet been established between ATNE, CGSI, PCI and FAGI, it is presently intended that ATNE will acquire all of the issued and outstanding shares of CGSI, PCI and FAGI, whereupon CGSI, PCI and FAGI will become wholly owned subsidiaries of ATNE.
All of the actions described in this press release were taken by ATNE's management and the Control stockholder in order to bring greater value to the company and all of its bona fide stockholders. Management and the Control Shareholder wishes to thank all bona fide shareholders for their support in the past and their continued support now and into the future.
About Alternative Energy Technology, Inc.
The Alternative Energy Technology, Inc. (PINKSHEETS: ATNE - News), based in The Woodlands, Texas, is a technology company focused on biofuels and alternative energy technologies. It is developing the first true vertically integrated cellulosic platform biorefinery in the United States. It will focus on renewable dedicated feedstocks from non-food energy sources, coupled with technologies scaled to efficiently address transportation fuels and energy needs of the United States. The Company’s integrated technologies platform provide the ability to convert cheap, abundant cellulosic plant material into a variety of transportation fuels and chemical products allowing ATNE to efficiently address a part of America’s energy needs. America’s energy future must be built on non-food related renewable fuels, produced at lower costs. ATNE’s vertically integrated biorefining technology delivers the answer to this pressing need.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contact:
Alternative Energy Technology, Inc.
Robert T. Kelly, Consultant, 214-500-7834
rtkelly.ATNE@gmail.com
What part of grey market do you not understand?
Did you see my previous post concerning the grey markets? You will find your answer there.
ATNE currently quoted on the Grey Markets. No surprise as they emerge from the mess created by the old management.
Here is the definition of Grey Market as shown on Pinksheets.com:
There are no market makers in this security. It is not listed, traded or quoted on any stock exchange, the OTCBB or the Pink Sheets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult.
(as of this weekend):
Trade Data / Last Trade 08/01/2008 Last Sale 7.00 Change +0.00
% Change +0.00 Tick Down
Daily High 0.00 Daily Low 0.00
Opening Price 0.00 Volume 0
52 wk. High 3.76 52 wk. Low 0.10
Prev Close 7.00 Dividend 0.00
Yield 0.00 Beta Coefficient 0.78
As the company begins to make periodic filings, I would anticipate that they would migrate off of the grey market onto the more traditional quoted systems. It will be a long haul for the legitimate shareholders, but unfortunately, what is required to emerge from the train wreck created by the alleged illegal activities of Carmichael, Gilchrist, Cloud, Mordekhay, and others in the old management.
70vwvert:
"gfet emphasis is on alternative sources of feed stock (NOT CORN) for the production of ethanol" - for clarity, GFET does not market, produce, or trade ethanol and I would envision that their new focus of producing this pre-processor technology would be applicable to any ethanol plant irrespective of feedstock.
"gfet has proven that its' method produces a feed stock that may be a competitive alternative to corn" - GFET has not proven anything yet except proclaiming they have turned on the machine and running some sorghum through it. By its own admission in its press release, they are asking for further modifications to the prototype unit, and have yet to announce definitive results of the first dry run, nor the scalability of such a unit on a larger scale.
"this action keeps the ethanol mandate at 9.5 million gallons vice 4.5 million gallons TX was asking" - the problem remains with the amount of mass needed for transportation in order to generate the same volume of ethanol by using non-food feedstock which is 4-6 times more mass. You either have to preprocess the feedstock at each farm location (which means you need a new infrastructure for storage and processing), or you need to put the preprocessors at the ethanol plants (which is a good idea), but you still have the increase in transport costs now.
"one more thing - if you are a meaningless basher disregard the above because it will make no difference in your message and consider this my last repsonse to you as you are probably paid by generating responses to you negative comments." - hope you find my comments not to be "meaningless".
"EPA Denies Texas' Request for Ethanol Waiver"
How is this relavent to this company? GFET has never produced, manufactured, traded, bought, sold, or bartered any ethanol EVER!
I don't think the criteria is arbitrary - if one was a legitimate shareholder, the distribution would be on a non-discriminatory basis. Try calling the company, they can probably help explain it better than me as I am simply speculating at this point based on their public statements.
I communicated with the company and its consultant and they know exactly where all the names are, including that which is in street name. They state that they have in fact pulled multiple NOBO / OBO lists and know who sold what and where it came from and who it went to.
Sounds to me all you need to do is contact them and be a party to the gift! Any reason why you would be hesitant to do so?
From the press release, it is clear that the company and the majority shareholder are looking to keep bona fide shareholders happy by this offer. With as much alleged illegal shares issued by Carmichael & former management, I am sure the company is looking at ways to differentiate between those shares and those by the legitimate investors. I would be surprised if the Company did not already have the list, but perhaps since many accounts are held in a street name, it would likely be difficult to discern who ultimately owns the shares.
Simple solution would be to simply contact the company via the contact name given in the press release and discuss the specifics as to how it will work. You can address your concerns noted in your post directly with them.
Former GFET CEO, Darrel Uselton, set for trial in September. Fellow co-conspirator, Eddie Davidson found dead of an apparent murder-suicide:
http://www.denverpost.com/headlines/ci_9989562
Federal law enforcement and media across the country called him the “Spam King,” a legacy more than a decade in the making that ended with a gunshot Thursday.
After earning millions pushing everything from cheap thrills to penny stocks with anonymous, unsolicited e-mails, 35-year-old Eddie Ray Davidson became a “consultant” to the FBI, giving up names and methods, before he landed in a federal prison camp in Florence on May 27.
Davidson had regular meetings with an FBI agent and his cooperation was “complete, truthful and reliable,” Assistant U.S. Attorney Tim Neff said in court documents.
Besides telling the agents about methods, software and financial transactions used by spammers, Davidson provided information on one-time business partner Darrel Uselton, who is scheduled for trial Sept. 29 in Texas on organized-crime and money-laundering charges.
Uselton and Davidson sold low-cost, high-risk “penny” stocks in 2005 and 2006. Davidson sent thousands of unsolicited e-mails to promote stocks in Uselton interests, Neff said.
In return, Uselton paid Davidson based on sales increases, Neff said. Davidson told agents he and Uselton manipulated stock prices with bogus news releases and announcements.
Davidson had Web-based businesses in Colorado, Ohio and Florida, records show.
Before last year, he had been arrested only once before: a domestic-battery charge in Palm Harbor, Fla., in November 1998, which resulted in a misdemeanor charge on his record.
His 21-month federal prison sentence was the result of a guilty plea to tax evasion and falsifying computer records. He surrendered $714,139 to the Internal Revenue Service.
Prosecutors estimated Davidson earned $3.5 million from 2003 to 2006.
He was a veteran of the game. At just 24 years old in March 1998, Davidson was sued by America Online, which also published an online article calling him one of the country’s “Ten Most Wanted Spammers.”
His pitch for “generic Viagra” flooded America Online’s systems with more than 74 million messages in five months.
Davidson dodged the case and a default judgment was entered in July 2000 for $1.58 million, most of it for restitution from using AOL’s system as an advertising vehicle without paying for the privilege.
Playboy Enterprises sued in 1997 for copyright infringement claiming Davidson used its nude photos on his websites. Playboy got a $120,000 default judgment in 1999.
Another business permutation — Snagster Inc. — was sued in April 2003 by Yahoo. That suit was dismissed.
In 1997 his company was targeted by the U.S. Department of Housing and Urban Development for scamming people into paying $39.95 for a kit that helped them track down HUD mortgage refunds then take a commission for returning the funds to the rightful owners.
Staff researcher Barry Osborne and staff writer David Migoya contributed to this report. Joey Bunch: 303-954-1174 or jbunch@denverpost.com
Hard to believe it was only just a year ago we saw this happend to the CEO of GFET: http://www.oag.state.tx.us/oagnews/release.php?id=2088 and the
subsequent indictment by the SEC: http://www.sec.gov/litigation/litreleases/2007/lr20187.htm
This all happening shortly after the company issued Darrel and his uncle Jack Uselton (http://www.sec.gov/litigation/litreleases/lr18294.htm), approximately 10.9 million shares of GFET at par value (Ibis Energy, Firemark Capital, Tejas Capital, Accelerator Partners, Brazos Capital, and Valores Fund, L.P. - all companies controlled/owned by them). Even after the indictment, JT Cloud and William Carmichael pretended to "buy back" these shares through their controlled company, Galleria Asset Management. They then tried to hide the fact that Useltons were still involved by showing the owner of Tejas Capital and Brazos Capital were run by a Mssrs. Steven Lease and Jim Mobitty respectively, despite the fact that the mailing address still shows up as Uselton's home address.
Notwithstanding the shell game switch on the shares, the company (JT and Carmichael) also issued themselves a hefty portion of shares at par value (10 million to Cloud Management, Oxford Funding, National Health Alliance, Galleria Securities Corp.) on top of the shares acquired from the Useltons.
No worries though, their long time buddies David Mordekhay and Jonathan Gilchrist were also well taken care of by being issued almost 9.6 million shares at par value (The Internet Business Factory and Hepplewhite Corporation).
Not too surprising when they were all fully flush with shares, and despite the arrest of Jack and Darrel, they still went on a spam campaign, issuing false and misleading press releases, highly embellished websites, and a not so independent analyst report issued by Chet Gutowski (co-owner of Gilchrist's Goldbridge Capital and Southfield Energy, both officed in the same office suite as GFET, as well as Carmichael/Cloud's other companies, such as TMDI, OXFD, and AEND 35% owned subsidiary Dynamic Distribution).
The point in rehashing all of this is that the current management of Carmichael has never learned from the litigation issues presented in the Advanced Powerline Case (OTC: APWL - http://dockets.justia.com/docket/court-txsdce/case_no-4:2007cv00356/case_id-489219/) and ongoing issues with the alleged illegal activities with the Alternative Energy Technology Center (OTC: AETE - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29526247), nor has he learned to cut his ties to the old ways of Uselton, Gilchrist, Mordekhay, and Cloud, as evidence by the recent hiring to the board of Robert Wilson (long time associate via American Security Resources (OTC: ARSC), American Enterprise Development Corp (OTC: AEND), System Management Solutions (OTC: SMSE)and the Professional Directors Institute).
The history is long and consistent with all of these players, supported directly and indirectly by a cast of many (Dino Price, Carly Long, Tyson Rhode, Ben Roberts, Debe Nease, Guttman, Tow, Blumenthal, Pollock, Carroll, and others). The story is pretty much the same - offer a fledgling company the promise of exposure through PR in exchange for large blocks of shares, infiltrate and take over the companies through a Corporate Secretary that can issue even more shares to friends and cohorts, pump up the market through "independent" promotion (OTC Services, Protrading.com, National Capital Trading, etc...), false and misleading press releases, a glossy website filled with factual inaccuracies (in some cases unauthorized by the company), the appearance of liquidity through wash trades in between various controlled family companies, and in the end
the result is invariably the same...a stock price in the gutter, and the bewildered investor wondering how he got into this train wreck.
Still confused? Here is some more supplemental information to help you navigate into the set up that is ongoing: http://www.spamnation.info/blog/archives/2007/07/the_useltons.html
Also:
http://pennystock-fraud.info/news.php/stock/symbol/Darrel%20Uselton/
http://www.rgm.com/articles/stockwatch5.html
Sorry - did not edit my previous post with corrected links in time - here is a repost with corrected links:
Maybe William Carmichael truly has more time to dedicate to his new post as interim CEO of GFET as it was announced today that he resigned from OXFD (3-1/2 weeks ago) - it is unclear what will happen with his +/-8 million shares he captured (thru Galleria Securities) on that venture - maybe will spend more time with JT out at the ranch: http://www.jtcloud.com ??
My Comments/Opinions on the GFET shareholder letter:
"We are currently in the process of recruiting additional talent to our management team and Board of Directors" - more chiefs and no indians to do the work of actually making money....with little money in the bank, I anticipate more shares to be issued to the new management and BOD's to pay for their salary.
"...we believe that our technology, after we have finished testing and development, will play an important role in the advancement of efficient cellulosic ethanol plants in the U.S. and around the world..." - agreed - ya gotta start somewhere - untested, unproven, and never marketed - great concept but still far off in my opinion. After they prove out the technology, there will be a need to ramp up ($$) production, engineering, and marketing. Source of income is unknown at this time (except for issuing more shares).
"...because of the bulkiness of most biomass, transportation costs are high" - agreed, however, it is unclear where GFET plans to actually install this pre-processor - do you put it at the ethanol plant (and still incur the high transportation cost), or do you put it at a field location (and incur the cost of multiple pre-processor facility at each field location)?
"...attempted to engage in the international trading of ethanol, it attempted to acquire a couple of different facilities which it was unable to close and it even attempted to build an ethanol plant in China, Texas but abandoned that effort after meeting with resistance from the community." - other than Carly Long placing an ad in the international B2B website, I don't believe the Company ever attempted to engage in trading ethanol in a meaningful way at any of these locations and to push the blame on a community resistance is disingenous.
"In December, we entered into an agreement to jointly develop a technology that had been proposed by Meridian Biorefining but found they could not deliver to our specifications" - as was pointed out by those in the know at Meridian and AETE, the story line is very different than not just meeting specifications - it is reported by others to be an issue of Carmichael attempting to steal 6 million shares.
ref.: posted by "Tippingpnt" (reported to be the lead investigator with AETE):
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29526247
"Pink Sheets companies, however, do not share the same rigorous disclosure requirements of SEC reporting companies so investors may have less information on which to make their investment decisions" - agreed. We will likely never know the reason why the bulk of 34.1 million shares were issued to company insiders and friends at par value (Useltons, Gilchrist, Carmichael, Mordekhay, and Cloud) nor will we ever see the full financial conflict of interest payment made to Chet Gutowsky for his "independent" analyst white paper he allegedly wrote.
"Pink Sheets stocks are often subject to traders who try to make money by shorting these stocks. Their method generally includes posting negative comments and, often, misinformation on blogs and message boards in order to create a negative view of a particular company while they are selling short into the stock" - this of course, does not apply to me as I have never owned this stock (long, short, or otherwise - directly or indirectly). I have also repeatedly challenged others to refute my assertions about the company and no one has provided a contrarian position.
Ironically, the misinformation to date has come directly from the company, especially its website and press releases. On a positive note, the Company continues to clean up its website and as of today has taken down most of the erroneous and false information that claimed to be a marketer/producer of ethanol (guess they actually read my blogs!).
Remaining errors/omissions/misstatements from their website:
http://www.gulfethanolcorp.com/gulf_ethanol_environment.htm
"Gulf Ethanol primarily sources ethanol from sugary crops, such as sugarcane" - GFET has no facilities to source to.
"Gulf Ethanol is actively monitoring these developments and encourages its suppliers to employ the most efficient methods of producing ethanol" - GFET has no suppliers for their non-existent facilities.
http://www.gulfethanolcorp.com/index.html
"Gulf Ethanol Corp. guarantees a high quality product to its customers. All of our fuel-ethanol meets or exceeds ASTM designation D4806 specifications and our continued efforts aimed at quality assurance include regular product testing in addition to world class customer service and reliability." - GFET has no product. ASTM D4806 is the incorrect standard for E85 fuels.
Speaking of Chet Gutowsky (remember his glowing independent analyst opinion he wrote about GFET?). Appears he ran the same type of operation for sister company AEND - seems like his expertise in the energy industry not only applies to Ethanol, but is also an expert on energy drinks:
Let's look at a few of the "facts" that were touted by Mr. Gutowsky in early October 2007:
http://www.havocenergy.com/investors/downloads/20071003_Analyst_Report.pdf
Valuation
"The following companies were used for our peer group analysis: Jones Soda, [JSDA], $12.06; Hanson Natural, Inc. [HANS]; $56.60; Leading Brands, [LBIX], $2.75; Sweet Success, Inc., [SWTS], $0.23 and Reed’s, Inc. [REED], $7.05. The average share price for the peer group is $15.74. We believe Havoc, although under the radar of the market, has laid the foundation necessary to perform well against its peer group in price appreciation over the next 18 months."
Definition of "peer group": something of equal worth or quality - not sure why any of the Nasdaq listed stocks above would even remotely be called a peer?
Price Target
"At a recent $0.85 per share, Havoc [AEND] lags its peers in price to value in the market. As the Company steps out of the shadows, we expect the market to realize the buying opportunity represented by AEND. As a result, we are initiating coverage of AEND – Havoc as a strong but speculative buy and hold. We target price appreciation to $3.40 by the end of the fourth quarter."
Results: $0.15 on December 31, 2007
"Havoc has taken the creative step of acquiring a 35% ownership stake in a captive distributor – Dynamic Distribution, Inc. that focuses on distribution to convenience stores and clubs."
What it fails to mention is that Dynamic Distribution is yet another shell of a company operating out of the Blalock office suite in Houston, that is also home to Southfield Energy, Telemedicus, Oxford Funding, Gulf Ethanol, Autofund Leasing, Alternative Energy Technology Center, Galleria Securities, etc, etc, etc..... Dynamic has no functional operation at this location other than a mailing address.
"Chet Gutowsky is a Chartered Financial Analyst (“CFA”) with over 30 years experience in banking, business and investment evaluation. The views expressed in this report are those of the analyst and are based upon publicly available information on which the analyst has relied as true in the formation of his opinions. No part of my compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report."
Well, as I have already documented, his objectiveness is immediately compromised by his association with Gilchrist and Carmichael: http://www.southfieldenergy.com/our_team.html
Chet was touting Dynamic Distribution with several misleading statements:
"...AEND owns a 35% interest in beverage distributor, Dynamic Distribution based out of Dallas, Texas..."
Note: Dynamic is based in Houston
"...independent distributors and through its captive distributor, Dynamic Distribution, Inc...."
Question: what makes Dynamic "captive"?
"....Havoc has taken the creative step of acquiring a 35% ownership stake in a captive distributor – Dynamic Distribution, Inc. that focuses on distribution to convenience stores and clubs. This gives the company dedicated, product specific distribution and marketing in a single package as jobbers call on stores and clubs specifically selling the Havoc product...."
This is in direct contrast to the Company's own financials that admits this Houston [not Dallas] based company is in fact a "developmental stage" company with no such distribution network:
"...the Company acquired a 35% interest in Dynamic
Distribution, Inc. ("Dynamic"), a development stage beverage distributor by exchanging services related to the startup of Dynamic...."
The "exchange services" is unknown to us nor is the company structure of Dynamic known to us (except for the mailing address). One could speculate the regular routine of getting stock at par value to Carmichael, Gilchrist, and Gutowsky, who office out of the Blalock suite in Houston or perhaps worse, a disproportionate share of the profits from AEND through the ruse of "consultant fees".
Can anyone figure this out?
Maybe William Carmichael truly has more time to dedicate to his new post as interim CEO of GFET as it was announced today that he resigned from OXFD (3-1/2 weeks ago) - it is unclear what will happen with his +/-8 million shares he captured (thru Galleria Securities) on that venture - maybe will spend more time with JT out at the ranch: www.jtcloud.com ??
My Comments/Opinions on the GFET shareholder letter:
"We are currently in the process of recruiting additional talent to our management team and Board of Directors" - more chiefs and no indians to do the work of actually making money....with little money in the bank, I anticipate more shares to be issued to the new management and BOD's to pay for their salary.
"...we believe that our technology, after we have finished testing and development, will play an important role in the advancement of efficient cellulosic ethanol plants in the U.S. and around the world..." - agreed - ya gotta start somewhere - untested, unproven, and never marketed - great concept but still far off in my opinion. After they prove out the technology, there will be a need to ramp up ($$) production, engineering, and marketing. Source of income is unknown at this time (except for issuing more shares).
"...because of the bulkiness of most biomass, transportation costs are high" - agreed, however, it is unclear where GFET plans to actually install this pre-processor - do you put it at the ethanol plant (and still incur the high transportation cost), or do you put it at a field location (and incur the cost of multiple pre-processor facility at each field location)?
"...attempted to engage in the international trading of ethanol, it attempted to acquire a couple of different facilities which it was unable to close and it even attempted to build an ethanol plant in China, Texas but abandoned that effort after meeting with resistance from the community." - other than Carly Long placing an ad in the international B2B website, I don't believe the Company ever attempted to engage in trading ethanol in a meaningful way at any of these locations and to push the blame on a community resistance is disingenous.
"In December, we entered into an agreement to jointly develop a technology that had been proposed by Meridian Biorefining but found they could not deliver to our specifications" - as was pointed out by those in the know at Meridian and AETE, the story line is very different than not just meeting specifications - it is reported by others to be an issue of Carmichael attempting to steal 6 million shares.
ref.: posted by "Tippingpnt" (reported to be the lead investigator with AETE):
http://investorshub.advfn.com/boards...ge_id=29526247
"Pink Sheets companies, however, do not share the same rigorous disclosure requirements of SEC reporting companies so investors may have less information on which to make their investment decisions" - agreed. We will likely never know the reason why the bulk of 34.1 million shares were issued to company insiders and friends at par value (Useltons, Gilchrist, Carmichael, Mordekhay, and Cloud) nor will we ever see the full financial conflict of interest payment made to Chet Gutowsky for his "independent" analyst white paper he allegedly wrote.
"Pink Sheets stocks are often subject to traders who try to make money by shorting these stocks. Their method generally includes posting negative comments and, often, misinformation on blogs and message boards in order to create a negative view of a particular company while they are selling short into the stock" - this of course, does not apply to me as I have never owned this stock (long, short, or otherwise - directly or indirectly). I have also repeatedly challenged others to refute my assertions about the company and no one has provided a contrarian position.
Ironically, the misinformation to date has come directly from the company, especially its website and press releases. On a positive note, the Company continues to clean up its website and as of today has taken down most of the erroneous and false information that claimed to be a marketer/producer of ethanol (guess they actually read my blogs!).
Remaining errors/omissions/misstatements from their website:
http://www.gulfethanolcorp.com/gulf_...nvironment.htm
"Gulf Ethanol primarily sources ethanol from sugary crops, such as sugarcane" - GFET has no facilities to source to.
"Gulf Ethanol is actively monitoring these developments and encourages its suppliers to employ the most efficient methods of producing ethanol" - GFET has no suppliers for their non-existent facilities.
http://www.gulfethanolcorp.com/index.html
"Gulf Ethanol Corp. guarantees a high quality product to its customers. All of our fuel-ethanol meets or exceeds ASTM designation D4806 specifications and our continued efforts aimed at quality assurance include regular product testing in addition to world class customer service and reliability." - GFET has no product. ASTM D4806 is the incorrect standard for E85 fuels.
wow - thanks - did not realize! On many other filings for companies that JT is involved with his name sometimes comes up as Tommy Cloud - guess I need to check those references again to see how this "all in the family" business runs.
Oops...so much for the 5-10% drops...yikes - 16%+!
Stability...as in only losing 5% per day instead of 10%??!
Let's face it, the company is headed to sub-penny level and the company insiders (Carmichael, Wilson, Gilchrist, Uselton(s), Cloud, and others) are continuing to cash out their millions of shares that were issued at par value.
(Repost from Yahoo Board): Greetings - my first post on the VTSI board. Just wanted to share with you a few items regarding John Thomas ("JT") Cloud, former Board of Director's member for VTSI. It comes as no surprise as to him leaving the company as we (investors and others who follow his games being played on other companies such as: GFET, OXFD, TMDI, AEND, MYHA, AETE, etc....) know that he has a penchant for raiding company assets and then leaving after the train wreck. I am surprised that according to company financials, he was only holding 1.1 million shares as a director. Other companies that he has raided, he has made off with many millions of shares through various financial entities, such as Galleria Securities, Oxford Funding, etc... His fellow cohorts, William Carmichael, Jonathan Gilchrist, Darrel and Jack Uselton (see SEC history on these two!) come into a company, get issued free or "par value" shares, use various controlled companies (Goldbridge, Warrior Captial, Protrading.com, Ibis, Firemark, Tejas Capital, Brazos Capital, etc...) to create the illusion of liquidity in the stock, use questionable and misleading press releases to pump the stock (sometimes creating an "independent analyst" to tout the stock), then unload their shares on the unsuspecting public. To date I have tracked over 50 companies directly and indirectly related to these guys and the scenario is always the same.
I invite you all to visit the GFET [Yahoo] message board for more history, too numerous to repost here and not to bore you with the details - just wanted you all to be aware of what has transpired to date.
Best of luck to you all - this is not an endorsement to buy, sell, short, long, trade any security, including VTSI.
In order to make their promotion work, they not only need the millions of shares issued at par value, but they also need the appearance of liquidity and movement on the stock. In the past, this is where Darrel and Jack Uselton came into play with their various controlled entities (Valores, Ibis, Firemark, Protrading.com, Tejas Capital, Brazos Capital, etc...). Unfortuneately for JT Cloud, William Carmichael, David Mordekhay, and Jonathan Gilchrist, this important piece was pulled out from under them last July just as the "pump" was in full swing when Jack and Darrel were arrested:
http://www.oag.state.tx.us/oagnews/release.php?id=2088
http://www.sec.gov/litigation/litreleases/2007/lr20187.htm
This and subsequent uncovering of their ongoing scams with TMDI, AETE, MYHA, and OXFD, it kinda put a kink in their scam........
TMDI - same scam, same players. Interesting to note that Steve Price took 6 months to figure it out. Also interesting that his resignation took place last Friday...whatever happened to giving 2 week notice?
Janice - it brings warmth to my heart to see you here - you are a legend.
regards,
zekel
As one of the most vocal critics from the start of this company, I believe I was duped into believing that Mordekay, Gilchrist, and Carmichael were the ones running the show. I am willing to admit that perhaps I jumped the gun too quickly and did not give Mr. Brown and the "real management" adequate credit from the start. I am confident that as evidence by their quick and swift action to clean house as well as subjecting themselves directly to the scrutiny of the SEC, was the appropriate move to gain the confidence of investors.
Unfortunately, as you so adequately point out, most start up companies do not have the wherewithall ($$) to fight these scams, especially in dealing with the aftermath and clean up when they are long gone (ref. ABZT, Spooz, etc...):
http://www.sec.gov/rules/petitions/4-500/rdnull071205.htm
http://www.spooztoolz.com/press_details.aspx?ContentID=109
http://dockets.justia.com/docket/court-txsdce/case_no-4:2007cv00356/case_id-489219/
Notwithstanding my personal opinion that the Company has been unfairly targeted by the questionable tactics of Gilchrist, Mordekhay, Carmichael, et. al....If I were an investor, I would want to know more about the share structure and financial health of the company. The latest information shown at: http://www.pinksheets.com/pink/quote/quote.jsp?symbol=aete
Pink OTC Markets has discontinued the display of quotes on pinksheets.com for this security because it has been labeled Caveat Emptor (Buyer Beware) and because adequate current information has not been made available by the issuer of the securities. It has been labeled Caveat Emptor for one of the following reasons:
1. Questionable Promotion — The security is being promoted to the public, but adequate current information about the issuer has not been made available to the public.
2. Spam — The security is the subject of spam promotion
having the effect of encouraging trading of the issuer's securities.
3. Investigation of Fraud — There is a known investigation of fraudulent activity committed by the company or insiders.
4. Suspension/Halt — A Regulatory Authority has halted or suspended trading for public interest concerns (i.e. not a news or earning halt): http://www.sec.gov/litigation/suspensions/2008/34-57600.pdf
5. Disruptive Corporate Actions — The security or issuer is the subject of disruptive corporate actions, such as reverse mergers or serial stocks splits and name changes without adequate current information being publicly available.
6. Unsolicited Quotes — The security has only been quoted on an unsolicited basis since it entered the public markets and the issuer has not made adequate current information available to the public.
7. Other Public Interest Concern — There is, in Pink OTC Markets' view, a public interest concern.
Since this stock is traded on the Gray Market, one also has to be concerned. Check out the SEC website for more common sense tips: http://www.sec.gov/investor/pubs/cyberfraud.htm
oops - one more link missed:
Goldbridge Energy Partners, LLC (owner of 3 million shares of AETE ~6%) is owned by Chet Gutowsky, Tyson Rohde and Jonathan Gilchrist: www.pinksheets.com , reference AETE's Initial Company disclosure staement received March 16, 2008.
sorry - a board that actually asks for factual documentation...should have included a few more links to document. Please note that this is simply an example of the circus that has been ongoing since the Moutain Energy days: http://www.sec.gov/litigation/litreleases/lr17144.htm
AEND linking Goldbridge, Useltons: http://www.secinfo.com/d12m2q.2z.htm
CyberLaw link to Gilchrist: http://www.secinfo.com/d12m2q.z7.htm
Mordekhay joins GFET: http://www.accessmylibrary.com/coms2/summary_0286-16326398_ITM
Uselton and GFET:
http://www.accessmylibrary.com/coms2/summary_0286-29061270_ITM
Goldbridge Energy Partners, LLC (owner of 3 million shares of AETE ~6%) is owned by Chet Gutowsky, Tyson Rohde and Jonathan Gilchrist:
Gilcrhrist and Gutowski Southfield Energy team: http://www.southfieldenergy.com/our_team.html
Chet's prior failures with a company called Zeros USA: http://www.secinfo.com/dsvRu.62dt.htm#1bl
Unfortunately, as of yesterday, Gulf Ethanol is "remodeling" their web site, so the link to Chet's "analyst" report is no longer available for public viewing (previously at: http://www.gulfethanolcorp.com/Analyst_Report_07122007.pdf) issued ironically about the same day as the Uselton's were arrested. However, it was widely distributed in the news: http://findarticles.com/p/articles/mi_m0EIN/is_2007_Sept_10/ai_n19506133
I probably won't be posting on this particular sight much, but wanted to thank you for the acknowledgement.
Here are a few interesting tidbits on Goldbridge Capital that may have already been stated but are consolidated here:
In 2003, there were a series of financial arrangments and investment advisories made to "A Time to Grow" (the predecessor to American Enterprise Development Corp or AEND), owned primarily (95%) by Jonathan Gilchrist and James Carroll, by Goldbridge Capital. As their investment advisor, Goldbridge Capital would receive a fee of 1.5% of assets under management paid quarterly in arrears and a 10% participation interest in realized returns in excess of a 25% return on assets.
William Carmichael served on board of directors of AEND since 2000 as well as with a company called CyberLaw (another Gilchrist company involved with Goldbridge, and Gilchrist's other company, The Internet Business Factory) and James Carroll.
In 2006, AEND appears to be involved with Darrel Uselton's Ibis Energy which was issued 100,000 shares. Shortly thereafter Gilchrist resigns as CEO. About the same time the Useltons (Jack and Darrel) gets involved with Gulf Ethanol (GFET) with fellow wise-guy Carmichael, David Mordekhay and Gilchrist
Bringing us to the present....Gilchrist's other part owner of Goldbridge, Chet Gutowski (and also listed as management of a private company called Southfield Energy), all located at Blalock Road in Houston, puts out a glowing "independent chartered financial analyst" opinion piece regarding the likelihood of sister company, GFET (located at the same address) and their impending success and his prediction about the stock price skyrocketing and being an industry leader. All of this simultaneously happening as fellow co-conspirators Jack & Darrel Uselton, Gilchrist, Mordekhay, Carmichael, and now JT Cloud are cashing out their millions of shares issued to them at par value while the stock is taking a wild run up at the expense of unsuspecting shareholders (run-up orchestrated by Uselton & Co. phantom trades and private market making). Meanwhile, I have speculated that kickbacks are streaming in to Mr. Gutowski for his glowing independent report via Gilchrist's companies (Goldbridge and The Internet Business Factory).
All of this would have continued to happen indefinitely, but unfortuneately things began to unravel when Uselton's spam campaign actually ended up at an attornies office at the SEC - not too happy about receiving unsolicited spam promoting a stock the Uselton's were summarily arrested in 2007 charged with an illegal spam-bot operation....
http://www.sec.gov/litigation/litreleases/2007/lr20187.htm
However, a silver lining to all this is that I am thoroughly entertained evertime I watch the arrest video:
http://www.oag.state.tx.us/media/videos/play.php?image=070907uselton_arrest&id=235
I think I would find religion too if I worked for Mordekhay, Cloud, Carmichael, and Gilchrist...so Oren sells diamonds now....nice change of scenary to focus on the "non-material" things in this world...how pious of him....
There is a poster on the AETE board that claims Mizrahi turned back all of his 1.585 million shares to the company back in Dec. 2006. Noticeably absent from the financial filings of GFET are these return of the shares. I suspect Carmichael and Cloud got their hands on these shares for their own personal account....just my sneaking opinion - I have nothing to back that claim up.
More importantly as it relates to the current management of GFET (and indirectly their dealings with AETE), why wouldn't their financial statments indicate that these shares were returned?
Thanks for the clarification. So why did Mizrahi "give back" 1.585 million shares when the stock was trading at around $2.50? Is he a philantropist?
Up until last week, my statements were factually correct as Schiller has been on their web site as part of the team. As of today, it would appear that they have now taken down their web site and are updating it - thanks for sharing.
There has been no public information on Mizrahi, so I appreciate the update on him as well.
As with the millions of shares they have issued to friends and company insiders at par value, with no public acknowledgement of services rendered, how can one presume that he provided any value/services?
fyi - that would be me: elmoscuba = zekel. I have posted extensively on Yahoo Finance forums - mostly with GFET, TMDI, OXFD as they relate to AETE.
Important Opinion - I believe that Mr. Brown Marks at AETE has made the right decision to purge house of Carmichael, Gilchrist, and Mordekhay. It is my opinion that Carly Long should also go. I believe AETE has unwittingly been subjected to a scam perptrated by the above individuals. As such, I believe that one should give the remaining management the benefit of the doubt to get this situation out of the ditch.
I testified back around 1999 in front of Robert ("Bob") Besse at the SEC after I had met in person with Jack Uselton in 1998 when he was running the Mountain Energy (OTC:MTEI) scam. My visit with Jack was two fold - primarily at the request of friends who had invested (I live in Houston near their old offices and belonged loosely to a penny stock investor chat forum/club), and secondarily, I work in the oil & gas industry and was very interested in possible business opportunities. The meeting ended very quickly as I realized they had no operations, no operating personnel, and no knowledge of the industry. I never invested in that company.
Back in the late 90's, the SEC had never really pursued persecuting these small time, penny stock, boiler room operations - it simply was not on their radar. That all changed with our small group of investors who stood up and decided we were not going to take "no" for an answer. An intense campaign of soliciting help from US Senators, the SEC, the Texas Attorney General, the Governor, Better Business Bureau, etc.... We finally got the audience we wanted at the SEC and they were successful in disgorging their ill-gotten profits, as well as accessing fines against Jack and his party of scammers (all of which except Jack, appear dormant in their activities for now).
Jack is Darrel Uselton's uncle, who raised Darrel, after his own father passed away. Apparently, Darrel learned well, and started up his own set of scams. Do a google search on the internet and you can pull up a full history on his dealings. Darrel completed the circle of the scam, by creating his own private "market maker" services (primarily thru Ibis, Firemark, Valores, and Protrading.com). The basic scheme is to raid the shares of small companies in need of cash, create false and misleading press releases (Dino Price at Ballyhoo), create a flurry of trading activity between the various controlled companies (Gilchrist, Useltons, JT Cloud and Carmichael at Hepplewhite, the above mentioned companies, Galleria Securities, Oxford Funding, Goldbridge, etc...), spam the internet with emails, cash out....repeat with next unsuspecting company. All of this happening typically unbeknownst to the company (reference these samples):
http://www.spamsuite.com/book/export/html/176 )
http://www.spooz.com/press_details.aspx?ContentID=109
http://www.sec.gov/rules/petitions/4-500/rdnull071205.htm
With so many companies, it is difficult to connect the dots between all of the primary players (Useltons, Gilchrist, Carmichael, Mordekhay, Cloud), the secondary players (Price, Long, Schillar, Gutowsky, Rhodes, etc...) and others, but what is abundantly clear in reading through the company financials of TMDI, OXFD, GFET, and AETE is that there is a systemic funnelling of company shares at par value to all of the above players. Also factual, are the public press releases and web sites, that twist, embellish, mislead, and outright lie about their capabilities. Furthermore, there is a blatent omission of facts regarding their intertwined relationships and conflicts of interest.
As a prime example, one only has to read the glowing report that "independent" financial analyst, Chet Gutowsky gave recently of GFET which includes a disclaimer that he has no financial interest in the company. However, it is clear that as an owner of Goldbridge (along with being an employee of Gilchrist's Southfield Energy), all physically located within the same office suite on Blalock Road in Houston as GFET, TMDI, OXFD, and AETE, it is quite easy to see the conflict of interest and money likely being exchanged for his services as an "unbiased" analyst.
I could go on and on....feel free to read through my postings on the Yahoo Finance message boards for any of the above companies to see the history and linking.
I do not have a premium account on this message board - if you have private messages you wish for me to respond to, please email them to my account: elmoscuba @ yahoo . com
I have been following Darrel and Jack Uselton for many years, going back to a company called Mountain Energy (OTC:MTEI), in which I traveled to D.C. to testify on behalf of affected shareholders:
http://www.sec.gov/litigation/litreleases/lr17144.htm
Very satisying to see this video finally come to fruition:
http://www.oag.state.tx.us/media/videos/play.php?image=070907uselton_arrest&id=235
It was not until about a year ago, beginning with GFET, when I discovered the Uselton's relationship with William Carmichael and JT Cloud that I began to see the web of companies that were spamming the internet touting companies that had no real assets.
I know this if overkill guys, but I find it quite amusing to know that these guys can't quite seem to settle down in the previously mentioned 42 companies, as there are even more (57 and counting!):
Millennium 2000
DaveMore, Ltd
Continental Connections USA, LLC
DM Energy
Land Investors of America, Inc
National Capital Trading
Cornerstone Capital Management
National Capital Merchant Group
Travis Morgan Securities
American Investment Services
NC Capital Markets
National Capital Securities Research
Protrading.com
Bronzesport Industries
AC/DC Communications Inc.
Additional Uselton's (keeping with the all in the family affair that Darrel and Uncle Jack have kept up), include: Lorena, Penny, Frank, Michael and Scott Uselton.
ref.: http://www.rgm.com/articles/stockwatch5.html
Here are a eleven (11) more companies, in addition to the thirty-one (31) listed, over the past couple years:
Autofund Servicing, Inc
Intrepid Holdings
Gorilla Investing
Bargain Investor
Screaming Stocks
Houston Investors SA
OTC Forecast
Ablaze Technologies
Rocket Stocks
OTC Services, Inc.
A Time to Grow
Shades of the Baltimore Colts leavin' town in the middle of the night....
http://www.nytimes.com/packages/html/sports/year_in_sports/03.29.html